Mumbai was once known as the financial hub of India and has been a bird’s eye for many job seekers. But the city was hit bad by the pandemic and recorded the highest number of COVID-19 cases in the country. However, a recent data suggests that the city has bounced back after a pandemic induced slowdown as it not only recorded the highest average salary hike of +18% in comparison to its metro counterparts but also witnessed an astonishing +41% growth in hiring activity in Q4’22 vs Q4’21, giving job seekers double reasons to rejoice.
According to a study conducted by Naukri.com, Mumbai recorded a significant increase of +18% in salary hikes post-pandemic, which is higher than the rest of the metros in India that recorded an average salary hike of +11%. Interestingly, as the employment sector returned to normalcy post-pandemic, Bangalore, which is the IT hub of India followed Mumbai at a 15% average salary hike, while Delhi remained at +12% in JFM’22 vs JFM’20.
BFSI & Education sectors show maximum hiring growth
Mumbai job market witnessed a spike in hiring activities across sectors. BFSI (+60%) & education/teaching (+60%) were the top sectors that observed maximum y-o-y growth in q4’22 vs q4’21. real estate (+57%), pharma (+34%) and bpo (+22%) follow close.
IT-Software industry leads demand
IT sector has witnessed maximum hiring momentum since the pandemic as the demand for tech-enabled skills dominates the employment market. Similarly, Mumbai also recorded the maximum number of it-software and software services jobs in Jan-Mar’22. Naukri.com also reported that the IT-software industry has seen the maximum QoQ growth in salary hikes at 33% (Jan-Mar’22 vs Jan-Mar’21).
Demand for freshers and mid-senior professionals at an all-time high
Owing to the positive hiring trend in Mumbai, fresh college graduates and mid-senior professionals remained in great demand all year round. In Jan-Mar’22, there was an upsurge in the hiring for freshers (0-1 years) as it recorded the highest y-o-y growth at 50% compared to Jan-Mar’21. Similarly, mid-senior professionals (10-15 years) also witnessed a significant y-o-y growth of 50% in the hiring activity.
Hiring activities for undergraduates going up
Mumbai saw an unprecedented race for undergraduate talent as Naukri reported that 75% of job listings in Mumbai required only undergraduate degrees in Jan-Mar’22 and Oct-Dec’21.
Remote working, a trend to stay
Even if offices in Mumbai are switching back to the work-from-office model like other cities in India, it is interesting to see that the city still recorded a total of 11% of job listings as remote opportunities in the last quarter of 2020-21, confirming that remote working is here to stay.
Commenting on the findings, Pawan Goyal, Chief Business Officer, Naukri.com said, “With a strong rebound in overall hiring activity, the financial hub of India sees a significant jump in job openings to fulfil the talent demand across sectors led by BFSI and Education. In the last 3-4 months, Mumbai’s employment market has shown sustained growth which is now also reflected in salary hikes.”