Hiring saw a 2 per cent month-over-month decline, and e-recruitment activities in India dropped by 8 per cent in September 2023 compared to the same month in 2022, according to foundit Insights Tracker (fit).
The index dropped from 277 in September 2022 to 255 in September 2023, showcasing a stagnation in hiring.
With the onset of the festive season, Kolkata stood out with a 2 percent increase in hiring, with the city gearing up for Durga Puja. However, the majority of Indian cities exhibited stagnant or negative hiring trends, with Hyderabad, Pune, and Chennai showing no significant change in hiring percentages, suggesting a relatively stable but not necessarily expanding job market.
On the other hand, cities including Bangalore, Delhi-NCR, Mumbai, and Ahmedabad experience a decline in hiring percentages, with the latter two cities facing the most significant decrease at -5 per cent. However, these negative trends are merely seasonal fluctuations, and job creation in these areas is soon expected to pick up, according to the report.
Sekhar Garisa, CEO, foundit (previously Monster APAC & ME), a Quess company, said,“India is experiencing a temporary hiatus in hiring as companies focus on upskilling their current employees to the changing landscape before hiring new talent. However, our economic prospects are bright and resilient against global headwinds.
India’s economic prospects appear promising due to its expanding online consumer market, continued digitisation and innovation, green transition initiatives, infrastructure investments, and policy reforms, the report noted.
On a month-on-month (M-o-M) basis, the home appliances (up 11 per cent) industry showed the maximum incline in job postings, followed by oil, gas, and petroleum, power (up 10 per cent), and retail (up 9 per cent).
Meanwhile, the oil, gas, petroleum, and power sectors experienced an upswing in response to the escalating demand for energy, driven by India’s rapidly growing economy and demographic advantages. In alignment with this trend, India’s energy demand is expected to grow at about 3 per cent per annum by 2040, compared to the global rate of 1 per cent.
Additionally, the office equipment and automation sector observed a 7 per cent surge in e-recruitment activities in September. Organisations are progressively moving away from the hybrid and work-from-home model, instead opting to bring employees back to the office to facilitate in-person collaboration and bolster operational efficiency.
The import/export sector continues to struggle, with a 24 per cent drop in job posting activity online, followed by banking/financial services, insurance (dropped 8 per cent) and agro-based industries (dropped 8 per cent). The export sector remains stagnant, grappling with persistent global headwinds, notably in key markets like the US and Europe.