The hiring activity in India for October 2011 witnessed a double-digit decline of 16% as employers remain cautious towards the recruitment plans in the festive season, according to the latest Naukri Jobspeak report.
Moreover, the dip in the recruitment activity as compared to Sept-11 was seen across all key industrial sectors as a result of seasonal drop in hiring during the October month.
Info Edge CEO Hitesh Oberoi further elaborated on this saying:
“A look at the index for the past two years shows that there is usually a seasonal dip in hiring during the festive season. However, this year hiring activity has been exceptionally low in Oct as most employers seem to be adopting a more cautious approach towards hiring.”
The October 2011 new jobs index notched at 921 points came in lower by 3% as compared to the same month a year ago; and slumped to lowest level in last one year.
Almost all key industry and its functional areas showed erosion in hiring activity – be software industry, Construction and Engineering, Automobile, Banking and Financial services and Oil and Gas sector. However, telecom sector hiring picked up by 19% during the period.
On other hand, Automobile industry showed maximum slip in recruitment activity to the extent of 26% drip in Oct-11when compared to Sep-11, followed by Oil & Gas and Banking & Finance sectors by 16%.