Growth in India’s job market once again surpassed pre-pandemic levels, showcasing a 19% uptick vs Oct ’19. The country’s premier index was trending at 2523 in Oct ’21, recording 43% year-on-year (Y-O-Y) growth Vs Oct’20 according to the latest Naukri JobSpeak report.
IT (+85%) leads hiring among sectors followed by Telecom/ISP (+84%) and Retail (+51%)
Demand for tech professionals continued to soar as the sector witnessed a significant 85% Y-O-Y growth in Oct’21. The upcoming launch of 5G and related services coupled with the government’s product linked incentive scheme (PLI) and the recent relief package for players in the field has boosted employment opportunities in the Telecom/ISP sector that grew by 84% in Oct ’21.
Hiring activity has also picked up in sectors like Retail (+51%) and Hospitality/Travel (+48%) with the ongoing holiday season, opening up of major offline outlets and peak sale season for e-commerce retailers. Other sectors like Education/Teaching (+41%) and Banking/Financial Services (+39%) also experienced growth as compared to Oct’20.
Hiring activity in metros surpasses tier 2 cities once again, grows by 59% annually in Oct ‘21
Growth of the IT-Software/Software Services sector has enabled metro cities to outperform their tier – II counterparts in the annual growth charts. The average Y-O-Y growth recorded in metro cities was 59% whereas non-metros grew at a slower pace of 30%. Bengaluru (+84%), Hyderabad (+80%), Pune (+69%) and Chennai (+57%) recorded the highest Y-O-Y growth in Oct’21. Hiring activity was also positive in Delhi/NCR (+51%) and Mumbai (+46%) while Kolkata (+26%) witnessed relatively slower growth. Among the non-metros, Ahmedabad (+72%) witnessed maximum growth in Oct ‘21 followed by Coimbatore (+37%), Jaipur (+31%), Vadodara (+17%) and Chandigarh (+17%).
8-12 yrs band once again records highest annual growth as all experience bands see Y-O-Y growth
Hiring across all experience bands was positive in Oct’21 as compared to Oct’20 with demand for senior professionals belonging to the 8-12 yrs (+55%) bracket witnessing maximum traction. Demand was also positive for professionals in the 0-3 yrs (+36%), 4-7 yrs (+45%), 13-16 yrs (+36%,) and above 16 yrs (+30%) brackets.
Commenting on the report, Pawan Goyal, Chief Business Officer, Naukri.com said, “Overall hiring activity in India once again surpassed pre-pandemic levels in Oct’21; Trending at 2523, the JobSpeak Index marked a 19% growth as compared to Oct ’19 indicating continuous revival and recovery. Sectors like Hospitality/Travel and Retail, which were most impacted during the peak pandemic, have outperformed other major sectors bringing cheer to job seekers across the country.”
Methodology
The Naukri JobSpeak is a monthly Index that calculates and records hiring activity based on the job listings on Naukri.com website month on month. The objective of Naukri JobSpeak is to measure the 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.