February sees 9% sequential growth in hiring trends amidst uncertainties: Naukri JobSpeak Feb’23
Hiring resumes in IT Sector and IT-driven metros following slowdown over the last few months.
The hiring scenario in India displayed sequential growth in February 2023 over January 2023, while staying resilient with respect to the same month last year. Naukri JobSpeak, the country’s premier job index, stood at 3007 in February 2023, up by 9% against January 2023, but down by 2% compared to last year. IT sector signalled a positive comeback after witnessing a decline in the past few months. In addition, metro cities once again emerged as primary drivers of job creation following a brief period of decline. Detailed analyses below.
IT sector hiring gains momentum
The number of new jobs in IT sector increased by 10% in February compared to the preceding month. Demand for specialist roles such as Analytics Managers, Big Data Engineers, Cloud System Administrators, and Augmented Reality QA Testers, have increased by 29%, 25%, 21% and 20% respectively. The demand for DevOps and DevSec Engineers has increased by 19% and 18%, respectively. This has outpaced the demand for Data Scientists and Software Developers, which has increased by 17% and 11% respectively.
Real Estate and Hospitality sectors continue to shine
The number of new jobs in Real Estate, Hospitality, and Healthcare sectors saw double-digit sequential growth of 13%, 10%, and 10%, respectively in February 2023 over January 2023. Sectors such as Banking, BPO, and Retail, showed similar trends with the number of new jobs increasing by 9%, 7%, and 7%, respectively over previous month.
Metros re-emerge as growth drivers of job creation
Among the top metros, Chennai (16%), Hyderabad (14%), Bengaluru (12%), and Pune (12%) – owing to a significant presence of large IT companies – witnessed double-digit growth in hiring activity. Beyond IT, Auto, Banking, and Real Estate sectors contributed to new job creation in these cities. On the other hand, Delhi/NCR and Mumbai witnessed single-digit sequential growth, driven primarily by Insurance and Banking sectors.
Among emerging cities, the number of new jobs in Coimbatore and Chandigarh increased robustly by 16% and 13% respectively. Both the cities had shown subdued trends in the preceding months. The other fast growing cities such as Ahmedabad, Jaipur, and Vadodara continued to register single-digit month-on-month growths. BPO, Banking and Insurance continue to drive new job creation in these emerging cities.
Senior professionals continue to hold sway
Recruitment of professionals falling in the ‘8-12 years’ and ‘More-than-16-years’ of working experience brackets showed double-digit sequential growth at 12% and 11%, respectively. Finance and Real Estate sectors mainly witnessed this growth in demand for mid-senior experienced professionals. Demand for fresh graduates remained flat.
Commenting on the latest report, Pawan Goyal, Chief Business Officer, Naukri.com, said, “At an overall level, hiring activity has seen a sequential month on month growth of 9% in February, which is slightly higher than the pre-covid growth rate of 7%. The IT sector, which had been experiencing negative trends in the past three months, showed a sequential growth of 10% in this month’s JobSpeak. This growth is an indicator of changing hiring sentiments within the IT space.”
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Methodology
The Naukri JobSpeak is a monthly Index representing the state of the Indian job market & hiring activity based on new job listings and job-related searches* by recruiters on the resume database on Naukri.com. The JobSpeak Index captures hiring activity across multiple dimensions, including industries, cities, functional areas, and experience bands. July 2008 is taken as the base month with an index value of 1,000, and the subsequent monthly index values are compared with the data for July 2008. The index is a highly robust and reliable indicator of white-collar hiring in India. It is aggregated based on the hiring activity of over 100,000 clients with over 70 Lakh new job mandates yearly. The report does not cover gig employment, hyperlocal hiring, or campus placement. Over an extended period, JobSpeak could be impacted by factors like internet penetration and Naukri’s market share.
*Index now includes job-related searches on Naukri’s resume database, which helps generate statistically significant data at a more granular level.
About Naukri.com
Naukri.com, India’s No. 1 job site and the flagship brand of Info Edge, introduced the concept of e-recruitment in India. Since its inception in 1997, Naukri.com has continuously grown while outperforming its competitors in every sphere. Info Edge was the first internet company to be listed in India. As the market leader, the brand enjoys the highest awareness and market share amongst job seekers and recruiters for over two decades. It has become synonymous with the jobs category. The platform has about 1 Crore active app installs and receives 2-3 Million job applications daily. It provides hiring-related services to corporates, recruiters, placement agencies, and job seekers in India & overseas. It offers multiple products like Resume Database Access, listings, Branding, and response management tools. With more than 70 lakh new job mandates every year and over 8.5 Crore jobseekers, the brand serves over 100,000 unique clients through its 63 offices in 44 cities in India.
