Changes in the hiring landscape in India
The foundit Insights Tracker has revealed an 11% annual increase in e-recruitment activity for India in May 2024. This marks a significant rise, with the index climbing from 265 in May 2023 to 295 in May 2024. Despite a slight 2% month-on-month decrease, the overall trend highlights a robust job market with a 7% increase over the past three months
The report shows substantial growth in recruitment across various industries and sectors. Production and Manufacturing led the surge with a remarkable 47% year-on-year increase. The sector’s growth is linked to heightened demand in related industries like home appliances and electrical components fueled by an expanding middle class with ease of access to capital. The Telecom/ISP sector also saw a 9% increase, driven by investments in telecommunication services, relaxation of FDI norms, and advancements in 5G technology
Metropolitan areas such as Kolkata and Delhi/NCR have become major hiring hubs, showing a very strong year-on-year growth. Kolkata recorded a 21% increase, while Delhi/NCR saw a 17% rise. Tier-2 cities also displayed consistent growth, with Kochi, Coimbatore, and Jaipur emerging as key hiring locations. This trend underscores the balanced expansion of job opportunities across different city tiers.
Eight out of thirteen functional areas tracked showed an annual increase in hiring demand. The Hospitality and Travel sector saw a notable 23% rise, fueled by sustainable development initiatives and higher demand in airports and hotels. Software, Hardware, and Telecom roles continued their growth, reflecting the demand for skill-based recruitment in metropolitan areas
In terms of experience levels, the demand for professionals with 4-6 years of experience grew by 2% in May 2024. Senior-level roles with 11-15 years of experience saw a slight uptick, while there was a 2% decrease in demand for entry-level (0-3 years) and highly experienced (16+ years) professionals
In conclusion the foundit Insights Tracker’s May 2024 report paints a positive picture of India’s e-recruitment landscape, highlighting significant growth across industries, cities, and experience levels. This steady upward trend reflects the adaptability and resilience of the Indian job market, positioning it for continued expansion in the coming months.
