Job vacancies in the BFSI sector broke all records, as the Naukri Jobspeak Index for Banking reached an all-time high of 4,555 in March 2023 compared with 3,138 in March 2022. Beyond BFSI, the hiring landscape in India displayed cautious optimism where the Naukri JobSpeak Index in March 2023 stood at 2,979, up 5 per cent over last year and flat against last month.
Non-Tech Sectors Drive Hiring Activity Growth
“Insurance and banking sectors are witnessing a secular bull run in new job creation, significantly contributing to the upward hiring trend in the overall white-collar job market of India. The new jobs created in the insurance sector recorded an astonishing 108 per cent growth in March 2023 compared to March 2022, primarily driven by jobs related to selling insurance products,” tech and data-driven jobsite Naukri.com said in a statement on Monday.
It added that the banking sector displayed a 45 per cent YoY growth fueled by the expansion of digital banking services in the rapidly evolving global economy. The promising aspect of this growth is its geographical spread where vacancies in cities as diverse as Ahmedabad, Vadodara and Kolkata increased by 145 per cent, 72 per cent, and 49 per cent, respectively.
The new job creation spread across both global capability centers of multinational BFSI giants as well as the domestic financial stalwarts focused on selling insurance and banking products to the Indian consumers.
“The IT sector, on the other hand, witnessed consolidation in hiring with a decline of 17 per cent in new jobs created compared to March last year. The hiring intent declined across both large IT giants and unicorns, while hiring for early-to-mid-stage startups remained stable with respect to the same period last year,” Naukri.com said.
Vacancies for high-demand roles such as big data engineers, DevOps, and software development engineers, which were on a growth path until recent times, have declined in March 2023 by 20 per cent, 9 per cent, and 6 per cent, respectively. However, the demand for emerging roles like machine learning saw an uptick.
New jobs created in other Non-Tech sectors such as Oil, Real Estate, FMCG, and Hospitality increased by 36 per cent, 31 per cent, 14 per cent, and 7 per cent, respectively, compared to last year’s base. However, specific Non-Tech sectors such as retail, education, and BPO, exhibited cautious hiring sentiment with a 4 per cent, 2 per cent, and 2 per cent decline in hiring activity, respectively.
Non-Metros See Maximum Job Creation
Among non-metro cities, Vadodara leads hiring trends with a 50 per cent growth in new job creation compared to last year, followed by Ahmedabad, Jaipur, and Kochi with 49 per cent, 29 per cent, and 13 per cent growth in new job creation respectively. Besides BFSI, Real Estate & BPO sectors primarily contributed to the hiring activity observed across non-metros.
In metro cities, Mumbai and Delhi/NCR observed positive hiring momentum, with 17 per cent and 7 per cent growth in new job creation, respectively, primarily driven by the insurance sector. Conversely, Bengaluru, Hyderabad, and Pune, heavily reliant on the IT sector, have experienced a 12 per cent, 11 per cent, and 2 per cent dip in job creation, respectively. Consistent with the prevailing pattern, majority of job growth in metro cities was also driven by non-IT sectors such as insurance, real estate, and automotive sectors.
Mid-Level Professionals Back in Demand
Amid broader market uncertainties, the appetite for mid-level professionals has experienced a significant increase, registering a 14 per cent growth compared to the previous year — following a period of stagnation in recent months. In contrast, hiring activity for entry-level professionals remained unchanged compared to last year.
Pawan Goyal, chief business officer of Naukri.com, said, “The BFSI sector’s growth in a cautious job market signals resilience of the Indian economy and the expanding horizons of the white-collar job landscape. Non-metro cities are proving to be the catalysts for change, redefining the employment narrative in India.”
Read all the Latest Business News here
Comments
0 comment