BackNon-IT sectors continue to drive jobs, finds Naukri JobSpeak report
It said that Insurance sector has recorded 93% growth. The other Non-IT industries that recorded an upward trend in hiring activity.
PremiumHiring activity has kicked off on a stable note in 2023 as Indian job market has shown resilience and stability as non-metros led in job creation in the non-IT sector as per Naukri's JobSpeak Trend report for January.
Naukri in its report said that it has ‘emerged at 2762 tabling a 2 per cent growth in January 2023 compared to 2716 in January 2022.' It said the 2 per cent growth recorded is despite the 25% decline in IT sector hiring.
“The dip in IT sector hiring has been more or less compensated by a hiring spree in the Non-IT sectors such asinsurance, oil, hospitality and banking," said Naukri's JobSpeak Trend report.
“Non-IT sectors are off to a flying start, recording a double-digit growth at the beginning of 2023," said the report.
It said that Insurance sector has recorded 93% growth. The other Non-IT industries that recorded an upward trend in hiring activity include oil (55%), hospitality (53%), banking (37%), real estate (31%), auto (29%), BPO (16%) and healthcare (10%).
The non-IT sectors that showed cautious hiring sentiments were telecom, retail, and pharma with a 9%, 8%, and 4% dip in hiring activity respectively as compared to last year.
The report said that due to corrections in hiring in the IT industry, job growth in the Indian IT sector has declined by 25% as compared to last year.
The hiring intent declined across both large IT giants and unicorns. However, it remained stable in IT startups as compared to last year.
The biggest hiring dip will be across experience levels, fresher hiring followed by a mid-experience hiring decline, while hiring across senior levels (greater than 12 years of experience) remained stable in IT.
According to the report, non-metro cities continue to drive the hiring activity in the New Year.
Amongst non-metros, Ahmedabad leads the way in hiring trends recording 40% growth in new job creation mainly driven by insurance and healthcare sectors. It is followed by Baroda with 37% growth in new job creation dominated by banking and construction sectors. Jaipur recorded a 14% growth in new job creation mainly led by BPO and banking sectors.
Amongst metro cities, Mumbai and Delhi recorded positive hiring trends registering 14% and 10% growth respectively in new job creation as aginst the year ago period.
Insurance sector has been a key sector witnessing hiring spree across Delhi and Mumbai.
While, metro cities like Bangalore, Hyderabad, Pune, and Chennai, which are heavily dependent on the IT sector for driving job creation, have shown a decline of 20%, 12%, 11%, and 6% respectively as against last year.
Non-IT sectors that are most significantly driving job growth in each of these metros are insurance, banking, auto and oil.
“As the year begins, Non IT sectors hold the fort for hiring activity in India with Insurance, Oil, and Hospitality flying high. Interestingly, IT-linked metros, which were the main growth drivers last year, were overshadowed by emerging cities like Ahmedabad and Baroda. Overall, this gives a multi-dimensional outlook to the Indian Job market and makes us optimistic about the New Year," said Pawan Goyal, Chief Business Officer, Naukri.com.
The report noted that there was an increasing demand for senior professionals with 12+ years of experience continues to dominate the hiring activity at the beginning of 2023, recording more than 20% growth as compared to year ago period.
Hiring activity remains stable for freshers and mid-experience level professionals.
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