foundit has released the foundit Insights Tracker (fit), presenting the latest hiring trends for July 2024.
According to the tracker, there has been an 11% uptick in hiring activity on a year-on-year basis (July 2023 vs July 2024), with the index rising from 268 to 298, despite a slight month-on-month (MoM) decline of 1%, the overall job market shows a positive momentum.
Offering a hiring overview for July 2024, Sekhar Garisa, CEO, foundit (previously Monster APAC & ME), a Quess company, said, “The strong focus of the recent Union Budget on productivity and job creation is an encouraging sign for the recruitment industry. We have also noticed that the salaries of employees have consistently risen driven by higher demand for fresh talent and competitive salary offerings. This growth is likely fueled by high-growth sectors such as technology, digital marketing, and e-commerce.”
Salary trends: Industries show consistent growth; IT leads in salary packages. Retail, Telecommunications show highest year-on-year growth
The salary growth across most sectors has been positive and consistent over the past year. The IT-Software & Services sector leads with the highest salary packages, followed by Retail, Advertising, Market Research & PR.
A few sectors such as Automotive, BFSI, and Travel & Tourism witnessed a decline in salary packages, reflecting the market challenges and industry adjustments. Fresh graduates in the Retail and Telecommunications sectors have seen the most significant growth, with a 15% and 14% increase in salaries, respectively. Freshers in the Retail industry receive an average minimum salary of ₹ 3.3 LPA and an average maximum salary of ₹ 5.2 LPA.
Experienced professionals with 7+ years of work experience in the Advertising, Market Research & PR industry witnessed a 15% growth in salaries over the past year (2024 vs 2023), highlighting the industry’s focus on attracting top talent. Experienced professionals in the Advertising, Market Research, & PR sector have salaries ranging from ₹ 11 LPA to ₹ 33 LPA.
IT-Software & Services industry continues to lead with the highest salary packages across different experience levels. Freshers in the IT sector have highest salaries ₹ 4.1 LPA to ₹ 7.5 LPA, indicating a strong demand and value placed on IT skills right from the entry-level.
Consumer Electronics industry boom drives the ongoing growth in India’s Production & Manufacturing sector
The tracker reveals that the Consumer Electronics sector experienced remarkable year-on-year growth in hiring, with a 45% increase. This surge is driven by technological advancements, AI developments, and innovative designs in consumer electronics devices such as smartphones, TVs, gadgets, smartwatches, etc. The Manufacturing industry also saw a 43% yearly growth in hiring, reflecting the ripple effect of this boom.
Even the Automotive industry saw an 18% yearly growth in hiring driven by investments and sustainability initiatives by the government.
The Real Estate and Construction & Engineering sector has also showed an impressive 32% and 29% increase respectively in hiring over the past year, spurred by budget reforms, sustainability, and green initiatives. On the other hand, the Import/Export sector faced multiple hiring challenges over the past year, with a significant 32% drop in July 2024 compared to last year.
However, the recent Union budget developments suggest potential for gradual recovery in the coming months. Other sectors that witnessed a dip in hiring include Shipping/Marine (-31%), and Agriculture (-17%).
Hospitality sector emerges as employment hub
Roles in Hospitality and Travel continue to experience a remarkable surge in hiring by 28% (July 2024 vs July 2023) This growth highlights the dynamic environment, diverse roles, and promising career trajectories that the hospitality sector offers. This gradual uptick mirrors the complete recovery of the travel industry since the pandemic and underscores the government’s push towards sector’s growth. And the boost in travel during the summer holidays has further fueled the demand and highlighted the sector’s resurgence.
Similarly, roles in Marketing and Communications witnessed a notable 24% year-on-year increase, reflecting a heightened focus on brands establishing a strong digital presence and connecting with their audiences online. Additionally, hiring for medical job roles has seen a spike, with a 22% yearly increase in hiring in the healthcare sector.
Conversely, certain job roles witnessed a decline in hiring. Customer service roles experienced a sharp downturn (-25%), suggesting a potential slowdown in demand or shift in hiring needs driven by the rise of automation and AI technologies. Similarly, Sales and Business Development job roles also saw a notable decrease, with an 8% drop this year. Other sectors that have experienced a sharper decline in hiring include Engineering/Production (-7%) and Finance and Accounting (-6%).
Coimbatore leads job growth in India tier 2 cities
Coimbatore has emerged as the leader in job growth among India’s tier-2 cities, with a remarkable 24% increase in hiring, followed closely by Jaipur with a 23% rise. Other cities showing strong growth include Delhi-NCR (18%), Chennai (14%), and Pune (12%). Month-on-month, Chennai and Kochi maintained a stable hiring environment with a 5% increase, respectively. Bengaluru is also witnessing a surge in hiring, driven by the tech sector’s growth and urban development, now expanding into Tier-2 cities. However, some cities like Mumbai (-4%), Chandigarh (-4%), and Baroda (-4%) saw a slight decline in hiring.
Hiring of freshers and senior-level professionals sees moderate growth
According to the tracker, demand for freshers with 0 to 3 years of experience increased by 13% year-on-year, The demand for senior professionals with over 15 years of experience saw a moderate growth of 6% year-on-year, indicating a balanced demand across different experience levels in the job market.
