Insurance Sector Drives Hiring Activity In India: Naukri JobSpeak
Insurance sector on a dream run
The Insurance sector continued to grow in hiring over last year for the seventh time in a row. This sector saw a steep Y-O-Y jump of +87%, with a flurry of job opportunities. Within the sector, maximum traction was seen for 4-7 years' experience band (+103%) followed by 0-3 years (+99%), and 8-12 years (+42%). Looking at cities, the sector showed a significant jump in hiring activity in NCR (+136%) and Mumbai (+129%) in Aug’22 vs last year.
Apart from the insurance sector, there has been a positive intent to hire in other sectors, including Travel and Hospitality (+56%), BFSI (+43%), Auto/Auto Ancillary (+29%), Real Estate (+24%), and Retail (+18%) in Aug’22 vs Aug’21. While Pharma/Biotech remained flat, the IT/Software sector recorded a degrowth of (-10%) Y-O-Y in Aug’22 vs Aug’21.
Emerging cities drive hiring with double-digit growth
Amongst tier-II cities, Coimbatore led the charts at +28% YOY growth, followed by Kochi at +27%. Barring Chandigarh (-17%) and Vadodara (-11%), other emerging cities recorded a double-digit growth in hiring activity in Aug’22 vs last year. Ahmedabad and Jaipur maintained their momentum with (+20%) and (+15%) YOY growth respectively.
Amongst metros, Mumbai led the charts at +21% growth in Aug’22 vs Aug’21, whereas Delhi/NCR, Hyderabad, and Pune remained flat. Bangalore showed a dip of (-10%) in Aug’22.
All experience levels record single-digit growth
Demand for professionals across all experience bands remained positive in Aug’22. Hiring activity showed single-digit jump across all experience brackets such as 0-3 years (+7%), 4-7 years (+5%), and 8-12 years (+6%), 13-16 years (+7%), and >16 years (+7%) when compared with Aug’21.
Commenting on the report, Pawan Goyal, Chief Business Officer, Naukri.com, said, “After witnessing an extravagant growth rate in the last 2-3 months, hiring activity is seeing signs of
stabilization, and it would be interesting to see how the trend continues in the coming months. Important to note that Insurance as a sector has been flourishing since the start of this year as there has been continuous growth in hiring which is creating opportunities across experience bands with over 100% YOY growth in 0-7 years' experience band.”
