The latest report from the talent management platform, foundit, formerly Monster jobs, indicates a significant upsurge in hiring in government, PSU, and Defence industries in India. This surge, amounting to a 14 per cent increase on a month-over-month basis, highlights a substantial growth in job postings in these sectors.
The report attributes this boost in hiring to various government policies and initiatives such as 'Make In India' and the Atmanirbhar Bharat Rojgar Yojana (ABRY), which aim to generate employment opportunities and consequently reduce the unemployment rate in the country.
However, the report also notes a 10 per cent year-on-year decrease in hiring activity in November 2023 compared to the previous year. Despite this stagnation, the report remains optimistic about India's economic prospects, citing ongoing support for industries, startups, and manufacturing within the country.
According to Sekhar Garisa, CEO of foundit, talent availability in tier 2 cities has encouraged multinational companies to set up in these areas, presenting more cost-effective options. Emphasis on skill development is also highlighted as crucial for sustaining this momentum.
The Office Equipment and Automation sector observed a 4 per cent growth in hiring, reflecting demand for specific workforce skills. Notable cities like Coimbatore witnessed a substantial 13 per cent month-over-month increase in hiring, while others like Kochi and Jaipur also experienced moderate growth.
However, some cities like Hyderabad, Ahmedabad, Delhi-NCR, and Chennai maintained a stable hiring environment with slight declines. The report suggests that in the current job market, individuals with 0 to 3 years of experience have better prospects compared to senior professionals with over seven years of experience.
In terms of salary brackets, industries such as Automotives/Ancillaries/Tyres, Telecom/ISP, Advertising, Market Research, Public Relations (PR), Retail, and Travel and Tourism sectors witnessed salary increases for professionals at different experience levels. For instance, entry-level professionals in the IT industry (Software and Hardware) received higher salaries ranging from Rs 3,94,794 to Rs 6,90,613 compared to other industries like BPO/ITES, which offered the lowest salary ranges across all experience levels.
The report emphasizes that while hiring trends have seen fluctuations, ongoing government support and regional talent availability play key roles in shaping India's job market landscape.
(With Agency Inputs)