Markets shed COVID gloom as hiring records 57% yearly growth

The Indian job market maintained its record-breaking run for the third consecutive month in a row, clocking 57 per cent year-on-year growth in September, according to the latest Naukri JobSpeak report.

At 2,753 job postings, the index hit an all-time high in September, surpassing pre-COVID levels in September 2019 by 21 per cent.

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.

Year-on-year, most sectors showcased significant annual growth, led by IT (138 per cent) and hospitality (82 per cent).

“The recent wave of digital transformation among Indian organisations continues to generate demand for tech professionals. YoY hiring in the IT-software/software services sector has grown by 138 per cent in September 2021,” the report stated.

It said sectors like hospitality (82 per cent) and retail (70 per cent) which were most impacted by the pandemic, also witnessed significant YoY growth in September with several hotels and physical store outlets across the country gradually reopening.

Hiring activity has also grown in the education (53 per cent), banking/financial services (43 per cent) and telecom/ISP (37 per cent) sectors as compared to September last year.

Metros recorded 88 per cent annual growth in September, surpassing Tier 2 cities that grew by 30 per cent.

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“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,” it said.

Bengaluru (133 per cent), Hyderabad (110 per cent), Pune (95 per cent) and Chennai (85 per cent) recorded the highest YoY growth in September.

Hiring activity was also positive in Delhi/NCR (72 per cent) while Mumbai and Kolkata both recorded 60 per cent growth. Among the tier-II cities, Ahmedabad (82 per cent) and Coimbatore (46 per cent) recorded the highest annual growth followed by Vadodara (33 per cent) and Kochi (19 per cent), it said.

Hiring across all experience bands increased in September as compared last year, 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 the 8-12 years (75 per cent) bracket witnessed a maximum increase followed by 4-7 years (65 per cent), 13-16 years (57 per cent,) 0-3 years (54 per cent) and above 16 years (38 per cent).

Month-on-month, job postings rose 3 per cent compared with 2,673 during August, according to the report by Naukri JobSpeak.

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Pawan Goyal, Chief Business Officer, Naukri.com said, “India is witnessing a never seen before activity in hiring. Fuelled 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 per cent YoY growth indicating strong revival of the market post pandemic. Majority of the sectors, cities and experience bands have recorded positive growth in both YoY and MoM charts in the month of September.”

(With inputs from agencies)