December 13, 2022
Key employment industries such as real estate, retail, banking and finance increased their workforce
Hiring activity in the IT sector witnessed a 3% month-on-month (MoM) growth
Real estate witnessed a 10% growth in hiring activity on both (month-on-month) MoM and YoY basis
Cross-sector hiring has also increased due to the growing need for senior officials in the industry
India’s hiring momentum improved in November 2022 showing a 1% year-on-year (YoY) decline, as compared to a 6% YoY decline in October 2022, according to a report from Insight Tracker.
According to the report, hiring momentum witnessed growth in November this year as key employment industries such as real estate, retail, banking and finance increased their workforce. The Information Technology (IT) and media industries saw a rebound after a period of consequent decline. Hiring activity in the IT sector witnessed a 3% month-on-month (MoM) growth. Additionally, Tier-2 cities have also displayed a positive hiring outlook.
The report said that real estate witnessed a 10% growth in hiring activity on both MoM and YoY basis, on the back of increasing housing demand. Media reports said that other sectors that showed positive hiring momentum include chemical, with a 5% YoY increase and BFSI, with a rise of 13% YoY. Additionally, the marketing and media sectors witnessed a 1% increase in hiring during November 2022.
Regarding salaries, the IT sector offered the highest basic packages for freshers, followed by the logistics sector, and the Banking, Financial Services and Insurance (BFSI) industry.
Additionally, cross-sector hiring has also increased due to the growing need for senior officials in the industry. A survey conducted by the Times of India revealed that 296 out of 800 CXOs, or 37% of movements this year were inter-industry.
Out of the 296 movements, Technology witnessed the highest candidates from other industries.
With the acceleration of digitialization across organisations, the emergence of the tech sector as a leading vertical is no surprise, stated the report.
With the rise in Global Capacity Centers (GCC) in India, and an increase in government initiatives to ramp up domestic manufacturing, we can expect a further increase in hiring across various sectors.
Sources: Economic Times | Financial Express