White-Collar Hiring in India Witnesses 3% Decline in June: Naukri JobSpeak Index
- ByStartupStory | July 3, 2023
A recent report released by the Naukri JobSpeak Index revealed that white-collar hiring in India experienced a 3% decline in June. Sectors such as Information Technology (IT), Retail, Business Process Outsourcing (BPO), Education, Fast-Moving Consumer Goods (FMCG), and Insurance displayed cautious hiring sentiments during this period. The report, which represents the state of the Indian job market and hiring activity, indicated a year-on-year decline of 3% in job postings, with 2,795 postings in June 2023 compared to 2,878 in June 2022. On a month-on-month basis, job postings decreased by 2%.
Pawan Goyal, Chief Business Officer of Naukri.com, highlighted the structural shift occurring in the white-collar job market, stating, “For a long time, jobs in the tech sector and in top metros were the key drivers of white-collar job growth. Of late, jobs in emerging sectors such as real estate, oil and gas, pharma, and BFSI have emerged as significant contributors to job growth.”
The IT industry, in particular, faced challenges with a significant decline of 31% in new job creations compared to June of the previous year. This decline was observed across various types of IT companies, including global tech giants, large IT services companies, tech-focused start-ups, and unicorns. While traditional roles such as Software Developers and System Analysts continued to witness a downturn, niche positions like Cybersecurity Analysts and AI Specialists showed positive hiring trends, defying the negative trend prevalent in most other tech roles.
Apart from the IT sector, cautious hiring sentiments were also noted in Retail, BPO, Education, FMCG, and Insurance sectors. However, the Oil and Gas sector experienced substantial growth, with a 40% increase in new jobs compared to June of the previous year. This growth aligns with the rapid expansion of refineries and supporting roles to meet the heightened domestic and export demand. Additionally, the Pharma sector exhibited a 14% growth in new jobs compared to the same period last year.
The Naukri JobSpeak Index also highlighted the diversification of white-collar jobs to non-metro cities. Ahmedabad emerged at the top of the list with an unprecedented 23% growth in employment compared to June of the previous year, followed by Vadodara with a 14% growth. Meanwhile, Jaipur continued to maintain steady employment figures. However, large IT-driven metros experienced a decline in hiring activity, except for Mumbai, which remained stable compared to June 2022. The stability in Mumbai was primarily driven by the Oil and Gas and Hospitality sectors.
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