The Naukri JobSpeak Index report for July has shed light on a considerable 19% decline in hiring for white-collar jobs in India, in comparison to the same period last year. Multiple sectors, including FMCG, retail, insurance, and education, displayed cautious recruitment approaches, leading to a downturn in new job postings.
Challenges in the IT industry were notably pronounced, as new job creation witnessed a substantial 46% drop compared to July 2022. Furthermore, FMCG, retail, BPO, insurance, and education sectors experienced a 16-23% decrease in new job opportunities compared to the previous year.
Amid the overall decline, sectors with a focus on the domestic economy, such as oil and gas and real estate, exhibited robust hiring activity. Their stability showcased the resilience of the Indian job market during challenging times.
In contrast to the general hiring challenges, AI-related roles maintained steady demand, with approximately 31,780 new job openings compared to the previous month. Notably, niche positions like full-stack AI scientists and ML engineers experienced positive trends, showing a 9% and 6% increase, respectively, compared to the beginning of the year. These roles were particularly sought after in the technology and finance sectors.
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Among the diverse hiring landscape, certain cities demonstrated noteworthy hiring trends. Jaipur and Vadodara stood out with a steady rise in hiring indices, experiencing a 4% and 2% increase, respectively, in hiring compared to July of the previous year. This growth was primarily driven by opportunities in the oil and gas, pharma, and auto sectors.
Despite challenges posed by cautious hiring sentiments in some sectors, Pawan Goyal, the chief business officer at Naukri.com, highlighted the positive trends in domestic sectors such as oil and gas, real estate, and hospitality, as well as the consistent demand for AI-related roles. These trends exemplified the adaptability and diversification of the Indian job market.
The Naukri JobSpeak Index report underscores the need for continuous monitoring of hiring trends in India's job market. While certain sectors face challenges, the resilience demonstrated by domestic-focused industries and the steady demand for AI-related roles offer promising signs. Adaptability remains essential for both job seekers and employers in navigating the evolving job landscape. As the market continues to evolve, staying informed and agile will be crucial for success in the ever-changing Indian job market.
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