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.
The latest insights from the fit report for July 2023 have been released. This month, the recruitment index registered a 5% decline in hiring activity compared to a year ago. There was a minimal 1% change month-on-month (MoM).
Indian job market is currently navigating through a turbulent phase, reflecting a change in economic and business requirements.
Among functions, Import & Export (+15%), Hospitality & Travel (+9%) and Finance & Accounts (+5%) saw the biggest jump in hiring trends on MoM basis.
Shipping (+6%) has been a big driver of growth for the past few months.
The growth in this industry was supported by initiatives like the Maritime India Vision 2030 and the Sagar Mala programme, aimed at enhancing to enhance India’s shipping and port industry.
Similarly, the Hospitality industry, which is undergoing revival following the lows of the pandemic, also saw growth in recruitment.
Looking at the long-term perspective, 12 out of 27 industries showed positive annual growth in hiring. The industries with most recruitment include Shipping/Marine (+53%), Travel and Tourism (+40%), Advertising, MR and PR (+23%), NGO/Social Services (+16%), and Retail (+15%).
Diversity Hiring Trends
July usually sees a spike in Diversity hiring, coming as it does immediately after Pride month.
26% rise in companies hiring Women, LGBTQIA+ individuals and Persons with Disabilities
The greater hiring numbers show a greater sensitivity when it comes to diversity hiring.
The top industries for diversity hires include IT (Software) with a 40% increase, Recruitment and Staffing (+19%), BFSI (+8%), and BPO/ITES (+6%).
‘Namma Ooru’ Bengaluru was the prime location where most diversity took place to diversity hires, followed closely by Mumbai and Chennai.
9% dip in hiring demand for freshers (0-3 years)
In May 2023, the fit numbers showed it was ‘off season’ for the big fish. In July, it’s the fresher hiring that has contracted.
The month-on-month trends revealed a 9% dip in demand for freshers (0-3 years) while other experience levels saw a marginal increase.
Check out foundit’s latest fit report for more insights on hiring trends in India.