{"id":20075,"date":"2023-09-04T13:35:16","date_gmt":"2023-09-04T08:05:16","guid":{"rendered":"https:\/\/www.foundit.in\/career-advice\/?p=20075"},"modified":"2024-09-25T16:53:50","modified_gmt":"2024-09-25T11:23:50","slug":"foundit-insights-tracker-aug-2023","status":"publish","type":"post","link":"https:\/\/www.foundit.in\/career-advice\/foundit-insights-tracker-aug-2023\/","title":{"rendered":"August 2023 Hiring Trends of India with the foundit Insights Tracker\u00a0\u00a0"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\"><strong>Hiring Overview&nbsp;<\/strong>&nbsp;<\/h3>\n\n\n\n<p>The latest numbers from the foundit insights tracker for August 2023 are in. Hiring Activity saw a 5% year-on-year (YoY) dip compared to August 2022. On a month-to-month (MoM) basis, there was a contraction of 3%.&nbsp;&nbsp;<\/p>\n\n\n\n<p>The figures indicate a larger trend in the hiring landscape.&nbsp;&nbsp;<\/p>\n\n\n\n<p><strong>Employers are becoming more discerning when it comes to recruitment. Many are focusing on immediate organisational needs or skill-based recruitment to find the perfect hire.&nbsp;<\/strong><\/p>\n\n\n\n<iframe loading=\"lazy\" src=\"https:\/\/docs.google.com\/presentation\/d\/e\/2PACX-1vTDrmMdkONE-JVlIdRDWmYoLX6DSHoxLBprvyrK6pimvTA1tpyUEIkC27HHLy3wcg\/embed?start=false&#038;loop=false&#038;delayms=3000\" frameborder=\"0\" width=\"640\" height=\"389\" allowfullscreen=\"true\" mozallowfullscreen=\"true\" webkitallowfullscreen=\"true\"><\/iframe>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Sectoral Insights<\/strong>&nbsp;<\/h3>\n\n\n\n<p><strong>In demand:<\/strong> The Shipping sector continues to be in the spotlight, with 58% YoY growth. <strong><a href=\"https:\/\/www.foundit.in\/search\/travel-tourism-jobs\" target=\"_blank\" rel=\"noopener\" title=\"Travel and Tourism Sector \">Travel and Tourism Sector <\/a><\/strong>too continues with the trend (44% YoY growth)&nbsp;&nbsp;<\/p>\n\n\n\n<p>The Telecom Sector witnessed strong MoM growth (+5%) attributable to widespread 5G implementation. The NGO and services sector (+4%) also saw MoM growth in August.&nbsp;<\/p>\n\n\n\n<p>&nbsp;<br><strong>Holding Steady:<\/strong> Education, Retail and HR &amp; Admin roles remained stable, with no increase or contraction in hiring.&nbsp;<\/p>\n\n\n\n<p><strong>Facing Challenges:<\/strong> Despite a YoY hiring decline of 17%, the IT industry is showing growing momentum with monthly growth, mainly attributable to skill-based hiring.&nbsp;&nbsp;<\/p>\n\n\n\n<p>The BFSI industry also saw YoY growth contract by 7%.&nbsp;<\/p>\n\n\n\n<p>The BPO\/ITES industry saw the biggest dip in MoM hiring, at \u20137%&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Hiring Trends \u2013 Functions&nbsp;<\/strong>&nbsp;<\/h3>\n\n\n\n<p>August saw remarkable stability in hiring for across several sectors&nbsp;<\/p>\n\n\n\n<p><strong>Holding Steady: <\/strong>Functions like Software, Engineering &amp; production, HR &amp; Admin, <strong><a href=\"https:\/\/www.foundit.in\/search\/marketing-jobs\" target=\"_blank\" rel=\"noopener\" title=\"Marketing \">Marketing <\/a><\/strong>&amp; Communication, Logistics &amp; Supply chain all saw no change in hiring demand. &nbsp;<\/p>\n\n\n\n<p><br>In YoY hiring, the Hospitality &amp; Travel industry (+13%) and Engineering &amp; Production (+11%) saw strong growth.&nbsp;<\/p>\n\n\n\n<p><br>However, the Finance &amp; Accounts sector experienced a bit of turbulence, dropping by 4%.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>A Closer Look at Salaries<\/strong>&nbsp;<\/h3>\n\n\n\n<p>The fit report for August 2023 has detailed insights on the salaries of professionals across all sectors and experience levels.&nbsp;&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>IT &#8211; Hardware and Software<\/strong>: Despite last year&#8217;s hiring slowdown, professionals in the<strong><a href=\"https:\/\/www.foundit.in\/search\/it-jobs\" target=\"_blank\" rel=\"noopener\" title=\" IT sector\"> IT sector<\/a><\/strong> saw notable salary increments across all experience levels.&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>BPO\/ITES<\/strong>: This industry has been through some rough patches. The most noticeable dip was within the 7-10 years&#8217; experience range, at 14%. &nbsp;<br>This suggests that as professionals advance in their careers in the BPO\/ITES sector, their salaries decrease.