The Naukri JobSpeak Index for October’20, at 1759, remains flat in hiring activity as compared to September’20, at 1755. However, at a Y-O-Y level, the overall hiring is still down by 17% in October’20.
IT sector surges by 7%
The IT-Software/Services sector grew by 7% in Oct’20 Vs Sept’20 as the pandemic pushes for a virtual and digitally-enabled world. Hospitality/Travel & Retail sectors which were reeling under the impact of lockdowns have started showing recovery with a 33% & 12% growth Vs last month on the back of festive cheer. With consumption on the rise in the market, we also see an uptick in the hiring activity in Consumer Durables (4%) & Advertising /PR (14%) sectors. Amongst key industries, BPO (-5%), & BFSI (-4%) declined marginally in hiring while the Education/Teaching and Auto/Ancillary sectors were flat versus last month.
The demand for professionals in the Ticketing/Travel/Airlines and Hospitality sectors saw an incline of 35% and 28% respectively in October’20 versus last month. Additionally, hiring for professionals in the Entertainment business especially TV/Film Production (17%) as well as Web/Graphic Designers (17%), Finance (7%), and Sales/ Business Development (6%) roles saw an uptick sequentially.
Pawan Goyal, Chief Business Officer, Naukri.com said, “Oct’20 sees slight improvement in Y-O-Y hiring activity due to lower bases last year on account of festivity. Interestingly, key sectors such as IT, BPO/ITES and BFSI are showing improvements in hiring sequentially. Sectors like Travel & Hospitality (+33%) and Retail (+13%) have also shown positive signs of growth sequentially given the festive cheer and better COVID recovery rates. 26% recruiters feel that the hiring activity will return to pre-COVID levels in the next three to six months as per our recently concluded Hiring Outlook survey. We are also hopeful of the same.”
Meanwhile, Bengaluru (8%) and Chennai (6%) led the sequential recovery amongst key cities followed by Kochi (9%) and Coimbatore (5%) from the Tier-2 city cluster while Kolkata (-4%) and Ahmedabad (-6%) declined in hiring in October’20 versus last month.
However, the hiring activity in the month of Oct’ 20 declined by 17% when compared to last year. The slight improvement in the Oct’20 Y-O-Y growth (versus -23% in Sept’20 Y-O-Y) is owing to lower bases last year on account of Diwali. It will be keenly watched how much is hiring activity able to bounce back in the coming months as the economy slowly inches towards greater recovery.