Hiring in the white-collar employment market in India experienced a 5% month-on-month growth, according to statistics from Foundit (previously Monster APAC & ME), a Quess firm.
Notwithstanding mounting macroeconomic concerns, there was a surge in economic activity in India as local firms focussed on advancing their development narrative, according to the founder Insights Tracker (fit) for February.
The survey also found a modest rise (+1%) in e-recruitment year-on-year.
There was also a spike in entry-level roles with the commencement of the placement season across schools.
In February, the production & manufacturing sector displayed the most (+14%) job posting activity on a month-on-month basis.
This is followed by the oil & gas industry which has experienced a 12% inclination owing to rising domestic demand and industrial activity.
Employment opportunities for the Engineering, Cement & Construction business also continue to develop with the growth of real estate projects in tier 1 and tier 2 cities.
Other sectors displaying hopeful hiring trends include the healthcare business (+11%), Travel & Tourism (+8%) as well as the BPO industry (+7%).
The sectors which observed a fall in hiring intent include Printing & Packaging (-16%), Import & Export (-14%) as well as agro-based industries (-7%). The Printing & Packaging sectors have suffered a severe slowdown owing to undersupply and high input prices, with a rapid increase in the cost of manufacturing, raw materials, and transportation. The import and export industries have been damaged owing to a downturn in global demand due to increasing prices and a recessionary outlook.
“Despite rising concerns at a macroeconomic level, India Inc proved themselves yet again, hiring freshers in rising numbers as well as enabling a diverse and inclusive workplace,” said Sekhar Garisa, CEO – found it. “The tech industry, despite a few setbacks, remains the single largest employer of fresh talent and women. They have been instrumental in leading India’s post-pandemic recovery and will continue to drive the growth engine forward. Furthermore, the government’s push to “Make in India” will not only spurt economic activity but also enable job growth and a true Atmanirbhar Bharat.”
Tier 2 cities showed a solid rise of 6% with Coimbatore (+9%), Chandigarh (+7%), Vadodara (+6%), and Ahmedabad (+5%) demonstrating good hiring attitudes.
The Engineering, Cement, Construction, and Iron/ Steel sectors gave the highest pay for freshers in the range of Rs 4.74 lakhs to Rs 6.23 lakhs, while the IT business offered the best incomes for experienced professionals (Rs 15.35 lakhs to Rs 24.88 lakhs) (Rs 15.35 lakhs to Rs 24.88 lakhs). Overall, freshers held the largest number of positions in all these three tier 2 cities.
In metro cities, hiring showed a rise of +7%, with Chennai (+16%), Hyderabad (+9%), and Kolkata (+7%) leading the push.
The demand for entry-level job searchers was strong in February, with close to 42,000 active opportunities available for freshers, representing a 9% rise in job activity. The bulk of employment possibilities, roughly 63%, were geared towards graduates, with start-ups adding about 14% of positions. The top recruiting sectors for freshers were IT- Hardware, Software (+23%), BPO/ITes (+14%), and BFSI (+9%). In terms of geography, Delhi/NCR (18%), Bangalore (14%), and Mumbai (12%) had the greatest recruiting percentages.
The IT sector gave the greatest compensation range (Rs 3.45 lakhs to Rs 6.75 lakhs) for entry-level professionals followed by the BFSI industry (Rs 3.28 lakhs to Rs 5.40 lakhs) (Rs 3.28 lakhs to Rs 5.40 lakhs).