The hiring activity in India rose 11 percent year-on-year for July compared with the same month last year, with retail and telecommunication companies doing most of the hiring, a report released Wednesday said.
According to a report by talent platform foundit, formerly called Monster APAC & ME, there is also a slight 1 per cent MoM decline in hiring compared to June. That apart, job market still continues to be on growing trend.
According to Sekhar Garisa, CEO of foundit (previously Monster APAC & ME), a Quess Company, "We do see some positivity in the current Union Budget—that productivity and jobs creation seem to be taken seriously. We have witnessed continuous growth in the salary handed out to employees, as there is demand for fresh talent and competitive salary packages.".
Garisa also mentioned that this growth is largely driven by high-growth sectors such as technology, digital marketing, and e-commerce.
The report claimed that salary growth in most industry sectors was flat, but positive over the past year. In particular, freshers in retail and those working in the telecommunications sector reported large increases in salaries: 15 percent and 14 percent rises respectively. Entry-level jobs in retail pay a minimum average of Rs 3.3 LPA and can go up to a maximum of Rs 5.2 LPA.
The consumer electronics sector has seen a whopping 45 percent year-on-year growth in hiring. This again, could be a direct consequence of the impact of technological development, Artificial Intelligence and related inventions in the domain of consumer electronics, such as smartphones, TVs, gadgets, smartwatches, and so on.
In a related context, manufacturing showed 43 percent annual growth in hiring, which has reportedly been the spillover effect of this boom.
While some of those sectors, such as automobile, BFSI (Banking, Financial Services, and Insurance), and travel and tourism, witnessed a fall in salary packages, indicating sector-specific adjustment due to market challenges.
Other sectors that registered a decline in recruitments are shipping or marine and agriculture, by 31 per cent and 17 per cent, respectively. The recent initiatives of the Union Budget may point to its slow recovery shortly.
Hospitality and travel businesses continue their strong growth, up 28 percent from July 2023 to July 2024. This increase just goes to prove that the sector is anything but lifeless and is opening up some exciting career paths with far-reaching opportunities.
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