Insurance which has been flourishing as a sector since the start of this year led the growth in hiring in August this year. According to the Naukri JobSpeak Index, the Insurance sector grew by +87% in August 2022 as compared to the corresponding period last year.
With 6% YOY growth in August, the hiring activity remained stable and it continued to grow over the last year for the seventh time in a row.
With a flurry of job opportunities, the Insurance sector witnessed maximum traction for the 4-7 years' experience band (+103%), followed by 0-3 years (+99%) and 8-12 years (+42%).
City-wise, with a +136% jump in hiring activity NCR topped the list followed by Mumbai with +129% in August.
Apart from the Insurance sector, there has been a positive intent to hire in other sectors, including Travel and Hospitality (+56%), BFSI (+43%), Auto/Auto Ancillary (+29%), Real Estate (+24%), and Retail (+18%) in August 2022 vs August 201. While Pharma/Biotech remained flat, the IT/Software sector recorded degrowth of (-10%) Y-O-Y in the same period.
Emerging cities drive hiring with double-digit growth
Amongst tier-II cities, Coimbatore led the charts at +28% YOY growth, followed by Kochi at +27%. Barring Chandigarh (-17%) and Vadodara (-11%), other emerging cities recorded double-digit growth in hiring activity in August 2022 as compared to the same period last year. Ahmedabad and Jaipur maintained their momentum with (+20%) and (+15%) YOY growth respectively.
Amongst metros, Mumbai led the charts at +21% growth in Aug’22 vs Aug’21, whereas Delhi/NCR, Hyderabad, and Pune remained flat. Bangalore showed a dip of (-10%) in Aug’22.
All experience levels record single-digit growth
Demand for professionals across all experience bands remained positive in the period. Hiring activity showed a single-digit jump across all experience brackets such as 0-3 years (+7%), 4-7 years (+5%), and 8-12 years (+6%), 13-16 years (+7%), and >16 years (+7%) when compared with August 2021.