Job market registers growth in hiring,says report
While the major urban cities have seen a strong growth, the Tier II markets have also witnessed good YoY growth in January 2018.
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The Naukri JobSpeak Index for January’18 at 1,951 recorded a 14 percent growth in jobs as compared to January 2017. In an overall buoyant job market, January 2018 showcases the steady recovery of the market. While the major urban cities have seen a strong growth, the Tier II markets have also witnessed good YoY growth in January 2018. Some of the key industries to observe growth were - Insurance (73 percent) and Auto (44 percent).
Commenting on the report, V. Suresh, chief sales officer, Naukri.com said, “Looks like there is a slow and steady revival of the job market. The Job Speak index has shown a YOY growth of 14 percent in January after a 10 percent growth in December. Non- IT sectors viz. BFSI, Auto, Engineering and Industrial products continue to sustain the momentum gained over the past few months. Having said that the uncertainty in the market may continue for few more months or so.”
Jobs in Oil & Gas sector grew by 43 percent in January’18 over January’17. In the same time period, jobs in Construction &Engineering and Banking & Financial services sectors recorded a 41 percent and 40 percent growth in hiring respectively. Jobs in Industrial Products and Pharma & Biotech went up by 34 percent and 14 percent respectively in January’18 when compared to January’17. Jobs in BPO sector witnessed a growth of 9 percent in January 2018 when compared with January 2017 while jobs in IT-software sector slipped by 6 percent.
Functional Area Analysis:
Banking/Insurance grew by 78 percent in January 2018 when compared with January 2017. Production/Maintenance and Site Engineering jobs saw a 55 percent and 43 percent growth respectively during January 2018 as compared to January 2017, whereas, Marketing & Advertising roles saw a 19 percent growth in January 2018 over last year. Sales/BD and BPO/KPO saw a 24 percent and 3 percent YOY growth respectively in January 2018. The IT industry went slowly by a downfall of 2 percent in January 2018 when compared with January 2017.
City wise Analysis:
Major cities have continued a steady growth in January 2018 when compared to January 2017. The index Delhi grew by 20 percent respectively. Mumbai saw 18 percent growth in hiring while Hyderabad witnessed 6 percent growth in the same period. Hiring sector in Bangalore and Chennai remained flat in January 2018 when compared to January 2017. Kolkata saw a growth of 34 percent. The tier II markets in terms of hiring have also performed well.
Hiring for senior management roles with experience requirement of 16+ years saw 11 percent YOY growth. Jobs for entry-level job seekers having 0-3 years of experience and jobs with requirement of 13-16 years of experience increased by 9 percent in January’18 as compared to January’17. Also, job roles with experience requirement of 4-7 years and 8-12 years witnessed 6 percent growth in hiring.