After a slow start with a YoY decline of 10% in the first quarter, India’s hiring landscape began to stabilise in Q2 as industries adjusted. By the third quarter, hiring showed a strong rebound, driven by a resurgent IT sector, emerging cities posting impressive growth, and fresher hiring stabilising, the hiring trends analysis for 2024 by job portal Naukri has revealed.
Metro cities like Chennai, Hyderabad, and Pune led the charge in recovery, with Pune especially bouncing back strong in the second half of the year, as it recorded a 13% growth in hiring during Q3, the findings revealed.
Beyond the large metros, emerging cities like Indore, Udaipur, Bhubaneshwar, Jaipur have seen significant growth, with Udaipur reaching 17% growth overall this year and Indore up by 14%.
Jaipur emerged as one of the emerging tech hubs, registering 48% growth in IT sector hiring during Q3. These cities are becoming important hubs for job opportunities, signalling that growth is spreading beyond the traditional centres.
Ahmedabad also bounced back during the latter half of the year, posting strong growth in sectors like Oil & Gas, Construction/Engineering and Accounting/Finance.
The AI/ML sectors shone, with growth rates ranging from 14% to 47% during the year, highlighting the ongoing surge in demand for tech-driven talent. Roles surrounding Machine Learning and Data stayed in demand consistently throughout the year, even peaking at a YoY growth of 102% in Q3. A few of them included Machine Learning Engineers, Big Data Testing Engineer, Data Science Analyst, Full Stack Data Scientist among others.
The FMCG sector maintaned a positive growth rate through the different quarters. The sector witnessed a flattish trend in Q1 and went on to peak at 20% growth by Q3. Similarly, Pharma/Biotech continued to thrive, benefiting from ongoing healthcare needs. Roles like Sales Manager and Marketing Manager remained most in demand in these sectors.
While the Banking and Financial Services sector saw a modest growth through the year, the Insurance sector surged in Q2 with a 37% growth, driven by rising demand for financial security, after a subdued Q1. This momentum continued into Q3 with 23% growth. The spike is largely attributed to a rising demand for financial security, as companies and individuals focused on protecting themselves against uncertainty.
The IT/Software Services sector faced ups and downs through the year, wherein the first quarter saw a steep decline of -17%, likely driven by global economic headwinds. However, the sector steadily bounced back and recorded 12% growth by Q3. Oil & Gas remained steady, delivering consistent double digit growth rates through all the quarters, ranging from 10% to 16%.
The Manufacturing sector as a whole demonstrated steady progress, achieving a 6% YoY growth. Within this, the Auto and Auto Ancillary sector showcased a strong recovery, gaining momentum from Q2 with a 5% YoY growth and growing at 7% during Q3.
On the the experience front, there’s been a clear shift towards senior talent. Professionals with 16+ years of experience saw the most growth through the year, peaking at 32% during Q2, and maintaining a strong momentum through the latter part of the year. On the other hand, entry-level and mid-career hiring was more unpredictable, as businesses continued to adapt to evolving market needs.
Fresher Hiring, however, witnessed an increasing trend in non-IT sectors towards the second half of the year. Sub industries like Steel (+37%), Beauty & Wellness (+32%) and Architecture & Interior Designing (+29%) posted significant growth in fresher hiring from July to November.
