Mumbai, November 02, 2023 – foundit (formerly Monster APAC & ME), India's leading talent platform, published the foundit Insights Tracker (fit), presenting the latest findings on hiring trends for October 2023.
The hiring index showed a slight 1% dip in e-recruitment activities compared to the previous month. On a year-on-year (YoY) scale, the overall index reflected a 3% decline. While hiring has been muted, several sectors have shown good growth due to favourable economic policies and the revival of consumer spending. Sectors like travel & tourism and retail have seen a substantial increase in the number of jobs in 2023 compared to 2022.
Offering a hiring overview for October 2023, Sekhar Garisa, CEO, foundit (previously Monster APAC & ME), a Quess company, said, “While the overall hiring activity has been subdued, there are pockets of growth and resilience in sectors like travel, tourism, and retail, driven by the festive season and government initiatives. Certain sectors, like Import/Export, are currently witnessing a decline in economic activity due to heightened geopolitical tensions. It is crucial to emphasize the importance of practicing economic prudence by closely monitoring expenses and financial structures during these times. We anticipate that the situation will evolve in the coming months, ultimately leading to increased stability and growth, which will, in turn, create new job opportunities in the market.”
Seasonal Festivities Drive Job Spikes in Travel and Retail Sectors
The Shipping/Marine and Travel and Tourism industries marked impressive resilience with YoY growth of 44% and 30%, respectively. The upcoming festive season has spurred increased enthusiasm for travel, with Indians eager to explore domestic and international destinations. The government also announced initiatives to boost tourism as part of hosting the G20 summit in 2023. Measures included improving tourism infrastructure, developing 50 tourist destinations, and launching campaigns highlighting India’s cultural diversity and heritage. The Retail and Advertising, Market Research, and Public Relations (PR) sectors also maintained robust growth, registering notable 29% and 26% year-on-year increases, respectively. The Retail sector’s expansion is notably driven by the Diwali festivities, stimulating elevated consumer spending on clothing, gifts, and home decor. Retailers capitalise on this period by launching new products and offering promotions, further spurring sales.
Conversely, areas like Printing/Packaging and Agro-based Industries faced considerable challenges, witnessing significant 25% YoY declines. The Printing/Packaging sector is struggling due to amplified competition from digital media, diminishing the demand for traditional print items like newspapers, magazines, and catalogues. This shift has adversely affected employment in the sector, highlighting digital media’s impact on conventional print practices.
Furthermore, a notable 14% YoY growth was seen in the Office Equipment/Automation sector, indicative of organisational shifts away from remote and hybrid work models and towards work from office to improve operational efficiency. Oil/Gas/Petroleum, Power, BPO/ITES, and Automotive/Ancillaries/Tyres, among other industries, demonstrated relatively stable and gradual growth amidst these trends, with YoY growths of 12%, 6%, and 5%, respectively.
Festive Season Continues to Boost Job Opportunities for Kolkata with a Remarkable 17% Increase in Hiring.
Kolkata stands out with a remarkable 17% YoY increase in hiring, potentially attributed to the festive season, which typically starts in October and lasts for several weeks. During this time, there is a surge in demand for goods and services, and businesses in these sectors typically hire more workers to meet this increased demand. Beyond Kolkata, Baroda experienced an 11% increase in job opportunities, followed by the upcoming Travel & Tourism hub Ahmedabad, which observed a 7% YoY hiring increase. Conversely, a few cities, such as Pune, Chandigarh, and Bangalore, faced a decline in hiring percentages, dropping by 14%, 13% and 10%, respectively.
Across the board, numerous cities, including Delhi/NCR (-1%), Mumbai (-5%), Coimbatore (-7%), Hyderabad (-6%), Chennai (-3%), and Jaipur (0%), maintained a relatively stable hiring environment with subtle decline, signifying a consistent yet not notably expanding job market.
Hospitality & Travel Thrive, Customer Service Further Lags in Growth
The Hospitality & Travel sector demonstrated remarkable growth, experiencing a 25% YoY increase in job opportunities to meet the increasing demand. Similarly, HR & Admin roles showed resilience with a 16% YoY rise, indicating sustained demand for professionals essential in managing organizational activities and workforce strategies. Engineering / Production roles experienced a healthy 12% YoY increase, reflecting ongoing infrastructure development and expanding production needs. The Health Care and Marketing & Communications roles maintained a stable trend with a 9% and 4% YoY growth,
respectively.
However, the Customer Service roles stagnated at 0% YoY, indicating challenges possibly stemming from evolving customer service strategies and technological shifts affecting job roles. The Finance & Accounts roles experienced a significant 10% YoY decline, and Senior Management roles recorded an 8% YoY downturn. Software, Hardware, Telecom roles saw a modest 6% YoY decline, and The Arts/Creative sector also experienced an 8% YoY decrease. Lastly, the Legal industry experienced a 3% YoY decline, marking a shift from the significant surge observed in the previous month.
Retail Hiring Trends Shift with Festive Season: Offline Dominates
India’s retail hiring trends showcased an exciting shift between online and offline channels. Online retail hiring experienced a 10% decrease from the previous year, falling from 39% in 2022 to 29% in 2023. This decline in online hiring may be attributed to the market saturation in tier I cities, with online retailers facing challenges in expanding to tier II and III cities. These regions confront lower internet penetration and infrastructure, along with logistics issues. As a result, reaching these untapped markets demands more investment and innovation, slowing down the hiring pace of online retailers in 2023. In contrast, offline retail hiring surged significantly, witnessing a substantial 20% growth. This trend indicates a shift in consumer preferences and a potential revival of in-store shopping experiences in the Indian retail landscape.
Year Online Offline
2022 39% 51%
2023 29% 71%
