Education, Real Estate and BFSI Sectors Show Sequential Growth: Report
The Education/Teaching domain sector saw a +11% increase in hiring in Jan’21 Vs Dec’20 and the Insurance sector (+8%) also registered growth in sequential hiring as the demand for health insurance has gone up.
With India getting back to work, the hiring activity has been seeing sequential growth in the past few months. The Education/Teaching domain sector saw a +11% increase in hiring in Jan’21 Vs Dec’20 as colleges and schools are set to re-open in the post-COVID era. The Insurance sector (+8%) also registered growth in sequential hiring as the demand for health insurance has gone up.
Other key sectors such as Real Estate (+13%), Retail (+7%), BFSI (+5%) and BPO/ITES (+3%) too have shown growth in M-O-M hiring in Jan’21. Sectors such as Auto/Ancillary (-14%) and Telecom (-8%) are still experiencing a slowdown in sequential growth as the country gradually returns to normalcy.
At an overall level, the Naukri JobSpeak Index for Jan’21, at 1,925, remained flat (-2%) in hiring activity as compared to Dec’20, at 1,972. In addition, at a Y-O-Y level, the overall hiring showed a decline of 19% in Jan’21.
Key Tier-2 cities saw an uptick in recruitment activity in Jan’21 as hiring in Vadodara (+9%), Chandigarh (+8%), and Jaipur (+6%) grew sequentially. However, all metro cities namely Bangalore (-3%), Hyderabad (-3%), Kolkata (-4%), Mumbai (-4%), Chennai (-3%) and Delhi (-2%) saw a marginal drop in hiring at a M-O-M level.
The start of the year saw a revival in the demand for professionals in the Teaching/Education (+17%) sector in Jan’21 versus last month. Job roles in Sales/BD (+5%) and Banking/Insurance (+3%) domains also see an increase in hiring sequentially. Hiring across experience bands saw an average decline of 4% with the 13+ yrs experience band being the most impacted in hiring in Jan’21 versus Dec’20.
Referring to the report, Pawan Goyal, Chief Business Officer, Naukri.com said, “While overall hiring is down by 19% at a Y-O-Y level in Jan’21, it is interesting to see sectors like Education, BFSI and Real Estate show growth in hiring sequentially. Emerging cities led by Vadodara and Chandigarh are driving hiring and have outperformed metros as they record a better recovery at a M-O-M level.“
Y-O-Y Hiring Deep-dive | Jan’21 Vs Jan’20
Hiring activity in the month of Jan’21 declined by 19% vs the last year. The Pharma/Biotech (-9%) and IT-Software (-11%) sectors were least impacted at a Y-O-Y level while the Hospitality/Travel sector continued to be the most impacted with a 61% decline in hiring in Jan’21 versus Jan’20. Other key industries such as BPO/ITES (-18%), BFSI (-29%) and Insurance (-23%) also contributed to the overall decline in hiring trend in Jan’21 versus last year.
Cities like Bengaluru (-14%), Chennai (-13%), Hyderabad (-11%) and Pune (-12%), were less impacted due to the growing demand for IT professionals given the high penetration of IT and Internet-based startups in the southern markets. Metros such as Mumbai (-35%) and Delhi (-21%) saw a sharper decline in hiring activity in Jan’21 as compared to the same time last year. Hiring in Tier-2 cities such as Jaipur (-3%) and Chandigarh (-5%) witnessed the least decline at a Y-O-Y level.
While the entry-level experience band (0 to 3 yrs exp) witnessed the sharpest decline of 26% in hiring activity, the 13+ yrs experience band saw the least decline of 9% in Jan’21 versus Jan’20.