Hiring activity across industries is down by 4 per cent on a month-on-month basis due to factors such as the economic slowdown, skills gap in the nation, and ongoing technological disruption, according to foundit’s data.

On a year-on-year basis, data indicates that hiring is down by 7 per cent compared to the same time last year. However, despite the general decline, positive trends were seen in tier-2 cities such as Ahmedabad and Jaipur.

“Although the hiring environment may remain challenging in the near future as the economy strengthens, we anticipate a surge in hiring across industries. Also, it is crucial for job seekers to be adaptable to this shifting labour market. The skills in demand today may not remain relevant in the future, emphasising the importance of continuous learning and acquiring new skills,” said Sekhar Garisa, CEO of foundit (previously Monster APAC and ME), a Quess company.

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Of the 27 industries the tracker examined, nine showed increased e-recruitment activity from the previous year.

The shipping/ marine industry has displayed an impressive YoY growth rate of 45 per cent, reflecting a thriving sector triggered by increased port capacity, advanced technological implementation, and environmental sustainability initiatives. Similarly, due to its data-driven strategies and emerging advertising trends, the advertising, MR, and PR industries experienced a significant recovery, with a 28 per cent increase in recruitment activity. The retail and travel and tourism sectors have also shown consistently strong growth, both with a 27 per cent increase compared to the previous year.

Additionally, the office equipment and automation sector has demonstrated modest growth of 4 per cent. However, certain industries have faced challenges in terms of hiring. The BFSI sector, which encompasses banking, financial services, and insurance, has experienced a decline of 10 per cent YoY. This dip may be attributed to the headwinds faced by the global economy, such as rising inflation, interest rates, and supply chain disruptions.

Positive hiring trends across cities

Ahmedabad stands out among cities seeing an increase in hiring, with a spectacular YoY gain of 8 per cent. According to the report, the numbers can be attributed to favourable market conditions and increased economic activity in Ahmedabad. Similarly, Jaipur also demonstrated marginal YoY growth of 1 per cent as hiring continues to expand in the tier-2 market despite experiencing sporadic swings.

However, several major cities, including Bengaluru, recorded a YoY decline of 24 per cent, Delhi/NCR, Mumbai, Pune, and Hyderabad also saw significant YoY declines ranging from 9 per cent to 16 per cent.

Among the other cities, Chandigarh, Kolkata, Vadodara, and Kochi also experienced a decline in hiring. Vadodara saw a YoY decline of 7 per cent, while Coimbatore and Kochi experienced a marginal 2 per cent YoY decline.

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