Mumbai, 11 July 2023 – Foundit (formerly Monster APAC & ME), one of India’s leading talent platforms, foundit Insight Tracker (fIT), presents the latest survey results on hiring trends for June 2023. The latest tracker shows 2% monthly growth, indicating a resurgence in online recruiting activity across major industries.
Sectors such as healthcare (+11%), BPO (+7%), production and manufacturing (+5%) and logistics (+9%) will see positive e-adoption on a month-over-month basis in June 2023 activity was seen. %) Leading the way. His IT in India (+2%) is also showing signs of recovery due to improved demand for skilled professionals. While the big cities did well with a 3% increase in hiring overall, hiring in the tier 2 cities overall fell by 2%. Demand for new hires (0-2 years) remained stable on a monthly basis, regardless of experience level, while demand for top management (15+ years) grew by up to 4%. Senior-level roles (ages 11-15) registered a modest increase of 1%, while demand for mid-senior (ages 7-10) and intermediate (ages 4-6) level professionals grew 2% each was recorded.
On a year-over-year basis, the tracker reflected a 3% decline due to cautious sentiment among recruiters. Sectors such as IT (-19%), BFSI (-13%), Home Appliances (-26%) and Production/Manufacturing (-14%) have yet to return to last year’s employment figures (June 2023). month versus June 2022) ), despite the positive monthly trends seen in some of these industries.
We will inform you about the June 2023 recruitment outlineSekhar Garisa, CEO of Quess Company Foundit (formerly Monster APAC & ME), Said, “It is encouraging to see a turnaround in hiring activity across most of the industries we survey. We anticipate more hiring interest in the next quarter as we review.The past few years have seen some challenges in the job market, but they will undoubtedly change the way we work for the better. It has brought revolutionary technology to the country, and growth in the current market environment requires constant upskilling and adaptation to changing industry needs. As noted, Indian companies have shown a cautious approach to hiring, but this is sure to rebound over time.”
Demand for talent recovers monthly across healthcare, logistics, BPO and IT industries
After months of stagnant hiring activity, June saw a positive resurgence in hiring in several industries. His 20 of the 27 industries tracked by the tracker saw a month-over-month hiring improvement (June 2023 vs. May 2023).
Healthcare, biotech and life sciences rose 11% this month. The medical landscape in India is developing slowly but surely and the establishment of multidisciplinary centers has created a need for skilled professionals. This is followed by Logistics (+9%), BPO/ITES (+7%), Engineering (+6%), Production & Manufacturing (+5%), Travel & Tourism (+5%), where executive and operator roles are in high demand. +) follows. 5%), real estate (+4%). The IT industry also continued to languish, but grew just 2% as job demand rebounded.
On the other hand, some industries saw a decline in hiring activity compared to the previous month, such as Telco/ISP, which recorded a decline in June this year. The need for upskilling to fill the skill gap in the market remains critical as India becomes an exporter of telecom technology and looks to take advantage of emerging technologies in this sector. Other sectors such as Retail (-6%), Media & Entertainment (-5%), Education (-1%) and BFSI (-1%) continue to record declines in e-recruitment activity.
Kolkata leads the employment rate among cities
Interestingly, Kolkata rose to the top of the list with the largest job posting activity, with a 12% increase in job posting activity (June 2023 vs. May 2023), largely due to increased hiring of BPOs. Larger cities such as Bangalore (+3%), Delhi NCR (+3%) and Mumbai (+4%) also saw a rebound in job demand. Ahmedabad grew by just 1%, while cities such as Hyderabad, Pune and Kochi reflected stable employment during the month. However, Coimbatore (-10%), a city that has historically reflected positive demand for talent, recorded a double-digit decline, followed by Chandigarh (-5%), Chennai (-1%) and Jaipur. (-1%). In June 2023.
Declining demand for marketing-related professionals
Seven of the 13 positions tracked by the tracker showed positive hiring moves. The Engineering/Manufacturing sector posted a solid 8% month-on-month growth in June 2023. Sectors such as software, hardware and telecommunications also saw marginal demand growth of 1%, indicating a slight improvement in sentiment, as did finance and accounting, customer service, healthcare and legal.
Sales and business development (-2%) and marketing and communications (-1%) professionals show a downward trend, indicating a reduction in corporate requirements for branding and related functions. Other roles such as Human Resources & Administration, Hospitality & Travel, and Logistics/Supply Chain also registered modest declines of 1%.
Talent skills gap in technology and AI-related skills in India remains pervasive
According to Foundit, India has a supply and demand gap for skills such as AI/ML, full-stack development, DevOps, cryptography, blockchain and AR/VR. Considering vacancies for FY2022-23, there is a stark gap of 21% between the supply of talent skilled in these skills, which is still considered to be in its infancy in India, and the demand for recruiters. do.
Due to the economic uncertainty in the US and the resulting layoffs of engineers, many US-based Indian engineers are now looking for jobs in India and other countries. Nearly 14,000 new registrations have been recorded by Foundit from US tech talent willing to work, with about 4,000 active users ready to migrate and work in India, while freelancing and gigging are on the rise. It turned out that some users were keen to explore the opportunities. In the Indian brewing startup ecosystem, this talent pool could help Indian companies reach milestones efficiently and fill this skills gap.
