White collar hiring jumps 6 per cent: foundit Insights Tracker

White collar hiring in India recorded a substantial increase of 6 per cent month-on-month, showcasing the resilience of the Indian job market amid an anticipated slowdown in the global economy, according to foundit Insights Tracker (earlier known as Monster Employment Index)

Even though a marginal dip (-1 per cent) was observed annually in the foundit Insights Tracker (fit), a steady surge was observed month-on-month in key employment industries such as real estate, retail and banking and finance. A revival in the IT and media industries was also observed — after months of decline — indicating a positive sentiment in hiring. Tier 2 cities continue exhibiting a positive hiring outlook as well.

Commenting on job trends for the month of November 2022, Sekhar Garisa, CEO - foundit (previously Monster APAC & ME), a Quess company, said:“Hiring in key industries such as real estate, retail, tech [TS2] and BFSI have been on an upward trajectory despite a slow-growing economy and high inflation. Despite a slowdown in hiring for tech talent for the past few months, several industries, such as education and healthcare, are increasingly relying on technology to drive efficiency and productivity, indicating skilled talent will always be in demand. The boom in the Indian real estate sector is also indicative of the spending power of Indians who are willing to invest for a better future. Overall, the outlook for the Indian job market is positive and will only continue to do better in the coming months.”

The real estate industry is on a hiring spree with a 10 per cent incline in hiring activity both MoM and YoY amidst robust housing demand and significant launches by the top developers of the country.

Among key industries monitored by the Tracker, the Indian media and advertising industry following months of cautious hiring is showing signs of a steady recovery led by the rise of pure play digital advertising and TV advertising.

The tech Industry is also inching towards recovery following months of slowdown with hiring activity for the IT industry increasing at 3% MoM. However, compared to last year when companies were aggressively hiring tech talent with wage hikes, bonus and incentives amidst high attrition, the Tracker has noted a significant dip (-14% YoY) in hiring activity.

Tech sector offers the highest salaries for freshers

There has been a significant (6 per cent) incline in hiring activity month-on-month for freshers. However, there is a noticeable dip in yearly hiring (-3 per cent). Hiring for freshers seems to be robust in sectors such as BFSI and FMCG* while hiring in the tech space seems to have flattened.

According to data for jobs posted on the foundit portal, the IT sector offers the highest onboarding salary to freshers among the 14 key industries monitored by foundit Insights Tracker with the range starting from ₹3,44,922 a year and going up to ₹6,71,236. This is followed by the logistics sector (₹3,11,474 to ₹5,76,252) and the BFSI industry (₹3,06,102 to ₹5,43,020).

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