Hiring Activity Stays Buoyant In May’22, Sustains Monthly Run Rate While Beating Last Year By 40%: Naukri JobSpeak
India showed promising signs of economic recovery in May’22 with hiring across key sectors witnessing an upward Y-O-Y trajectory and a stable sequential trend. As per the latest Naukri JobSpeak May’22 Index, the surge in hiring activity stays put as it records +40% Y-O-Y growth in May’22. Exiting May, Naukri JobSpeak Index stood at 2863.
Key sectors showed sustained growth in employment activities
With the summer holiday season causing a spike in travel, a strong growth in hiring activity was observed in the travel and hospitality sector over a COVID hit May’21. The industry bounced back after a major lull last year and recorded Y-O-Y growth of +352%. When compared with April, the sector has maintained its monthly run rate showing signs of stability.
Retail (+175%), Real Estate (+141%) and Insurance (+126%) were among the top sectors that witnessed a significant Y-O-Y growth in May’22, whereas Insurance maintained its growth trajectory at (+25%) M-O-M growth. Other key sectors that saw an uptick in hiring trends as compared to last year are BFSI (+104%), Education (+86%), Auto (+69%), Oil & Gas (+69%), FMCG (+51%) and IT-Software/Software Services (+7%).
When compared with last month, all key sectors including IT-Software/Software Services, Real Estate, Retail, BFSI, Education, Oil & Gas, and FMCG showed stabilization and continued to maintain Apr’22 run rates in May’22.
Hiring grows across all key cities, with Delhi leading the charts
The demand for talent in metros and non-metros remained steady as all cities indicated a double-digit Y-O-Y growth in May’22. Amongst metros, Delhi (63%) registered the highest Y-O-Y growth closely followed by Mumbai (+61%). Other metros, i.e., Kolkata (+59%), Chennai (+35%), Pune (+27%), and Hyderabad (+23%) also showed positive Y-O-Y growth.
An optimistic hiring sentiment was observed across all tier-II cities with Jaipur leading the Y-O-Y growth in demand for talent at (+76%). Other emerging cities such as Coimbatore (+64%), Vadodara (+49%), Cochin (+35%), Ahmedabad (+26%), and Chandigarh (+25%) showed double digit Y-O-Y growth. When compared with last month, emerging cities also maintained consistency in hiring activity in May’22.
Employers’ intent to hire Freshers up by 61% YOY
Across all experience levels, the demand for entry-level talent (0-3 years) exhibited the steepest rise of +61% in May’22 vs May’21. Moreover, a positive hiring sentiment was observed for other experience brackets such as 4-7 years (+37%), over 16 years (+27%), 13-16 years (+26%) and 8-12 years (+22%). At M-O-M level, the demand for all experience bands remained stable in May’22 vs Apr’22.
Commenting on the report, Pawan Goyal, Chief Business Officer, Naukri.com said, “The recruitment landscape continues to stay resilient and is sustaining the momentum 2022 ushered in. The job market has shown stable sequential trends that is substantially ahead of last year baselines. The secular nature of trends; cutting across metros as well as non-metros, experienced professionals as well as freshers is again a good indicator of this strong hiring sentiment.”
