Mumbai Records Highest Salary Hike, Beats Other Metros: Naukri.com
Mumbai has always been one of the most lucrative cities for job seekers when it comes to chasing their dream jobs. Recent data suggests that the city has bounced back after a pandemic induced slowdown as it not only recorded the highest average salary hike of +18% in comparison to its metro counterparts but also witnessed an astonishing +41% growth in hiring activity in Q4’22 vs Q4’21, giving job seekers double reasons to rejoice.
According to Naukri.com, India’s No. 1 job portal, the city of dreams recorded a significant increase of +18% in salary hikes post-pandemic, which is higher than the rest of the metros in India that recorded an average salary hike of +11%. Interestingly, as the employment sector returned to normalcy post-pandemic, Bangalore, which is the IT hub of India followed Mumbai at a 15% average salary hike, while Delhi remained at +12% in JFM’22 vs JFM’20.
Commenting on the findings, Pawan Goyal, Chief Business Officer, Naukri.com said, “With a strong rebound in overall hiring activity, the financial hub of India sees a significant jump in job openings to fulfill the talent demand across sectors led by BFSI and Education. In the last 3-4 months, Mumbai’s employment market has shown sustained growth which is now also reflecting in salary hikes.”
Some of the other interesting insights observed in Mumbai’s job market during the period Jan-Mar 2022:
● BFSI & Education sectors show maximum hiring growth Mumbai job market witnessed a spike in hiring activities across sectors. BFSI (+60%) & Education/Teaching (+60%) were the top sectors that observed maximum y-o-y growth in Q4’22 VS Q4’21. Real Estate (+57%), Pharma (+34%) and BPO (+22%) follow close.
● IT-Software industry leads demand IT sector has witnessed maximum hiring momentum since the pandemic as the demand for tech-enabled skills dominates the employment market. Similarly, Mumbai also recorded the maximum number of IT-Software and Software Services jobs in Jan-Mar’22. Naukri.com also reported that the IT-software industry has seen the maximum QoQ growth in salary hikes at 33% (Jan-Mar’22 vs Jan-Mar’21).
● Demand for freshers and mid-senior professionals at an all-time high Owing to the positive hiring trend in Mumbai, fresh college graduates and mid-senior professionals remained in great demand all year round. In Jan-Mar’22, there was an upsurge in the hiring for freshers (0-1 years) as it recorded the highest y-o-y growth at 50% compared to Jan-Mar’21. Similarly, mid-senior professionals (10-15 years) also witnessed a significant y-o-y growth of 50% in the hiring activity.
● Hiring activity for undergraduates going up Mumbai saw an unprecedented race for undergraduate talent as Naukri reported that 75% of job listings in Mumbai required only undergraduate degrees in Jan-Mar’22 and Oct-Dec’21.
● Remote working, a trend to stay Even if offices in Mumbai are switching back to the work-from-office model like other cities in India, it is interesting to see that the city still recorded a total 11% of job listings as remote opportunities in the last quarter of 2020-21, confirming that remote working is here to stay.
