{"id":24318,"date":"2023-12-05T15:20:37","date_gmt":"2023-12-05T09:50:37","guid":{"rendered":"https:\/\/www.foundit.in\/career-advice\/?p=24318"},"modified":"2024-09-24T14:34:23","modified_gmt":"2024-09-24T09:04:23","slug":"foundit-insights-tracker-nov-2023","status":"publish","type":"post","link":"https:\/\/www.foundit.in\/career-advice\/foundit-insights-tracker-nov-2023\/","title":{"rendered":"November 2023 Hiring Trends in India: A Deep Dive with foundit Insights Tracker\u00a0"},"content":{"rendered":"\n<p>The foundit Insights Tracker for November 2023 reveals a nuanced landscape of the Indian job market, marked by a -10% annual year-on-year decline in hiring activity and a -2% dip in monthly hiring. &nbsp;&nbsp;<\/p>\n\n\n\n<p>Despite this general downturn, certain sectors and cities exhibit resilience and growth, underscoring the dynamic nature of the market.&nbsp;<\/p>\n\n\n\n<p>The fit report for November \u201823 offers a comprehensive view of the hiring patterns across industries, functions, and cities, while also shedding light on the evolving salary trends across different experience levels.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Hiring Overview <\/strong>&nbsp;<\/h2>\n\n\n\n<p>The fit report shows a recent deceleration in hiring patterns. Over the past year, the hiring landscape has been following a three-month cyclical pattern of fluctuations. While this has injected uncertainty, it also indicates a potential recovery in the coming fiscal year. &nbsp;<\/p>\n\n\n\n<p>This means employers are focusing on hires to fulfil immediate demand and essential skills.&nbsp;<\/p>\n\n\n\n<iframe loading=\"lazy\" src=\"https:\/\/docs.google.com\/presentation\/d\/e\/2PACX-1vQ3kIKPFmvu9IO58KhOqhRKjB1TZHpmp5cGoRZrb-GajypeTMe_d_vHJcba0jPxvw\/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<h2 class=\"wp-block-heading\"><strong>Function-wise Stats (Monthly Trends) <\/strong>&nbsp;<\/h2>\n\n\n\n<p><strong>In Demand:<\/strong> Notable growth in Purchase\/Logistics\/Supply Chain (+6%) and <strong><a href=\"https:\/\/www.foundit.in\/search\/finance-accounts-jobs\" target=\"_blank\" rel=\"noopener\" title=\"Finance &amp; Accounts\">Finance &amp; Accounts<\/a><\/strong> (+5%)&nbsp;<\/p>\n\n\n\n<p><strong>Holding Steady: <\/strong>Healthcare (+2%), Legal functions (+1%) and Marketing and Communications (0%) show modest growth&nbsp;<\/p>\n\n\n\n<p><strong>Facing Challenges: <\/strong>Software, <strong><a href=\"https:\/\/www.foundit.in\/search\/hardware-jobs\" target=\"_blank\" rel=\"noopener\" title=\"Hardware\">Hardware<\/a><\/strong>, Telecom (-2%) saw a dip in hiring. &nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Industry Trend (Annual and Monthly) <\/strong>&nbsp;<\/h2>\n\n\n\n<p>&nbsp;Just <strong>9 out of 27 <\/strong>industries saw a rise in annual hiring activities&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Shipping\/Marine <\/strong>saw the biggest growth in hiring of 32% YoY. However, the sector saw a 7% dip in growth MoM. Since November last year, this is only the third time that Shipping has seen a dip.&nbsp;<br>&nbsp;<\/li>\n\n\n\n<li><strong>Government\/PSU\/Defence<\/strong> sectors saw a 9% rise in hiring YoY, and a 14% MoM growth &nbsp;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Retail<\/strong> is also showing outstanding growth, a 30% YoY rise, and 3% MoM growth, maintaining the upward momentum of the past two years.&nbsp; &nbsp;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Office Equipment\/Automation<\/strong> is experiencing a tech-driven resurgence with a +13% increase, thanks to AI and IoT integrations.&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The <strong>IT-Hardware, Software <\/strong>sector continues to face challenges with a -16% YoY decline, and a -6% MoM dip.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>Finance and Accounts saw a monthly spike, but faces a -13% YoY decline, highlighting the need for specialised skills in this evolving sector.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Salary Trends Across Experience Levels<\/strong>&nbsp;<\/h2>\n\n\n\n<p>The fit report for November &#8217;23 also analysed the salaries of professionals across various industries. Here are the key insights.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Freshers see highest salaries in IT-Hardware\/Software; BFSI, Education and Logistics sectors saw the biggest salary dips.&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Mid-Level and Senior-Level: <\/strong>IT and Engineering sectors offer competitive salaries; BFSI and Logistics show a downward salary trend.&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Overall Trend:<\/strong> IT sector consistently pays the highest across experience levels. Automotive sector too has seen an increase in salaries. On the other hand, <strong><a href=\"https:\/\/www.foundit.in\/search\/bpo-jobs\" target=\"_blank\" rel=\"noopener\" title=\"BPO\">BPO<\/a><\/strong>, FMCG and Education sectors have experienced salary decreases when compared to the last quarter. &nbsp;<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Conclusion and Outlook<\/strong>&nbsp;<\/h2>\n\n\n\n<p>The Indian job market, as depicted by the foundit Insights Tracker for November 2023, presents a landscape of contrasts. While certain sectors and cities show resilience and growth, others face challenges, reflecting the broader economic and technological shifts globally and locally. &nbsp;<\/p>\n\n\n\n<p>As we look ahead, the potential for recovery and adaptation in various sectors offers a cautiously optimistic outlook for the Indian job market.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>About the foundit Insights Tracker<\/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<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\/12\/fit_INDIA_-Nov23.PPT.pdf\" target=\"_blank\" rel=\"noopener\">Download Nov 2023 fit Report (India) PDF<\/a>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The foundit Insights Tracker for November 2023 reveals a nuanced landscape of the Indian job market, marked by a -10% annual year-on-year decline in hiring activity and a -2% dip in monthly hiring. &nbsp;&nbsp; Despite this general downturn, certain sectors and cities exhibit resilience and growth, underscoring the dynamic nature of the market.&nbsp; The fit [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":42098,"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-24318","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\/24318","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=24318"}],"version-history":[{"count":4,"href":"https:\/\/www.foundit.in\/career-advice\/wp-json\/wp\/v2\/posts\/24318\/revisions"}],"predecessor-version":[{"id":33618,"href":"https:\/\/www.foundit.in\/career-advice\/wp-json\/wp\/v2\/posts\/24318\/revisions\/33618"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.foundit.in\/career-advice\/wp-json\/wp\/v2\/media\/42098"}],"wp:attachment":[{"href":"https:\/\/www.foundit.in\/career-advice\/wp-json\/wp\/v2\/media?parent=24318"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.foundit.in\/career-advice\/wp-json\/wp\/v2\/categories?post=24318"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.foundit.in\/career-advice\/wp-json\/wp\/v2\/tags?post=24318"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}