Hiring Activity Beats All Past Records In July'22: Naukri JobSpeak
The job market in India continues with its upward trajectory as the Naukri JobSpeak Index for July beats all past records. At 3170, the index surpassed its previous high of 3074, which was recorded in February22 this year. With rampant growth across key sectors and metros, the hiring activity shot up in the previous month, leading to a+21% Y-O-Y growth in July 2022 vs July 2021.
Insurance records highest sequential growth as key sectors continue to fire
With the rising demand for health insurance products since the pandemic and the recent monkeypox scare in the country, the Insurance sector is witnessing a surge in hiring activity. In July22, the sector registered highest M-O-M growth (+21%), followed by Oil & Gas/Power (+18%), and IT-Software (+16%).
Other sectors that continued to show an upward trend over July last year, include Travel & Hospitality (+68%), Banking (+59%), Oil & Gas (+48%), Retail (+37%), BPO (+35%), Auto (+34%), Education (+32%), Telecom (+32%), and IT-Software (7%).
Looking at the year till date performance for all top industries, significant growth across the sectors can be seen. Travel & Hospitality leads the charts at 95% growth in hiring activity, followed by Insurance (65%) and BFSI (52%).
Hiring in metros stays strong, Kolkata leads
Since the beginning of 2022, most key centers have been exhibiting positive hiring sentiment by registering an upward trend and marking double-digit growth. Among metros, Kolkata led the charts with 42% Y-O-Y growth in July22. Other metros such as Mumbai (+36%), Delhi/NCR (+25%), Chennai (+25%), Pune (+24%), Hyderabad (+12%), and Bangalore (+10%) too, continue to show positive growth in June22 vs last year.
Amongst the emerging cities, Coimbatore continues to lead the race consecutively for the second time by observing the highest Y-O-Y growth of 70% and sequential growth of 31%. Other tier-II cities, such as Kochi (+32%), Ahmedabad (+22%), and Vadodara (+11%) also witnessed a surge in hiring growth, barring Chandigarh that showed a decline of -11%.
Demand for leadership at an all-time high
While the job market continues to reflect optimistic hiring patterns across all experience brackets, the demand for top management (>16 years) and professionals with 13-16 years' experience saw the steepest uptick of +32% and 31% respectively in July22 vs July21.
While unprecedented growth was observed in hiring for the highly experienced, a positive hiring sentiment was also observed for other experience brackets such as 0-3 years (+20%), 4-7 years (+18%), and 8-12 years (+24%) when compared with July21.
Commenting on the report, Pawan Goyal, Chief Business Officer, Naukri.com, said, With the JobSpeak Index breaking all records, it validates that the employment market is on a steady course without any significant hotspots. The trend in growth is seen across most industries, cities and experience bands which is great news for the job seekers.
