Indian Job Market continues to grow by 57% annually in Sept.21 prior to onset of festive season; Naukri JobSpeak
The Indian job market maintained its record-breaking run for the third consecutive month in a row, clocking 57% year-on-year (Y-O-Y) growth in Sept’21 according to the latest Naukri JobSpeak report. At 2753, the country’s premier index hit an all-time high in Sept’21 surpassing pre-COVID levels in Sept’19 by 21%.
Most sectors showcased significant annual growth, led by IT (+138%) and Hospitality (+82%)
The recent wave of digital transformation among Indian organizations continues to generate demand for tech professionals. Y-O-Y hiring in the IT-Software/Software Services sector has grown by 138% in Sept’21. Sectors like Hospitality (+82%) and Retail (+70%) which were most impacted by the pandemic, also witnessed significant Y-O-Y growth in Sept’21 with several hotels and physical store outlets across the country gradually reopening. Hiring activity has also grown in the Education (+53%), Banking/Financial Services (+43%) and Telecom/ISP (+37%) sectors as compared to Sept’20.
Metros record 88% annual growth in Sept’21, surpassing Tier 2 cities that grew by 30%
The continuous positive growth of the IT-Software/Software Services sector has enabled major IT hubs to outperform other cities in the annual growth charts. Bengaluru (+133%), Hyderabad (+110%), Pune (+95%) and Chennai (+85%) recorded the highest Y-O-Y growth in Sept’21. Hiring activity was also positive in Delhi/NCR (+72%) while Mumbai and Kolkata both recorded 60% growth. Among the tier-II cities, Ahmedabad (+82%) and Coimbatore (+46%) recorded the highest annual growth followed by Vadodara (+33%) and Kochi (+19%).
Hiring activity positive across all experience bands; 8-12 yrs band records highest Y-O-Y growth
Hiring across all experience bands has increased in Sept’21 vs Sept’20, largely due to the overall positive performance of the hiring market as it recovers from the setbacks caused by the pandemic. During this period, demand for senior professionals belonging to 8-12 yrs (+75%) bracket witnessed maximum increase followed by 4-7 yrs (+65%), 13-16 yrs (+57%,) 0-3 yrs (+54%) and above 16 yrs (+38%).
Commenting on the report, Pawan Goyal, Chief Business Officer, Naukri.com said, “India is witnessing a never seen before activity in hiring. Fueled by the demand for IT professionals, it truly is heartening to see the industries recover at the onset of the festive season. The market witnessed 57% Y-O-Y growth indicating strong revival of the market post pandemic. Majority of the sectors, cities and experience bands have recorded positive growth in both Y-O-Y and M-O-M charts in the month of Sept’21.”
M-O-M Hiring Deep-dive | Sept’21 Vs Aug’21
Hiring activity stabilized (+3%) in Sept’21 compared to Aug’21 although major sectors and cities recorded positive growth with normalcy gradually being restored in most parts of the country.
The IT-Software sector witnessed 4% month-on-month (MOM) sequential growth in Sept’21 after showcasing a flat trajectory in Aug’21. Sectors such as Retail (+16%) and Hospitality/Travel (+15%), which were most impacted during the second COVID wave, continue to benefit from the removal of movement restrictions across the country. Hiring activity has also grown in the Accounting/Finance (+13%), BPO/ITES (+12%), Insurance and Medical/Healthcare sectors (+11% each) as compared to Aug’21.
Within metros, MOM hiring was led by Kolkata (+10%), Delhi/NCR (+7%) and Pune (+6%). Hiring activity grew by 5% in other metro cities like Bengaluru, Mumbai and Hyderabad during the same period. Among the tier-II cities, Ahmedabad (+11%) recorded the highest growth followed by Kochi (+10%) and Vadodara (+7%). Hiring activity was flat in cities like Chandigarh, Coimbatore and Jaipur in Sept’21 vs Aug’21.
Demand for all experience bands witnessed positive monthly sequential upswing in Sept’21 led by the 13-16 yrs (+9%) category. Hiring in the freshers (0-3 yrs) and >16 years band also saw a 7% uptick in Sept’21 vs Aug’21 followed by the 4-7 yrs (+6%) and 8-12 yrs (+5%) brackets.
The Naukri JobSpeak is a monthly Index that calculates and records hiring activity based on the job listings on Naukri.com website month on month. The objective of Naukri JobSpeak is to measure the hiring activity in various industries, cities, and experience levels. The data is compiled from the website wherein jobs posted by clients on Naukri.com are considered. July 2008 is taken as the base with an index value of 1,000 and the subsequent monthly index is compared with the data for July 2008. The report shows hiring trends across industry sectors, geography, and experience level. More than 76,000 clients use Naukri.com, leading to the high reliability of data. The report does not cover gig employment, hyperlocal hiring or campus placement. Data on functional area hiring has been retired due to changes in the nomenclature. Over a long period of time, Naukri JobSpeak could be impacted by factors like internet penetration, Naukri market share, Naukri pricing and job listing drives.