India’s hiring market sees 22% YoY growth in October
HYDERABAD, INDIA — The October 2024 edition of the foundit Insights Tracker (fit) revealed a steady upward trend in India’s hiring market, driven by a focus on specialized salaried roles.
This growth is attributed to a stable economic environment and a strategic shift towards expertise-driven recruitment, particularly in sectors such as information technology (IT), banking, financial services and insurance (BFSI), and healthcare.
Year-on-year growth despite seasonal dip
India’s job market showed a robust 22% year-on-year (YoY) growth in hiring activity, indicating strong employer confidence. However, there was a 5% month-on-month (MoM) decline due to seasonal adjustments following festive peaks.
Tier-2 cities like Coimbatore led the charge with a 65% YoY growth and an 8% MoM increase, while major metropolitan areas such as Bengaluru and Delhi-NCR experienced slight MoM declines but continued to contribute significantly to annual growth figures.
Sector-specific hiring trends
The IT sector demonstrated a remarkable 32% YoY growth, highlighting the increasing demand for technology professionals as companies accelerate digital transformation efforts. This sector’s performance emphasized the critical need for tech expertise in today’s economy.
Other sectors also exhibited strong hiring trends, including:
- Healthcare & pharmaceuticals: Led with a 39% YoY growth due to increased demand for medical professionals.
- Real estate: Continued its upward trajectory with a 38% YoY growth, fueled by urbanization and housing initiatives.
- Consumer electronics: Benefited from festive demand, showing a 37% YoY and 5% MoM growth.
Functional area focus
In functional areas, medical roles experienced the highest growth at 35% YoY, reflecting the sector’s focus on specialized expertise.
Human resources (HR) and administration roles saw a 5% MoM increase due to enhanced employee engagement efforts, while procurement and supply chain roles grew by 8% MoM due to festive logistics demands.
Experience-level hiring trends
Hiring demand was strongest for entry and mid-level positions. Those with 0 to 3 years of experience saw a 13% increase compared to last year, highlighting the need for new talent.
Similarly, individuals with 4 to 6 years of experience experienced a 12% growth in demand, while those with 7 to 10 years saw a significant 22% increase.
In contrast, demand for senior roles requiring over 16 years of experience declined by 3%, likely due to cost-cutting efforts.
Salary trends highlight specialization
Specialized roles continued to offer higher salaries. In the IT and IT-enabled services (ITeS) sector, senior artificial intelligence (AI) professionals earned up to ₹76.4 lakhs (US$90,479) per annum (LPA) in October.
Salary offers for senior medical positions went up to ₹50 LPA (US$59,234), while senior roles in venture capital and private equity within the BFSI sector reached ₹47.5 LPA (US$56,272).
In contrast, traditional sectors such as textiles and general manufacturing experienced slower salary growth, suggesting a move towards hiring driven by innovation.
About foundit Insights Tracker
The foundit Insights Tracker (fit), previously known as the Monster Employment Index, provides comprehensive monthly insights into recruitment trends across various industries, functions, locations, and experience levels. This report is an invaluable resource for businesses and job seekers navigating the dynamic job market.
