The Naukri JobSpeak Index, India's indicator of white-collar hiring activity, experienced a slight correction in August 2024 vs August 2023 witnessing a 3 per cent decline, ending at 2576 points. While the job market performed steadily in the first half of the month, a unique clustering of holidays in the latter half significantly impacted the overall index. Key holidays such as Independence Day, Janmashtami, and Raksha Bandhan coincided with weekdays, resulting in extended weekends. This anomaly has led to reduced recruitment activity, causing a pronounced dip in the back half of August.
Despite the overall dip, several sectors demonstrated resilience and growth. AI-ML led the pack with a robust 14 per cent year-on-year increase, followed by FMCG (+11%), Pharma/Biotech (+9%), Auto (+7%), and Oil & Gas/Power (+5%). These sectors stood out amidst an otherwise subdued job market.
AI-ML and IT Sector: A Tale of Two Trajectories
While the overall IT sector showed a modest 1 per cent year-on-year growth, AI-ML jobs continued their impressive run with a 14 per cent increase. This divergence highlights the growing importance of specialized AI skills in the job market. Interestingly, IT unicorns bucked the trend with a 5 per cent growth, even as foreign MNCs and Global Capability Centers (GCCs) experienced a correction. Kochi emerged as a bright spot in IT hiring, recording a significant 22 per cent year-on-year growth.
FMCG and Pharma Sectors Show Strength
The FMCG sector maintained its momentum with an 11 per cent year-on-year growth, primarily driven by strong performances in Bangalore and Kolkata, both witnessing a remarkable 40 per cent increase. Similarly, the Pharma sector grew by 9 per cent year-on-year, with Baroda standing out with an impressive 44 per cent growth.
Senior Roles and High Salaries Defy Market Trends
Despite market corrections, senior professionals remain in high demand. Hiring for those with 16+ years of experience grew 11 per cent year-on-year and saw positive growth across all cities, while strategic and top management roles surged by 30 per cent. Higher salary brackets also showed resilience, with positions offering 13-20 LPA increasing by 6 per cent and those above 20 LPA growing by 19 per cent. These trends indicate a strong market for experienced professionals and high-paying roles, contrasting with overall hiring patterns.
Shifting Hiring Landscapes: Emerging Cities and Startups Lead the Way
Kochi, Baroda, and Coimbatore emerged as key centers for fresher recruitment, signaling a geographical diversification of talent acquisition. Bangalore solidified its position as a startup powerhouse, with startups and unicorns outpacing foreign MNCs and Global Capability Centers (GCCs) in hiring. Chennai showed signs of following a similar trajectory, while Hyderabad presented a mixed picture with startups and GCCs leading in recruitment over MNCs. These shifts highlight the growing influence of domestic tech ecosystems and the changing preferences of both employers and job seekers across India's tech hubs.
