25 May 2022: Mumbaihas recorded a 41 per cent in hiring activity, according to job portal Naukri.com’s report.
The Naurki.com’s report says, “Recent data suggests that the city has bounced back after a pandemic induced slowdown as it not only recorded the highest average salary hike of +18 per cent in comparison to its metro counterparts but also witnessed an astonishing +41 per cent growth in hiring activity in Q4’22 vs Q4’21, giving job seekers double reasons to rejoice.”
According to Naukri.com, India’s No. 1 job portal, the city of dreams recorded a significant increase of +18 per cent in salary hikes post-pandemic, which is higher than the rest of the metros in India that recorded an average salary hike of +11 per cent. Interestingly, as the employment sector returned to normalcy post-pandemic, Bangalore, which is the IT hub of India, followed Mumbai at a 15 per cent average salary hike, while Delhi remained at +12 per cent in JFM ’22 vs JFM’20.
Pawan Goyal, Chief Business Officer, Naukri.com said, “With a strong rebound in overall hiring activity, the financial hub of India sees a significant jump in job openings to fulfill the talent demand across sectors led by BFSI and Education. In the last 3-4 months, Mumbai’s employment market has shown sustained growth which is now also reflecting in salary hikes.”
Mumbai job market witnessed a spike in hiring activities across sectors. BFSI (+60 per cent) & Education/Teaching (+60 per cent) were the top sectors that observed maximum y-o-y growth in Q4’22 VS Q4’21. Real Estate (+57 per cent), Pharma (+34 per cent) and BPO (+22 per cent) follow close.
IT sector has witnessed maximum hiring momentum since the pandemic as the demand for tech-enabled skills dominates the employment market. Similarly, Mumbai also recorded the maximum number of IT-Software and Software Services jobs in Jan-Mar’22.
Naukri.com also reported that the IT-software industry has seen the maximum QoQ growth in salary hikes at 33% (Jan-Mar’22 vs Jan-Mar’21).
Owing to the positive hiring trend in Mumbai, fresh college graduates and mid-senior professionals remained in great demand all year round. In Jan-Mar’22, there was an upsurge in the hiring for freshers (0-1 years) as it recorded the highest y-o-y growth at 50% compared to Jan-Mar’21. Similarly, mid-senior professionals (10-15 years) also witnessed a significant y-o-y growth of 50 in per cent hiring activity.
Mumbai saw an unprecedented race for undergraduate talent as Naukri reported that 75 per cent of job listings in Mumbai required only undergraduate degrees in Jan-Mar’22 and Oct-Dec’21.
Even if offices in Mumbai are switching back to the work-from-office model like other cities in India, it is interesting to see that the city still recorded a total 11 per cent of job listings as remote opportunities in the last quarter of 2020-21, confirming that remote working is here to stay.