In January 2024, hiring activity in India showed a 5% decline compared to the same period last year, but exhibited a 3% month-on-month growth, as per the latest data from talent platform foundit (formerly Monster APAC & ME).
Following the Interim Budget 2024, the employment outlook in the Indian job market appears optimistic, according to the foundit Insights Tracker (fit).
The hiring trends for January 2024, spanning sectors like Travel & Tourism, Telecom/ISP, BFSI, etc., collectively contributed to a 5% overall growth in job postings over the past three months, signaling a recovery in employment opportunities.
These are the findings as per the latest survey made-
Southern Cities Lead in Hiring
Chennai experienced a noteworthy 9% month-on-month increase in hiring. This surge may be attributed to the establishment of manufacturing units, corporate expansion plans, and its strategic position in international shipping routes.
Hyderabad and Bengaluru also saw 5% and 3% month-on-month growth in hiring, respectively. Bengaluru dominated in tech talent recruitment, while non-tech industries in Hyderabad are increasingly adopting technology for efficiency.
Stable Hiring Environments
Baroda showcased a 5% increase in job opportunities. Jaipur, Ahmedabad, Pune, and Mumbai maintained a relatively stable hiring environment with a 2% increase in each city.
Mixed Trends in Other Cities
Kolkata and Kochi reported declines in hiring percentages (-1% and -2%, respectively), while Chandigarh remained flat (0%). These subtle declines in certain cities suggest a muted growth in the job market.
Top Job Functions
Job roles in legal, marketing, and communications topped the list of job functions with a 7% increase in online hiring activity. Positive hiring trends were also observed for Sales & Business Development (2%), HR and Admin (2%), and Finance & Accounts (1%) in GCCs and Indian enterprises.