The insurance industry has become the largest employer in India, registering a monthly growth of 21%, in July, due to the growing demand for health insurance products following the Covid-19 epidemic and the recent monkeypox alert.
India’s overall labor market also continued its upward trajectory, with the Naukri JobSpeak Index breaking previous records. At 3,170, the zoomed index surpassed its previous high of 3,074, recorded in February. Overall hiring activity surged in July, with frenzied growth in metro areas and key sectors, driving 21% year-on-year growth (See naukri.com chart).
The Naukri JobSpeak is a monthly index calculating and recording hiring activity based on job postings on naukri.com month after month and year after year. With an index value of 1,000 as a base, the index calculates subsequent monthly increases from July 2008.
SECTORAL RECRUITMENT TRENDS
Hiring activity in the oil and gas/power sector in the month was up 18% on the month, while the computer software industry was up 16%.
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Other sectors that showed an upward trend in hiring activity include Travel & Hospitality at 68%, Banking at 59%, Oil & Gas at 48%, Retail at 37%. %, BPO at 35%, automotive at 34%, education at 32%, telecoms at 32% and computer software at 7%.
KOLKATA LEADS STRONG HIRING IN METROS
Most of the key centers showed positive hiring sentiment, registering double-digit growth since the start of 2022. Among the metros, hiring activity in Kolkata was the highest with an annual growth of 42% in July. Mumbai came second with 36%, Delhi-NCR and Chennai third with 25% each, Pune with 24%, Hyderabad with 12% and Bangalore with 10%.
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Coimbatore led emerging city hiring for the second time with 70% annual growth and 31% sequential growth (See naukri.com chart). Other record Tier II cities, such as Kochi at 32%, Ahmedabad at 22% and Vadodara at 11%, saw employment growth, while Chandigarh saw an 11% decline.
DEMAND FOR LEADERSHIP REACHES A HISTORICAL HIGH
Demand for management positions (>16 years old) and professionals with experience in the 13-16 age bracket saw the strongest year-over-year growth, at 32% and 31%, respectively.
Hiring sentiment was positive for other experience brackets such as 0-3 years (20%), 4-7 years (18%) and 8-12 years (24%), compared to July 2021.
naukri.com Chief Commercial Officer Pawan Goyal said of the report: “With the JobSpeak index breaking all records, it confirms that the jobs market is following a steady path with no significant hot spots. The growth trend is seen across most industries, cities, and experience groups, which is great news for job seekers. »