The insurance sector drives hiring activity in India; up by +87% as the overall index grows by 6% in August’22 over last year: Naukri JobSpeak
Hiring activity in India remained stable with 6% YOY growth in Aug’22 as indicated by Naukri JobSpeak Index which stood at 2828. The growth in hiring was driven by the Insurance sector which grew by +87% in Aug’22 vs last year.
Insurance sector is on a dream run
The Insurance sector continued to grow in hiring over the last year for the seventh time in a row. This sector saw a steep Y-O-Y jump of +87%, with a flurry of job opportunities. Within the sector, maximum traction was seen for the 4-7 years experience band (+103%) followed by 0-3 years (+99%), and 8-12 years (+42%). Looking at cities, the sector showed a significant jump in hiring activity in NCR (+136%) and Mumbai (+129%) in Aug’22 vs last year.
Apart from the insurance sector, there has been a positive intent to hire in other sectors, including Travel and Hospitality (+56%), BFSI (+43%), Auto/Auto Ancillary (+29%), Real Estate (+24%), and Retail (+18%) in Aug’22 vs Aug’21. While Pharma/Biotech remained flat, the IT/Software sector recorded degrowth of (-10%) Y-O-Y in Aug’22 vs Aug’21.
Emerging cities drive hiring with double-digit growth
Amongst tier-II cities, Coimbatore led the charts at +28% YOY growth, followed by Kochi at +27%. Barring Chandigarh (-17%) and Vadodara (-11%), other emerging cities recorded double-digit growth in hiring activity in Aug’22 vs last year. Ahmedabad and Jaipur maintained their momentum with (+20%) and (+15%) YOY growth respectively.
Amongst metros, Mumbai led the charts at +21% growth in Aug’22 vs Aug’21, whereas Delhi/NCR, Hyderabad, and Pune remained flat. Bangalore showed a dip of (-10%) in Aug’22.
All experience levels record single-digit growth
Demand for professionals across all experience bands remained positive in Aug’22. Hiring activity showed a single-digit jump across all experience brackets such as 0-3 years (+7%), 4-7 years (+5%), 8-12 years (+6%), 13-16 years (+7%), and >16 years (+7%) when compared with Aug’21.
Commenting on the report, Pawan Goyal, Chief Business Officer, Naukri.com, said, “After witnessing an extravagant growth rate in the last 2-3 months, hiring activity is seeing signs of stabilization, and it would be interesting to see how the trend continues in the coming months. Important to note that Insurance as a sector has been flourishing since the start of this year as there has been continuous growth in hiring which is creating opportunities across experience bands with over 100% YOY growth in 0-7 years’ experience band.”
Methodology
The Naukri JobSpeak is a monthly Index that calculates and records hiring activity based on the job listings on the Naukri.com website month on month and year on year. The objective of Naukri JobSpeak is to measure hiring activity in various industries, cities, and experience levels. The data is compiled from the website wherein jobs posted by clients on Naukri.com are considered. July 2008 is taken as the base with an index value of 1,000 and the subsequent monthly index is compared with the data for July 2008. The report shows hiring trends across industry sectors, geography, and experience level. More than 76,000 clients use Naukri.com, leading to the high reliability of data. The report does not cover gig employment, hyperlocal hiring, or campus placement. Data on functional area hiring has been retired due to changes in the nomenclature. Over a long period of time, Naukri JobSpeak could be impacted by factors like internet penetration, Naukri market share, Naukri pricing, and job listing drives.