&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>The Entry-Level Wave<\/strong>: A significant salary surge for entry-level roles was a standout trend. IT and Engineering Sectors are most favourable for freshers and young professionals. &nbsp;<br>&nbsp;<\/li>\n\n\n\n<li><strong>Mid-Senior Level Gaps<\/strong>: Those with 7-10 years of experience didn\u2019t have it all rosy. There was significant variation in salary levels. &nbsp;<br>&nbsp;<br><strong>However, the IT sector, with a 59% increase in salaries, placed a significant premium on mid-level expertise. &nbsp;<br><\/strong>&nbsp;<\/li>\n\n\n\n<li><strong>Leadership Level:<\/strong> Several sectors such as Banking\/Financial Services, IT, <strong><a href=\"https:\/\/www.foundit.in\/search\/telecom-jobs\" target=\"_blank\" rel=\"noopener\" title=\"Telecom\">Telecom<\/a><\/strong>, FMCG, and Retail, show substantial salary growth for professionals with 11-15 years of experience, highlighting the premium placed on leadership or specialised roles.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>That&#8217;s all from the fit report for August 2023. Read the full report to know about the salary range of professionals in various sectors and detailed insights into hiring trends.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Join us next month for another deep dive. And as always, keep an eye out for the latest from <em>foundit Insights Tracker<\/em> to stay on top of hiring trends in the Indian job market.&nbsp;<\/p>\n\n\n\n<div style=\"text-align: center;\">\n<a style=\"display: inline-block;background-color: #7900c6;color: #fff;text-align: center;padding: 10px 20px;text-decoration: none;font-size: 18px;border-radius: 4px;font-weight: bold;\" href=\"https:\/\/media.foundit.in\/career-advice\/wp-content\/uploads\/2023\/09\/fit_INDIA_-Aug23.cleaned.pdf\" target=\"_blank\" rel=\"noopener\">Download August 2023 fit Report (India) PDF<\/a>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>About the foundit Insights Tracker&nbsp;<\/strong>&nbsp;<\/h2>\n\n\n\n<p>The foundit Insights Tracker (fit), previously known as the Monster Employment Index, is foundit&#8217;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.&nbsp;<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hiring Overview&nbsp;&nbsp; The latest numbers from the foundit insights tracker for August 2023 are in. Hiring Activity saw a 5% year-on-year (YoY) dip compared to August 2022. On a month-to-month (MoM) basis, there was a contraction of 3%.&nbsp;&nbsp; The figures indicate a larger trend in the hiring landscape.&nbsp;&nbsp; Employers are becoming more discerning when it [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":42177,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[13],"tags":[],"class_list":{"0":"post-20075","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-insights-tracker"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.foundit.in\/career-advice\/wp-json\/wp\/v2\/posts\/20075","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.foundit.in\/career-advice\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.foundit.in\/career-advice\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.foundit.in\/career-advice\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.foundit.in\/career-advice\/wp-json\/wp\/v2\/comments?post=20075"}],"version-history":[{"count":13,"href":"https:\/\/www.foundit.in\/career-advice\/wp-json\/wp\/v2\/posts\/20075\/revisions"}],"predecessor-version":[{"id":22553,"href":"https:\/\/www.foundit.in\/career-advice\/wp-json\/wp\/v2\/posts\/20075\/revisions\/22553"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.foundit.in\/career-advice\/wp-json\/wp\/v2\/media\/42177"}],"wp:attachment":[{"href":"https:\/\/www.foundit.in\/career-advice\/wp-json\/wp\/v2\/media?parent=20075"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.foundit.in\/career-advice\/wp-json\/wp\/v2\/categories?post=20075"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.foundit.in\/career-advice\/wp-json\/wp\/v2\/tags?post=20075"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}