1. Overall Hiring Activity
There has been a 5% drop in hiring activity in India compared to the previous year, with the hiring index decreasing from 275 in August 2022 to 260 in August 2023.
2. Month-to-Month (MoM) Analysis
In a month-to-month analysis, there was a 3% contraction in the hiring index, with July 2023 showing an index of 268.
3. Industry Trends
The Telecom/ISP industry experienced a 5% growth, likely due to the widespread implementation of 5G technology. However, the IT-Hardware/Software sector saw a 17% dip in hiring on a yearly basis.
4. City-wise Trends
Tier-2 cities such as Vadodara and Ahmedabad witnessed positive hiring trends, while metros like Bangalore and Hyderabad faced declines.
5. Experience Level Trends
Hiring for entry-level positions (0-3 years) increased by 7% compared to last month, while hiring for the rest of the experience levels dropped.
6. Salary Trends
Despite a decrease in job opportunities in the IT-Hardware and Software sector, salaries across all experience levels increased significantly, indicating positive outcomes.
7. Function Trends
Online hiring demand exceeded the year-ago level in 4 out of 13 functional areas monitored, with an emphasis on skill-based recruitment and AI-powered solutions.
8. Geographic Trends
Tier-2 cities outperformed metros in hiring activity, with Delhi/NCR and Chennai experiencing declines, while Vadodara and Ahmedabad showed positive trends.
The foundit Insights Tracker analyzes online job posting activity, providing insights into recruitment trends, skill demand, and salary ranges. The index is calculated using a volatility-adjusting formula.