A recent report posted on The Economic Times reveals a significant
increase in the hiring index, with the production and manufacturing sector
showing remarkable growth.
Over the last one year, we have witnessed many mass layoffs and
some reluctance in hiring across sectors. However, the current hiring trends
offer a ray of hope to many, shows a recent report by foundit.
According to the latest findings of the company's insights
tracker, the overall hiring index increased from 265 in May 2023 to 295 in May
2024. In comparison to the previous year, there has been an 11% increase in
hiring, which is clearly indicative of a recovery in employment opportunities.
Industry-wise hiring activity
In terms of industries, one sector that has shown a remarkable
growth of 47% in year-on-year (YoY hiring is production and manufacturing. This
upswing is driven by various factors, including increase in large modern
manufacturing in India significantly supported and enhanced by government push
in PLI, infrastructure development and policy intervention on imports/exports.
The rise in demand is also evident in related industries such as
home appliances and electrical components, which recorded a 35% increase in
hiring, says the report.
The telecom/ISP sector recorded a hiring growth of 9%. Higher
investments in telecommunication services and the relaxation of FDI norms are
majorly responsible for this noteworthy improvement.
Plus, as India's telecom landscape is expanding, driven by rising
demand for end-user applications and advancements in markets such as IoT, cloud
computing, data centers and the upcoming 5G technology, the future of this
sector looks quite promising in terms of opportunities.
Tier-2 cities versus metros
Coming to the hiring activity in cities, the report highlights
that the tier-2 cities have outperformed metros. Infrastructure development
initiatives and enhanced connectivity and transportation have pushed corporate
firms to willingly expand their business to cities such as Kochi, Coimbatore
and Jaipur.
Owing to these improvements, the availability of superior
logistics, market accessibility, and an improved quality of life for employees
are the factors that make tier-2 cities a key hiring location for recruiters.
Nonetheless, in terms of metro cities, Kolkata and Delhi/NGR continue to remain
leading hiring hubs on a year-on-year basis.
According to the findings of the extensive report, sectors like
production and manufacturing (29%), IT-software & services (17%), real
estate (8%), and education (8%), where recruiters are seeking diverse talent
with specialised skill sets, are witnessing a stronger growth graph in tier-2
cities.
Metro cities are registering demand for individuals in IT-software
& services and advertising due to a surge in the demand for IT service
providers and digitalisation, indicating a recovery from previous multiple
episodes of layoffs and reduced bench strength.Hiring demand as per roles
across sectors
As a result of rising popularity of digital and social media
marketing, there has been a month-on-month surge in demand for arts/creative
professionals (4%), particularly for positions such as graphic designers and
animators, according to the report.
Marketing and communication specialists, who have also registered
a 16% YoY increase in hiring, continue to stay in demand to meet the increasing
demand for website traffic optimisation and conversion of online leads.
However, customer service roles displayed a downward hiring trend
(-25%) due to the widespread adoption of AI-based chatbots and virtual
assistants.Hospitality & travel saw a 23% year-on-year increase and 1%
monthly increase from April 2024 to May 2024. The growth is driven by a
significant emphasis on sustainable development and increased demand at
airports and from hotels.
Professionals in software, hardware and telecom roles also did not
disappoint as they saw an 11% increase in May 2024, mainly in metropolitan
areas that emphasise skill-based recruitment, states the report.
According to the finding of the tracker, demand for mid-senior
level professionals with 7 to 10 years of experience grew by 9% year-on-year,
whereas senior-level professionals with more than 15 years of experience saw a
17% year-on-year increase in hiring. Plus, the hiring demand for associate
roles (4-6 years of experience) increased by 2% over the last month as well as
annually.
Read more at:
https://economictimes.indiatimes.com/jobs/hr-policies-trends/hiring-activity-registers-11-surge-foundit-insights-tracker/articleshow/110990060.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst