Hiring remained flat in August: Naukri JobSpeak Index
According to the JobSpeak report, overall hiring activity for the month of August 2019 remained flat YoY. This was primarily led by a decline in growth rates across sectors such as BFSI, Auto, and Construction. Despite a flat trend in hiring activity, crucial industries like IT- Software and Accounting continued to observe a growth of 14 percent and 26 percent respectively. Hiring activity remained largely unchanged for entry-level jobs while there was an increase in demand for mid - level executives which saw a 2 percent growth. Metro cities like Delhi and Mumbai witnessed a decline in hiring, whereas cities like Hyderabad and Pune witnessed a growth in recruitment activity during August 2019.
Pawan Goyal, Chief Business Officer, Naukri.com shares, “The economic slowdown in some sectors has impacted the overall hiring activity for the month of August 2019. However, the growth in sectors like IT – Software ensured that there was no decline in overall hiring activity. Hopefully, the upcoming months will see a revival of hiring in crucial sectors.”
The key highlights from the index reflected on:
Major industries that observed a downtrend in hiring during August 2019 were BFSI (-23 percent), Auto (-16 percent) and Construction (-14 percent). However, demand for professionals from the IT- Software industry grew by 14 percent. Other industries that supported the overall hiring activity were IT- Hardware (6 percent), Accounting (26 percent), and Advertising (10 percent).
The index found that the recruitment activity in IT- Software, Marketing & PR and IT - Hardware grew by 7 percent, 3 percent and 6 percent respectively. However, areas like ITES and HR witnessed a decline in hiring, with a dip of 4 percent and 5 percent respectively. Functional areas like Sales/BD remained unchanged year on year.
Hiring for Mid-level Executive roles (4-7 yrs.) saw a rise of 2 percent whereas hiring for Senior Management roles (13-16 yrs.) and leadership roles (16+ yrs.) saw a dip of 7 percent and 8 percent respectively. However, hiring activity for both entry-level and mid-level executive jobs remained unchanged during August 2019.
Pune, Bangalore, Hyderabad and Kolkata witnessed a positive hiring trend whereas cities like Chennai, Delhi, and Mumbai posted negative YoY growth rates during the month of August 2019.