{"id":35630,"date":"2024-04-10T02:01:00","date_gmt":"2024-04-09T20:31:00","guid":{"rendered":"https:\/\/www.foundit.in\/career-advice\/?p=35630"},"modified":"2024-09-18T16:34:55","modified_gmt":"2024-09-18T11:04:55","slug":"foundit-insights-tracker-march-2024","status":"publish","type":"post","link":"https:\/\/www.foundit.in\/career-advice\/foundit-insights-tracker-march-2024\/","title":{"rendered":"India\u2019s Hiring Landscape in March 2024: Updates from the foundit Insights Tracker\u00a0"},"content":{"rendered":"\n<p>March 2024 saw a slight downturn in India&#8217;s hiring landscape, as foundit Insights Tracker registered a 4% annual decrease in hiring activity.&nbsp;<\/p>\n\n\n\n<p>Despite this annual decline, the month-to-month analysis revealed a more positive trend, with a 3% increase in hiring activity from February 2024.&nbsp;&nbsp;<\/p>\n\n\n\n<p><strong>This resilience is further underscored by a consistent growth trajectory over recent months, with a 9% growth noted over the past six months and a 5% increase over the last three months.&nbsp;<\/strong>&nbsp;<\/p>\n\n\n\n<p>Such trends reflect a cautiously optimistic business sentiment, suggesting a significant shift in attitudes and an ongoing transformation within the 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\/2024\/04\/fit_INDIA_-Mar24-Hiring-Trends-1.pdf\" target=\"_blank\" rel=\"noopener\">Download March 2024 fit Report (India) PDF<\/a>\n<\/div>\n\n\n\n<iframe loading=\"lazy\" src=\"https:\/\/docs.google.com\/presentation\/d\/e\/2PACX-1vTT95hXulQhTqdybr0MicsUEhPspKCPKtnBPzWiUZtoJs3D-vq7o_w3eOBdAmNHsA\/embed?start=false&#038;loop=false&#038;delayms=3000\" frameborder=\"0\" width=\"1280\" height=\"749\" allowfullscreen=\"true\" mozallowfullscreen=\"true\" webkitallowfullscreen=\"true\"><\/iframe>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Month-on-Month Analysis<\/strong>&nbsp;<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Leadership Roles: <\/strong>+6% in senior management hiring, signalling strategic leadership is increasingly crucial.&nbsp;<\/li>\n\n\n\n<li><strong>Healthcare Sector: <\/strong>+5%, demonstrating sustained growth due to persistent demand for healthcare services.&nbsp;<\/li>\n\n\n\n<li><strong>Technology Sectors: <\/strong>Software, hardware, and telecom see a +2% growth, reflecting the ongoing digital transformation.&nbsp;<\/li>\n\n\n\n<li><strong>Energy Sector: <\/strong>Significant +8% increase in oil\/gas\/petroleum, power industries, underlining the importance of energy development.&nbsp;<\/li>\n\n\n\n<li><strong>Logistics, Manufacturing: <\/strong>Both sectors up by +5%, driven by e-commerce growth and infrastructure focus.&nbsp;<\/li>\n\n\n\n<li><strong>Marketing &amp; Communications: <\/strong>No growth, indicating a potential shift towards digital marketing strategies.&nbsp;<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Hiring Trends \u2013 Industry and Functions<\/strong>&nbsp;<\/h2>\n\n\n\n<p><em>Out of 27 industry sectors monitored, nine showed an increase in recruitment activity year-over-year, indicating pockets of growth despite broader market contractions.<\/em>&nbsp;<\/p>\n\n\n\n<p><strong>In demand:&nbsp;<\/strong>&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Travel and Tourism and Government\/PSU\/Defence led the annual increases with +17% and +14%, respectively.&nbsp;<\/li>\n\n\n\n<li>On a month-to-month basis, Telecom\/ISP saw a remarkable recovery, primarily driven by advancements in 5G and AI technologies.&nbsp;<\/li>\n\n\n\n<li>The Oil\/Gas\/Petroleum sector saw (+8%) surge in MoM demand, mainly driven by the sector\u2019s escalating demand for petroleum products and green hydrogen.&nbsp;&nbsp;<\/li>\n<\/ul>\n\n\n\n<p><strong>Facing challenges:<\/strong>&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>BFSI sector saw stagnant growth MoM, and a (-6%) drop in YoY numbers&nbsp;&nbsp;<\/li>\n\n\n\n<li>The Logistics\/Courier\/Transportation sector saw a (-9%) drip in YoY numbers but is buffeted by a (+5%) rise in MoM numbers.