Ahead of the festive season, the Indian job market is witnessing an uptick. According to the Naukri JobSpeak index, September 2022, recorded a double-digit growth at +13% YOY and +10% sequential growth.
According to the findings, the Insurance sector once again led the charts as it recorded a sequential growth of +90% YOY in Sep’22. Additionally, Insurance, Real Estate has also shown a significant jump in hiring intent as it grew by +66% Y-O-Y. Other sectors such as BFSI (+64%), Travel & Hospitality (+48%), Oil & Gas (+43%), Auto (+23%), FMCG (+20%), and Retail (+17%) also continue to do well.
While the IT sector slowed down recording -6% YOY de-growth in Sep’22 vs Sep’21, the hiring activity has gone up by +8% MOM indicating signs of recovery. Apart from IT, Medical/Healthcare (-6%) also recorded de-growth in September’22.
Amongst metros, Mumbai topped the hiring charts as it witnessed +27% Y-O-Y growth. Other metros exhibited positive annual hiring growth, barring Bengaluru (-8%). In terms of monthly hiring charts, Delhi rose to the top after registering +14% growth, while Hyderabad (+11%), Kolkata (+11%), Pune (+9%), Chennai (+8%), and Bangalore (+7%) followed close.
Amongst emerging cities, Coimbatore (+25%) witnessed the highest uptick in hiring activity. Other cities such as Ahmedabad (+23%), Jaipur (+17%), and Chandigarh (+11%) also showed positive hiring growth. However, Kochi and Vadodara remained flat.
The demand for professionals across all experienced bands remained steady in Sep’22 vs last year. Professionals with less than 16 years of work experience saw the steepest uptick at +15% followed by 13-16 years of work experience band recording +10% growth. Professionals with 8-12, 4-7, and 0-3 years of experience exhibited positive growth at +10%, +8%, and +9% respectively.
Commenting on the findings, Pawan Goyal, Chief Business Officer, Naukri.com, said, “The JobSpeak Index crossing the 3100 mark in Sep’22 is a great sign marking strong intent amongst recruiters before the festive period kicks in. It is notable to see that key sectors of Insurance and Real Estate have maintained their growth momentum and have recorded sterling performances.”