News: IT & BFSI sectors lead 33% jump in diverse hiring: foundit

Strategic HR

IT & BFSI sectors lead 33% jump in diverse hiring: foundit

Metro cities like Delhi, Mumbai, and Bengaluru are at the forefront, showcasing robust hiring trends that reflect the growing importance of diversity and inclusion (D&I) policies.
IT & BFSI sectors lead 33% jump in diverse hiring: foundit

India noted a 33% year-over-year surge in diversity hiring, according to the latest foundit Insights Tracker (fit) for June 2024. This growth reflects the successful implementation of D&I policies across various sectors, particularly in metro cities such as Delhi, Mumbai, and Bengaluru, which lead the charge in inclusive hiring practices.

Metro cities lead the way

The report highlights significant diversity hiring peaks in June 2023 (37%) and May 2024 (57%). Overall, hiring activity in India saw a 12% annual increase and a 2% monthly rise in June 2024 compared to May 2024. These trends underscore the dynamic and expanding nature of India's job market.

Trending job roles and leading sectors

The BFSI (Banking, Financial Services, and Insurance) and IT-Software & Services sectors are at the forefront of diversity hiring, contributing 30% and 19% of the diverse job postings, respectively. High-demand job roles include AI/ML specialists, digital marketers, and data scientists & analysts, reflecting the tech-driven nature of current employment trends.

Adoption of structured D&I Programs

Indian companies are increasingly adopting structured D&I programs, including anti-bias training, diverse interview panels, and targeted recruitment efforts. These initiatives aim to create inclusive workplaces by addressing and mitigating biases. The healthcare, internet/e-commerce, and education sectors also show positive trends in diversity hiring, contributing 6%, 4%, and 3% of the diverse job postings, respectively.

Geographic focus on diversity hiring

Bengaluru, Delhi-NCR, and Mumbai have been identified as key diversity hiring hubs, offering significant job opportunities to women, persons with disabilities, and the LGBTQIA+ community. Other cities like Pune, Hyderabad, and Chennai also provide substantial employment opportunities for marginalised communities. Notably, 16% of remote work positions are dedicated to people with disabilities, highlighting the advantages of location-agnostic employment.

Positive outlook for diversity hiring

The outlook for diversity hiring remains strong, with continued emphasis on D&I policies, technological integration, and regional expansion. This approach fosters a more inclusive and dynamic workforce in India, setting the stage for sustained growth and innovation.

Sector-specific hiring trends

The report also highlights growth in the textiles and apparel sector, driven by technological advancements, sustainability initiatives, and government support. This sector saw a 43% year-over-year increase in hiring, contributing to the overall rise in India’s production and manufacturing industries.

The hospitality sector, fuelled by new hotel and airport operations, has experienced a 36% increase in hiring. Marketing and communications roles also saw significant growth, driven by the need for strong digital presence and engagement.

Challenges and recovery in Agriculture

Despite facing a significant drop of 18 % in hiring in June 2023, recent months show recovery due to growth in organic farming, advanced agri-tech, and e-farming applications.

Emerging job roles and regional hiring trends

The demand for AI/ML specialists, digital marketers, and data scientists continues to grow, particularly in the IT-Software & Services and internet/e-commerce sectors. Bengaluru leads job growth in India with a 24% increase in hiring, followed by strong growth in Coimbatore, Jaipur, Delhi-NCR, Hyderabad, and Pune.

Senior and mid-senior level hiring

The tracker also indicates moderate growth in hiring for senior and mid-senior level professionals, with demand for those with over 15 years of experience increasing by 8% year-on-year and mid-senior professionals (7-10 years of experience) seeing a 7% growth month-on-month.

Sekhar Garisa, CEO of foundit (formerly Monster APAC & ME), emphasized the critical role of D&I policies in shaping India's workforce. "The 33% year-over-year increase in diversity hiring underscores the importance of inclusive workplaces. Moving forward, we expect an even deeper focus on inclusion through initiatives like mentorship and leadership programs for underrepresented groups, bias training, and innovative approaches such as D&I labs or councils."

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Topics: Strategic HR, Business, #Hiring, #HRCommunity

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