Hiring activity in India rose 3 per cent sequentially in March though falling 4 per cent from a year earlier, reflecting cautious stance among companies amid global macroeconomic headwinds, demand uncertainty and technology inroads, according to talent platform Foundit, formerly Monster APAC & ME.
However, white-collar gig hiring soared 184 per cent year-on-year in March, underscoring professionals’ growing preference for flexible, project-based work arrangements, according to Foundit Insights Tracker (fit), which gives the latest findings on hiring trends.
The IT sector remained at the forefront of the gig boom, with the share of IT software firms in the gig economy jumping from 22 per cent in March 2023 to 46 per cent in March 2024. This shows strong demand for skilled freelance coders, IT consultants, and other tech professionals.
Advertising and marketing also witnessed significant growth, with the share of gig jobs increasing from 5 per cent to 18 per cent over the past year.
Sekhar Garisa, CEO, foundit, said, “One of the biggest learnings of the pandemic for employers as well as the employees has been the adoption of WFH (work from home) and flexible models of working.”
“Through our tracker, we have noticed that the metro cities of Delhi, Bengaluru, and Mumbai are paving the way for gig jobs as of now. It is imperative to understand that the gig economy offers businesses a cost-effective solution, while also providing freedom to work from anywhere to employees.”
He said the gig economy is expected “to grow even more in the next few months, so it’s prudent for job seekers to equip themselves with relevant skills that will make them stand out in a competitive market.”
Overall, the IT sector saw a drop in hiring to 2 per cent in March from 7 per cent in February. This could be due to adjustments in demand or market conditions within the industry.
In contrast, the BPO/ITES industry rebounded from a 4 per cent decline in February to 2 per cent growth in March.
The banking/financial services and insurance (BFSI) sector reported stagnant growth, suggesting a period of consolidation or stability.
The manufacturing sector, comprising engineering, cement, construction, iron/steel, and production and manufacturing, showed mixed trends. While growth in engineering, cement, construction, and iron/steel industries remained flat, production and manufacturing declined from 6 per cent to 5 per cent, reflecting fluctuations in industrial output or demand.
In contrast, the education sector witnessed a revival in hiring activity, transitioning from flat growth in February to a 2 per cent rise in March. Hiring in the telecom/ISP industry rose from 2 per cent in February to 6 per cent in March, possibly due to increased connectivity demands or advancements in telecommunications infrastructure.
The oil/gas/petroleum and power sectors expanded from 7 per cent in February to 8 per cent in March, signalling resilience and potential opportunities within the energy sector. Healthcare, pharmaceuticals, and biotechnology also displayed signs of recovery, recovering from a 3 per cent decline to 3 per cent growth.
Hiring in government, state-run companies, and defence sectors improved from flat growth to 1 per cent increase. However, the automotive industry faced challenges in March with flat growth in hiring from 3 per cent growth last year. Hiring in the shipping and marine industry fell 12 per cent.
Bengaluru continued its upward trajectory with hiring improving from a 3 per cent increase in February to 5 per cent in March. Hyderabad, another prominent IT centre, exhibited positive momentum. After stagnant growth at 0 per cent in February, the city recorded a 5 per cent growth in March.
Mumbai maintained flat hiring growth, with the rate holding steady at 1 per cent for March. Delhi-NCR mirrored this stability with a consistent 2 per cent growth rate. Pune, renowned for manufacturing and automobiles, also remained stable.
