Hiring activity in India sees 40% Y-o-Y growth in May 2022 : Naukri JobSpeak
After the long-prevailing effects of pandemic on the hiring trends, India is all set to recover from the same. According to the Naukri JobSpeak May 2022 Index, the surge in hiring activity stays put as it records +40% Y-O-Y growth in May’22. Exiting May, Naukri JobSpeak Index stood at 2863.
With the reopening of the tourism destinations and the completion of vaccine doses, tourists have started pouring in across the country causing a hiring hike in the industry. The industry bounced back after a major lull last year and recorded Y-O-Y growth of +352%. Compared with April, the sector has maintained its monthly run rate showing signs of stability.
Retail (+175%), real estate (+141%) and insurance (+126%) were among the top sectors that witnessed significant y-o-y growth in may’22, whereas insurance maintained its growth trajectory at (+25%) m-o-m growth. Other key sectors that saw an uptick in hiring trends as compared to last year are BFSI (+104%), education (+86%), auto (+69%), oil & gas (+69%), FMCG (+51%) and it-software/software services (+7%).
When compared with last month, all key sectors including IT-Software/Software Services, real estate, retail, BFSI, education, oil & gas, and FMCG showed stabilization and continued to maintain Apr’22 run rates in May’22.
Amongst the metro cities, Delhi led the graph with 63% Y-o-Y growth followed by Mumbai (+61%). Other metros, i.e., Kolkata (+59%), Chennai (+35%), Pune (+27%), and Hyderabad (+23%) also showed positive Y-O-Y growth.
An optimistic hiring sentiment was observed across all tier-II cities with Jaipur leading the Y-O-Y growth in demand for talent at (+76%). Other emerging cities such as Coimbatore (+64%), Vadodara (+49%), Cochin (+35%), Ahmedabad (+26%), and Chandigarh (+25%) showed double-digit Y-O-Y growth. When compared with last month, emerging cities also maintained consistency in hiring activity in May’22.
Though the hiring has seen a hike across all the levels of experience, hiring of the freshers has seen a steep rise with 61% growth in May 2022 from that of May 2021. Moreover, a positive hiring sentiment was observed for other experience brackets such as 4-7 years (+37%), over 16 years (+27%), 13-16 years (+26%) and 8-12 years (+22%). At the M-O-M level, the demand for all experience bands remained stable in May’22 vs Apr’22.
Commenting on the report, Pawan Goyal, Chief Business Officer, Naukri.com said, “The recruitment landscape continues to stay resilient and is sustaining the momentum 2022 ushered in. The job market has shown stable sequential trends that are substantially ahead of last year's baselines. The secular nature of trends; cutting across metros and non-metros, experienced professionals, and freshers is again a good indicator of this strong hiring sentiment.”