● The tracker shows a notable 5% month-on-month surge in hiring activity within India’s white-collar job market.
● Production/Manufacturing and Oil/Gas industries showcased the highest demand for skilled talent, at 14% and 12%, respectively.
● Chennai registered the maximum growth in hiring demand as compared to other cities.
Mumbai, 16 March 2023: foundit (Formerly Monster APAC & ME), one of India’s leading talent platforms, today published the foundit Insights Tracker (fit) for February 2023. Hiring in the Indian white-collar space recorded an encouraging incline of +5% month-on-month. Despite growing macroeconomic challenges, there was a surge in economic activity in India as domestic enterprises concentrated on accelerating their growth story. The fit report also observed a marginal increase (+1%) in e-recruitment year-on-year.
This stronger outlook can be attributed to several factors, including the increasing funds allocated towards PLI schemes and the higher tax collections from the goods and services tax (GST), which have given the government the power to spend and shield the economy from the impact of the global slowdown. Interestingly, the Tracker has observed a resurgence in the job market for entry-level positions with the onset of the placement season across campuses.
Commenting on job trends for February 2023, Sekhar Garisa, CEO – foundit (previously Monster APAC & ME), a Quess company said, “Despite rising concerns at a macroeconomic level, India Inc proved themselves yet again, hiring freshers in rising numbers as well as enabling a diverse and inclusive workplace. The tech industry, despite a few setbacks, remains the single largest employer of fresh talent and women. They have been instrumental in leading India’s post-pandemic recovery and will continue to drive the growth engine forward. Furthermore, the government’s push to “Make in India” will not only spurt economic activity but also enable job growth and a true Atmanirbhar Bharat.”
Smart Technology and Domestic Production Fuel Job Growth in Production & Manufacturing
In February 2023, the Production & Manufacturing industry showcased the highest (+14%) job posting activity on a month-on-month basis. This is as a result of companies reducing their dependence on imports and stepping up domestic production coupled with government initiatives to boost indigenous production. The sector is also harnessing smart technology to improve efficiency, contributing to the overall efficacy of the industry.
This is followed by the Oil & Gas sector which has observed a 12% incline due to increased domestic demand and industrial activity. Job prospects for the Engineering, Cement & Construction industry also continue to grow with the increase of real estate projects in tier 1 and tier 2 cities. Other industries showcasing optimistic hiring trends include the Healthcare industry (+11%), Travel & Tourism (+8%) as well as the BPO industry (+7%).
The industries which witnessed a dip in hiring intent include Printing & Packaging (-16%), Import & Export (-14%) as well as agro-based industries (-7%). The Printing & Packaging industries have witnessed a significant slowdown due to undersupply and high input costs, with a steep rise in the cost of production, raw materials and logistics. The import and export sectors have been impacted due to a slowdown in global demand due to rising inflation and a recessionary outlook.
Tier 2 Cities in India Witness Surge in Hiring as India Inc. Flocks to Smaller Towns
Tier 2 cities in India have become the flagbearers of the country’s growth story, with India Inc. increasingly setting up bases in smaller towns since the onset of the pandemic. Overall, these cities witnessed a robust growth of 6% with Coimbatore (+9%), Chandigarh (+7%), Vadodara (+6%), and Ahmedabad (+5%) exhibiting positive hiring sentiments. Among these cities, the top industries in Coimbatore, which showed maximum increase month-on-month, are Real Estate (+30%), BPO (+19%), and Production & Manufacturing (+16%). Interestingly, IT offers the highest salary for freshers to mid-level professionals in Coimbatore ranging from ₹4.05 lakhs to ₹29.75 lakhs.
Similarly, in Ahmedabad, the top industries that showed the maximum uptick in job activity are Advertising, MR, and PR (+8%), Garments/ Textiles/ Leather (+8%), and Production/ Manufacturing (+6%). Professionals in Logistic, Courier/ Freight/ Transportation (₹3.99 lakhs to ₹18.12 lakhs) and IT (₹3.82 lakhs to ₹19.79 lakhs) secured the highest salary for entry to mid-level professionals. Hiring demand in Chandigarh came from Advertising, MR, and PR (+21%), Real Estate (+14%), and BPO/ITes (+6%). The Engineering, Cement, Construction, and Iron/ Steel industries offered the highest salaries for freshers in the range of ₹4.74 lakhs to ₹6.23 lakhs, whereas the IT industry offered the highest salaries for experienced professionals (₹15.35 lakhs to ₹24.88 lakhs). Overall, freshers held the maximum number of jobs in all these three tier 2 cities.
In metro cities, hiring showed an uptick of +7%, with Chennai (+16%), Hyderabad (+9%), and Kolkata (+7%) leading the charge.
IT and BFSI Industries Offer Lucrative Entry-Level Salaries: Freshers Earn Up to ₹6.75 lakhs
The demand for entry-level job seekers was high in February, with close to 42,000 active jobs available for freshers, indicating a 9% increase in job activity. The majority of job opportunities, about 63%, were targeted towards graduates, with start-ups contributing to 14% of jobs. The top hiring industries for freshers were IT- Hardware, Software (+23%), BPO/ITes (+14%), and BFSI (+9%). In terms of geography, Delhi/NCR (18%), Bangalore (14%), and Mumbai (12%) had the highest hiring percentages.
The IT industry offered the highest salary range (₹3.45 lakhs to ₹6.75 lakhs) for entry-level professionals followed by the BFSI industry (₹3.28 lakhs to ₹5.40 lakhs).
Capitalizing on the rising demand for fresh talent, foundit had launched Zuno last year which offers paid internships and jobs for freshers.
Period for the report
The period considered for the fit data is 1st to 28th February 2023.