Hiring activity remains dormant due to festive season
The Naukri JobSpeak Index for November remains flat in hiring activity as compared to October this year on account of the Diwali holiday. The overall hiring index declined by 28 percent from last year in November.
The IT-Software sector continues to register growth in sequential hiring for the fourth month straight with the demand for a digitally enabled world being the need of the hour. The IT sector grew by ten percent in November over the previous month. The Medical/Healthcare sector also grew by four percent in November as compared to last month, October. Other key sectors such as BFSI (-3%), Telecom (+1%) and Pharma/Biotech (-1%) remained flat, while industries such as Insurance (-17%), Auto (-17%) and Hospitality/Travel (-10%) saw a decline in month on month hiring in November)
The demand for professionals in IT and HR/Administration roles saw an increase of +10% and +5%, respectively in Nov’20 Vs last month. Additionally, demand for Pharma/Biotech (0%) and Legal (+1%) professionals remained flat sequentially. Hiring for roles in the Travel (-51%), TV/Film Production (-18%) and Sales/Business Development (-12%) domains saw a sequential decline.
The top six metros led by Bengaluru and Hyderabad saw successive growth while Mumbai saw a marginal decline. Tier-2 cities such as Ahmedabad, Kochi, and Vadodara also registered a sequential decline in hiring.
Referring to the report, Pawan Goyal, Chief Business Officer, Naukri.com said, “Nov’20 sees a decline in Y-O-Y hiring activity owing to the impact of the festive period. Key sectors such as IT and Medical/ Healthcare continue to grow during the pandemic. Over the last 6 months, we have seen a sequential lift in hiring activity and are hopeful that as organizations adjust to the new normal and focus on growth plans, this momentum will continue in the next quarter as well.”
Key sectors such as Medical/Healthcare (-18%), Pharma/Biotech (-19%), IT-Software (-22%) and BPO/ITES (-26%) remained less impacted in Nov’20 Vs Nov’19. Hiring in Hospitality/Travel (-67%), Retail (-46%), Accounting/Finance (-41%) and Insurance (-38%) sectors were most impacted at a Y-O-Y level. The demand for professionals in Travel (-81%), Hospitality (-72%) and Teaching/Education (-53%) roles also registered a decline in the month of Nov’20 when compared to Nov’19.
The entry-level experience band (0 to 3 yrs exp) witnessed a sharp decline of 36% in hiring activity while the 13-16 yrs experience band (-21%) was less impacted in hiring in Nov’20 Y-O-Y.