According to the most recent statistics from the top recruitment, platform found it, India Inc’s recruiting activity fell 7% in May compared to last year, as employers across most industries remained cautious in adding to their payrolls owing to persistent macroeconomic uncertainties and global challenges.
Hiring activity fell 4% month over month (MoM) across all sectors, according to the Insights Tracker (fIT) from Foundit (previously Monster APAC & ME), a Quess subsidiary. Banking, finance, insurance (BFSI), automotive/ancillaries/tires, engineering/construction and production/manufacturing, technology services, and outsourcing are among the most impacted industries.
The hiring slowdown is being caused by a mix of causes, including a sluggish economy that has prompted corporations to reduce spending and continuous technology innovation that is causing position changes. The BFSI industry fell 10% yearly, owing to global economic challenges such as increasing prices, interest rates, and supply chain disruptions.
The automotive/ancillaries/tires sector has also seen a slowdown, with an 11% drop. The engineering/construction and production/manufacturing industries have seen 14% and 16% decreases, respectively. The FMCG, food, and packaged food industries have remained stable, with little change. The BPO/ITES industry fell 17% year on year.
“The current hiring trend reflects the challenges faced by India’s job market,” said Sekhar Garisa, CEO – foundit. “However, amidst these challenges, there are pockets of growth that offer opportunities for job seekers. Increased hiring in Tier 2 cities and specific industries like shipping/marine, advertising, retail, and travel and tourism demonstrate resilience,” he said.
He also added that it is crucial for job seekers to be adaptable to this shifting labor market. “The skills in demand today may not remain relevant in the future, emphasizing the importance of continuous learning and acquiring new skills.”
Nine of the 27 industries covered by the tracker have increased e-recruitment activity over the previous year. Increased port capacity, sophisticated technical implementation, and environmental sustainability measures drove a 45% YoY growth rate in the shipping/marine sector. Retail and travel and tourism have also shown sustained development, with both sectors increasing by 27%.
