The white collar job market continued to show robust recovery in May as hiring activity surged over 40% compared to a year ago amid recovery across key industry sectors, according to the latest data from jobs portal Naukri.com based on its JobSpeak Index.
The key sectors that led the growth were travel and hospitality (+352% year-on-year), retail (+175%), real estate (+141%) and insurance (+126%). Other key sectors that saw an uptick in hiring trends as compared to last year were banking and financial services (+104%), education (+86%), automobile (+69%), oil & gas (+69%), fast moving consumer goods (+51%) and IT-software/software services (+7%).
“The recruitment landscape continues to stay resilient and is sustaining the momentum 2022 ushered in,” said Pawan Goyal, Chief Business Officer, Naukri.com. “The job market has shown stable sequential trends that are substantially ahead of last year baselines. The secular nature of trends; cutting across metros as well as non-metros, experienced professionals as well as freshers is again a good indicator of this strong hiring sentiment,” he added.
The data is compiled from the Naukri.com website based on jobs posted by over 76,000 clients. The report shows hiring trends across industry sectors, geography, and experience level.
When compared with last month, all key sectors showed stabilisation and continued to maintain April run rates in May.
The demand for talent in metros and non-metros remained steady as all cities indicated a double-digit y-o-y growth in May. Among metros, Delhi (63%) registered the highest y-o-y growth closely followed by Mumbai (+61%). Other metros, i.e., Kolkata (+59%), Chennai (+35%), Pune (+27%), and Hyderabad (+23%) also showed positive y-o-y growth.
Hiring sentiment was positive across all tier-II cities with Jaipur leading the y-o-y growth in demand for talent at (+76%). Other emerging cities such as Coimbatore (+64%), Vadodara (+49%), Cochin (+35%), Ahmedabad (+26%), and Chandigarh (+25%) showed double digit y-o-y growth. When compared with last month, emerging cities also maintained consistency in hiring activity in May.
Across all experience levels, the demand for entry-level talent (0-3 years) exhibited the steepest rise of 61% in May versus a year ago. A positive hiring sentiment was observed for other experience brackets such as 4-7 years (+37%), over 16 years (+27%), 13-16 years (+26%) and 8-12 years (+22%). At month-on-month level, the demand for all experience bands remained stable.