All job seekers want to find a dream job and make smart career choices that can help their career growth.
But what is a good place to start?
Well, get started with the market trends!
The Indian job market is constantly evolving, and this dynamic nature has made it crucial for job seekers to stay up-to-date with hiring trends.
To make this feat easy, Naukri.com brings to you its monthly edition of the Naukri JobSpeak report.
The JobSpeak report is an index that gauges the month-on-month hiring trends based on recruiter activities on Naukri.com and offers insights into the hiring trends across various industries, cities, and experience levels.
In this blog, we will take a look at some of the major highlights from this month’s edition of the JobSpeak report- the Naukri JobSpeak report for May 2023.
Overview of the Hiring Trends
Domestic Economy Drives White-Collar Hiring in May 2023: Naukri Jobspeak
Naukri JobSpeak Index, stood at 2849 in May 2023, up by 5% over the last month and almost flat from its value of 2863 in May 2022.
The relatively flat growth in the index masks strong divergence in hiring trends across different sectors and geographies.
Oil & Gas, Real Estate, Banking, and Pharma sectors led the hiring growth in May 2023.
Emerging Hiring Epicenters: Non-Metro Cities Lead the Hiring Wave.
Senior Professionals continue to be in high demand.
Pawan Goyal, Chief Business Officer, Naukri.com commented,
The multi-sectoral growth in white-collar hiring across sectors such as Real Estate, Banking, Oil and Gas, and Pharma reflect the evolving and diversified nature of the Indian Economy.
Hiring Trends Across Industries
The Oil & Gas sector continued its bull run with 31% y-o-y growth in new jobs.
The sector's growth can be attributed to a renewed focus on energy security and refinery expansion.
A significant jump was observed in hiring for mid-level and senior roles in key cities such as Hyderabad, Chennai, and Pune.
The Real Estate and Banking sectors registered 22% and 14% growth in hiring activities.
Cities of Kolkata, Mumbai, and Ahmedabad witnessed the highest growth in real estate and banking jobs.
Pharma, Automobile, and Hospitality recorded a hiring growth of 11%, 10%, and 8% respectively.
The IT industry hiring remained an area of concern with a 23% decline in new jobs.
Other sectors such as Retail, Education, and Insurance also showed a dip of 21%, 16%, and 15% in hiring activity.
Hiring Trends Across Cities
Non-metro cities emerge as new hiring trendsetters, led by Ahmedabad, Vadodara, and Jaipur, with 26%, 22%, and 17% growth in hiring activity vs May 2022.
Banking and Auto sectors led this hiring spree.
On the other hand, hiring activity stayed flat or declined marginally in large metros, except Mumbai and Delhi which recorded a 5% growth in hiring activity in May 2023.
This growth was primarily led by a hiring spree in specific sectors such as Real Estate & Telecom in Mumbai and the Healthcare & Auto sectors in Delhi.
Hiring Trends Across Experience Levels
The white-collar hiring market remained bullish for senior-level job seekers.
In particular, professionals with 13-16 years and 16+ years of experience witnessed an increase in new job openings of 26% and 39%, respectively, compared to May last year.
The Education, Auto, and Oil sectors exhibited the highest hiring spree for senior professionals.
Hiring for freshers and mid-level positions remained muted, with a dip of 7% in activity as compared to May last year.
Hiring for freshers and mid-level positions remained muted, with a dip of 7% in activity as compared to May last year.
Despite this dip, sectors such as Insurance and Healthcare continued to show positive hiring sentiments for freshers.
Methodology
The Naukri JobSpeak is a monthly Index representing the state of the Indian job market & hiring activity based on new job listings and job-related searches* by recruiters on the resume database on Naukri.com.
The JobSpeak Index captures hiring activity across multiple dimensions, including industries, cities, functional areas, and experience bands. July 2008 is taken as the base month with an index value of 1,000, and the subsequent monthly index values are compared with the data for July 2008.
The index is a highly robust and reliable indicator of white-collar hiring in India. It is aggregated based on the hiring activity of over 100,000 clients with over 70 Lakh new job mandates yearly.
The report does not cover gig employment, hyperlocal hiring, or campus placement. Over a long period of time, JobSpeak could be impacted by factors like internet penetration and Naukri's market share.
*Index now includes job-related searches on Naukri's resume database, which helps generate statistically significant data at a more granular level.
Conclusion
Naukri JobSpeak Index, one of the most accurate reflections of white-collar hiring in India, stood at 2849 in May 2023, up by 5% over the last month and almost flat from its value of 2863 in May 2022.
The relatively flat growth in the index masks strong divergence in hiring trends across different sectors and geographies.
While the Oil & Gas sector clearly emerged as a hiring hotspot with a remarkable 31% increase in new jobs compared to last year, the hiring activity in the IT sector stayed at 23% below its level in May 2022.
In short,
- Oil & Gas, Real Estate, Banking, and Pharma sectors led the hiring growth in May 2023.
- Emerging Hiring Epicenters: Non-metro cities lead the hiring wave.
- Senior Professionals continue to be in high demand.
