However, certain sectors that were driven by festive and seasonal year-end demand including hospitality, travel and tourism, retail, and shipping and marine showed a spurt in recruitment activity during the month, revealed the foundit Insights Tracker (fit) based on e-recruitment activities.
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“While the overall hiring activity has been subdued, there are pockets of growth and resilience in sectors like travel, tourism, and retail, driven by the festive season and government initiatives,” said Sekhar Garisa, CEO, foundit, a Quess company.
“Certain sectors, like import/export are currently witnessing a decline in economic activity due to heightened geopolitical tensions…We anticipate that the situation will evolve in the coming months, ultimately leading to increased stability and growth, which will, in turn, create new job opportunities in the market,” he added.
The shipping/marine, and travel and tourism industries showed 44% and 30% year-on-year (y-o-y) growth, respectively, as the ongoing festive season has spurred travel demand.
The retail and advertising sectors maintained a robust growth of 29% y-o-y as Diwali festivities boosted consumer spending on clothing, gifts, and home decor.A notable 14% y-o-y growth was seen in the office equipment/automation sector, indicating a shift by companies towards work from office. Oil/gas/petroleum, power, BPO/ITeS, and automotive/ancillaries/tyres, among other industries, showed relatively stable and gradual growth with y-o-y increases of 12%, 6%, and 5%, respectively.
The hospitality sector clocked a 25% y-o-y jump in new jobs to meet the increasing demand.
However, online retail hiring saw a 10% percentage point on-year decline, falling from 39% in 2022 to 29% in 2023. This was due to factors such as market saturation in tier-I cities, with online retailers facing challenges in expanding to tier-II and tier-III cities that have low internet penetration and infrastructure, along with logistics issues.
In contrast, offline retail hiring surged 20%, highlighting a shift in consumer preference and a potential revival of in-store shopping.
Kolkata showed a 17% y-o-y increase in hiring that could be potentially attributed to the festive season, which typically starts in October with Durga Puja and lasts for several weeks. Baroda saw an 11% rise in job opportunities, followed by the upcoming travel and tourism hub Ahmedabad.
