Recruitment activity in India remained stable with a 6% year-on-year growth in August 2022, led by the insurance sector, which grew by more than 87% during the month, according to Naukri JobSpeak. Demand for professionals at all experience levels remained positive during the month, according to the survey report. Demand increased by 7% for 0 to 3 years of experience; 5% for 4 to 7 years; 6% for 8-12 year olds; 7% for 13-16 year olds; and 7% for more than 16 years, compared to August 2021.
“After experiencing an extravagant rate of growth over the past 2-3 months, hiring activity is showing signs of stabilizing, and it would be interesting to see how the trend continues in the months to come,” said Pawan Goyal, Commercial Director of Naukri. com.
Read also : The contours of construction: Why is one of the industries in demand still partially paralyzed?
Sectors that drove hiring
The insurance sector continued to generate the most hires for the seventh consecutive time. This sector saw a strong increase of 87% year-on-year, and within the sector, maximum traction was seen for professionals with experience ranging from 4 to 7 years (up 103%), followed by 0 to 3 years (up 99%). 100) and 8-12 years (+ 42%). “The insurance industry has been booming since the start of this year as there has been continued growth in hiring which is creating opportunities across all experience brackets with growth of over 100 % year-on-year in the 0-7 year experience bracket,” Pawan Goyal added.
In addition to the insurance sector, other sectors such as travel and hospitality (up 56%), BFSI (up 43%), Auto/Auto Ancillary (up 29%), real estate ( up 24%) and retail (up 18%). percent) recorded hiring growth in August 2022 compared to August 2021. While pharmaceuticals/biotechnology remained stable, the computer/software industry recorded a contraction of 10% year-on-year in August 2022 compared to August 2021.
Cities drive employment growth
Among metros, Mumbai topped the hiring growth rate with a 21% increase in August 2022 compared to August 2021, Delhi-NCR Hyderabad and Pune remained flat, and Bengaluru recorded a 10% decline. In Tier II cities, Coimbatore leads the ranking with 28% year-on-year growth, followed by Kochi at 27%. Chandigarh and Vadodara recorded a percentage decline with 17% and 11% respectively. Ahmedabad and Jaipur maintained momentum with annual growth of 20% and 15%, respectively.