Indian job market sees record 22% Y-o-Y growth in June’22

NEW DELHI: Hiring activity in India has shown an upward growth trajectory with a record 22 per cent year-on-year (YoY) growth in June 2022 compared to last year, according to a report on Tuesday.

The report Naukri JobSpeak Index showed that demand for entry-level talent continues to record the highest yearly growth (+30 per cent) in June’22. Demand for freshers surged specifically in Mumbai (+93 per cent) amongst metros apart from Kochi (+105 per cent) amongst tier-II cities.

Sectors leading hiring for freshers include travel and hospitality (+158 per cent), retail (+109 per cent), insurance (+101 per cent), accounting finance (+95 per cent), BFSI (+88 per cent), and education (+70 per cent).

Growth in hiring sentiment was also observed for other experience brackets such as 4-7 years (+19 per cent), 8-12 years (+17 per cent), 13-16 years (+21 per cent), and over 16 years (+17 per cent) in June’22 v/s June’21.

Amongst industries, travel and hospitality continued to show maximum surge in hiring activity in June’22 v/s June’21 at +125 per cent. This was followed by retail (+75 per cent) and BFSI (+58 per cent).

Other key sectors that saw an uptick in YOY trends are insurance (+48 per cent), education (+47 per cent), real estate (+46 per cent), auto (+37 per cent), and oil and gas (+36 per cent) while telecom and pharma/biotech remained flat.

“With the Indian economy growing at a steady pace, the job market is also seeing a consistent uptick in hiring activity across key sectors and cities. This upward trend is a positive indication as a significant proportion of new job opportunities are being created for professionals across sectors and experience bands,” said Pawan Goyal, Chief Business Officer, Naukri.com, in a statement.

Further, Mumbai continues to lead the race in three consecutive months at +43 per cent y-o-y growth, followed by Kolkata (+29 per cent), Delhi (+29 per cent), Chennai (+21 per cent), Bangalore (+17 per cent), Pune (+15 per cent), and Hyderabad (+11 per cent).

In non-metros, Coimbatore showed the maximum y-o-y growth at +60 per cent in June’22, followed by Kochi (+51 per cent) and Jaipur (+19 per cent). The only centres that remained flat are Ahmedabad and Chandigarh.