&nbsp;<br>&nbsp;<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Hiring Trends Across Cities<\/strong>&nbsp;<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Kolkata (+18%), Coimbatore (+16%), Jaipur (+7%), and Delhi\/NCR (+3%) experienced notable year-over-year growth.&nbsp;<br>&nbsp;<\/li>\n\n\n\n<li>Chandigarh (-33%), Mumbai (-18%) and Pune (-10%) saw significant declines, reflecting the competitive and ever-changing nature of regional job markets.&nbsp;<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Gig Economy Trends<\/strong>&nbsp;<\/h2>\n\n\n\n<p>The gig economy continues to evolve rapidly, with a reported 184% growth year-over-year in the white-collar sector. The demand for gig workers has surged by over 21% over the last year, highlighting the increasing reliance on flexible workforce solutions to address talent shortages and emerging skill gaps. &nbsp;<br>&nbsp;<br>Notably, IT Software &amp; Services and Advertising &amp; Marketing have seen significant increases in gig job shares, signaling shifts in employment patterns towards more agile and project-based work arrangements.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Function-wise demand&nbsp;<\/strong>&nbsp;<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Coder\/IT consultant positions were the most in-demand roles in the gig market in March 2024, occupying 30% of the job market, up from 12% the year before.&nbsp;<\/li>\n\n\n\n<li>Content Creator roles increased their share from 9% to 17%, while Trainer roles increased from 11% to 15%.&nbsp;<\/li>\n\n\n\n<li>Data Analysts and UX Designers consistently held an 8% share in the gig job market.&nbsp;<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>City-wise Trends (Gig Jobs)&nbsp;<\/strong>&nbsp;<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Delhi\/NCR was the leading location for gig jobs with a 23% share in March 2024; Mumbai and Bengaluru were close competitors, each with a 17% share of the gig job market.&nbsp;<\/li>\n\n\n\n<li>Chennai and Hyderabad each captured a 13% share, marking them as burgeoning markets for gig opportunities.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>&nbsp;In conclusion, the March 2024 edition of the foundit Insights Tracker paints a complex picture of India&#8217;s job market. While certain sectors and cities demonstrate strong growth and adaptability, the overall job market faces challenges amidst a backdrop of economic adjustments and technological transformations. The rise of the gig economy further reflects these shifts, pointing to a future of work that values flexibility, innovation, and resilience.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>About 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","protected":false},"excerpt":{"rendered":"<p>March 2024 saw a slight downturn in India&#8217;s hiring landscape, as foundit Insights Tracker registered a 4% annual decrease in hiring activity.&nbsp; Despite this annual decline, the month-to-month analysis revealed a more positive trend, with a 3% increase in hiring activity from February 2024.&nbsp;&nbsp; This resilience is further underscored by a consistent growth trajectory over [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":41955,"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-35630","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\/35630","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=35630"}],"version-history":[{"count":6,"href":"https:\/\/www.foundit.in\/career-advice\/wp-json\/wp\/v2\/posts\/35630\/revisions"}],"predecessor-version":[{"id":41960,"href":"https:\/\/www.foundit.in\/career-advice\/wp-json\/wp\/v2\/posts\/35630\/revisions\/41960"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.foundit.in\/career-advice\/wp-json\/wp\/v2\/media\/41955"}],"wp:attachment":[{"href":"https:\/\/www.foundit.in\/career-advice\/wp-json\/wp\/v2\/media?parent=35630"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.foundit.in\/career-advice\/wp-json\/wp\/v2\/categories?post=35630"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.foundit.in\/career-advice\/wp-json\/wp\/v2\/tags?post=35630"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}