The foundit Insights Tracker (FIT) report for January 2024 saw a notable 5% decrease in online hiring activities compared to January 2023. Despite this year-over-year decrease, the past three months have shown a promising 5% increase, with a 3% increase month-on-month, hinting at an underlying positive momentum in the job market.
Month-on-Month Resilience and Growth
January’s insights reveal a rejuvenation in specific sectors and functions, underscoring a resilient and adaptive employment landscape.
- Marketing & Communications roles surged by 7%, indicating a robust demand for digital marketing and analytics expertise. This is particularly pronounced in Delhi/NCR, which experienced a significant 5% increase in such roles.
- Legal professions also saw a 7% rise, especially in Mergers and Acquisitions advisory, reflecting the sector’s vibrant activity.
- Sales & Business Development, Finance & Accounts, and HR & Admin functions recorded modest growths of 2% and 1% respectively, showcasing steady demand across these essential business operations.
- However, the Software, Hardware, and Telecom sector remained static, suggesting a phase of consolidation before future growth.
Industry-Specific Trends Highlight Sectoral Revival (MoM figures)
- The Travel & Tourism sector witnessed a 6% increase, possibly buoyed by the resurgence of global and domestic travel.
- Similarly, the BFSI, Logistics, Telecom/ISP, and Real Estate sectors each recorded growth, with a 5% increase in hiring activities, indicating sectoral recoveries and expansions.
- Advertising, MR & PR sectors also enjoyed a 4% uplift, aligning with the increased demand for marketing and communication roles.
The Telecom/ISP sector showcased significant expansion, driven by the adoption of Generative AI, FinTech innovations, and enhanced cybersecurity measures. This diversification is likely to fuel further growth and innovation within the sector.
Annual Hiring Trends in India (Industry)
In Demand: Travel & Tourism (+21%), Automation (+21%), Retail (+20%) and Advertising, MR, PR (+18%) showed positive annual growth
Holding Steady: Manufacturing (+4%), and BPO saw steady growth
In Decline: Telecom (-10%), IT – Hardware, Software (-10%) saw negative annual growth
Annual Hiring Trends in India (Function)
In demand: Hospitality & Travel (+24%), Healthcare (+7%) Marketing & Communications (+6%) saw biggest YoY growth
Holding steady: Legal (+1%), HR & Admin (-3%) and Engineering (-1%) held steady
In Decline: Customer Service (-25%), Sales & BD (-10%) and Finance (-10%) saw the biggest declines.
Work Model Trends
e-recruitment activity has seen an uptick in 8 out of the 13 cities monitored, reflecting a broader accessibility to employment options across the country. This potentially aligns with the growing trend of remote and hybrid working models.
Data from the foundit insights tracker indicates that despite being in an ‘employer-centric’ market, employees still choose flexibility and better work-life balance.
The past three years have shown a declining trend in types of jobs available. Of all jobs available, ‘Hybrid Work’ accounts for just 21%, while ‘Work from Home’ accounts for just 9% of job openings. However, people seeking hybrid and remote job opportunities are 44% and 17% respectively.
The IT sector contributes to a huge chunk (44%) of both permanent and temporary job postings online. The IT sector’s continued dominance in the remote job landscape is noteworthy, although there has been a 14% decline in such roles year-over-year.
This shift highlights the evolving nature of work arrangements, with an increasing dialogue around workplace flexibility, including the potential adoption of a four-day workweek.
About foundit Insights Tracker
The foundit Insights Tracker (fit), previously known as the Monster Employment Index, is foundit’s authoritative monthly report on hiring trends in India. It analyses millions of jobs to provide a panoramic view of recruitment activity of job market in India and delves into the hiring trends in different sectors.
