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Hiring activity flat in October, IT sector down 18% while insurance sector up 93%

Highlights

There was a decline in hiring activity in Bengaluru, Hyderabad and Pune.
In the month of October, there has been a decrease of 18 percent in recruitment in the Indian IT sector.
There has been an unprecedented growth in the insurance sector. The sector registered a remarkable growth of 93% (YoY).

New Delhi. Hiring activity remained flat in October as compared to last year due to the festive season. According to the Naukri Jobspeak Index, with the decline in the IT sector, there was a decline in hiring activity in Bengaluru, Hyderabad and Pune. In the month of October, there has been a decrease of 18 percent in recruitment in the Indian IT sector. Despite the festive season, October saw steady though flat hiring in other industries, led by the insurance sector in India. There has been a phenomenal growth in the insurance sector in India due to the increase in the demand for professionals in the experience band. This sector registered a remarkable growth of 93 percent (YoY).

Apart from IT, other sectors that saw a significant drop in the hiring sentiment include telecom and healthcare. Among other sectors, the upward trend of hiring continues in BFSI, oil, travel and hospitality, real estate and auto. ‘Job JobSpeak’ is a monthly index that calculates and records placement activities on the basis of job listings on the Naukri.com website month to month.

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The insurance sector in India witnessed an increase in demand for professionals in the experience band in October. The sector has registered a significant growth of 93 per cent on a month-on-year basis.

In which areas there was a decrease where there was a boom
Other sectors that showed growth were BFSI (+40%), Oil (+34%), Travel & Hospitality (+24%), Real Estate (+20%), and Auto (+19%). Compared to last year With a drop of 18%, recruitment in the IT sector slowed down. Apart from IT, other sectors that saw a significant drop in hiring sentiment include telecom (19%) and healthcare (13%).

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Kolkata (+15%) and Mumbai (+8%) continued to increase hiring activity in October 22, Delhi remained flat with respect to hiring activity in October compared to last year. With the IT sector declining, the metros of Bangalore (16%), Hyderabad (12%), and Pune (11%) showed a decline in hiring activity.

Among non-metropolitan cities, most major cities such as Jaipur (+8%), Kochi (+5%), Vadodara (+4%), and Coimbatore (+3%) saw an increase in hiring activity. While demand for experience professionals remained neutral in October 22, senior professionals with experience of more than 13 years saw an increase in demand (+6%) over the previous year.

Tags: business news in hindi, Govt Jobs, Job and career

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