Hiring dips three per cent month-over-month: foundit

Hiring dips three per cent month-over-month: foundit


Hiring dipped 3% month-over-month, according to talent platform foundit‘s Insights Tracker, presenting the latest findings on hiring trends for August 2023.

In addition, e-recruitment activities in India fell by 5% in August 2023 compared to August 2022. The index further dropped from 275 in August 2022 to 260 in August 2023. The fall in hiring indices can be increasingly attributed to the challenges posed by inflation and the slow growth of other major economies such as the USA. However, as per IMF data, India’s economy is currently the fifth largest in the world and based on current estimates, will reach third place by 2029.

“While hiring has slowed down overall in several sectors in the country, our nation’s economy maintains its resilience amidst global uncertainties. A large contributing factor to this stability is the government’s emphasis on nurturing sectors such as shipping, finance, and travel. Simultaneously, states are actively bolstering their digital infrastructure to empower tier 2 and tier 3 cities,” said Sekhar Garisa, CEO, foundit (previously Monster APAC & ME), a Quess company.”

In conjunction with an increase in festive recruitment, the collective effort is expected to improve the job scenario. Notably, India Inc is increasingly pursuing fresh talent, with the tracker registering a significant 7% year-on-year surge in fresher hiring. The newcomers of today are adaptable to the evolving technological landscape, strengthening our workforce‘s forward momentum,” he added.

On a year-on-year basis, the shipping (+58%) industry showed the maximum incline in job postings, followed by travel and tourism (+44%) and advertising, market research, and public relations (+22%). The notable growth in the Indian shipping industry can be attributed to robust export expansion, particularly in engineering goods, petroleum products, gems and jewellery, and chemicals. This growth is further fueled by significant improvements in dwell time and turnaround time, positioning the Indian shipping sector favourably in comparison to its global counterparts.

The retail sector also witnessed a rise in e-recruitment activity by 21% this August with the onset of the festive season.The home appliances industry continues to struggle, with a 26% drop in job posting activity online, followed by media and entertainment (-18%) and IT – hardware, software (-17%).
Among tier-2 cities, Kolkata (+7%), Ahmedabad (+5%), Baroda (+4%), Jaipur (+4%), and Kochi (+3%) exhibited a positive incline in job activity in August 2023. As the employment environment in India evolves, tier-2 cities are becoming important hubs for luring top talent due to the rising popularity of remote work practices, improved upskilling opportunities and the rise of different industrial sectors in these areas.

However, a majority of metro cities noted a marginal decline in hiring activity. While Bangalore saw a 16% dip, Hyderabad noted a 14% drop in job postings, followed by Mumbai at 9% and Chennai at 8%.
The period considered for the data is August 2023 vs August 2022.



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Author: Shirley