In recent months Omicron has been traveling the world rapidly and has started affecting various economies across the globe. But it looks like at least till the month of December 2021, it has failed to bring down the Indian economy. On the contrary, the Indian Economy is on the flourishing side.
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Hiring Activity in India Buoyant in Dec.21
According to the latest Naukri JobSpeak Index report, hiring activity in India remained buoyant across sectors in December despite the highly contagious Omicron variant of the Coronavirus spreading at a rapid pace globally and across the country. It should be noted that the Naukri JobSpeak is a monthly index that calculates and records hiring activity based on the job listings of over 76,000 clients on the Naukri.com website month-on-month. The report shows hiring trends across industry sectors, geography, and experience level.
Hiring in real estate looks promising
According to the report, the software & IT sector continues to grow with it growing by 8% Y-O-Y. As a good omen for the economy, the Real estate sector recorded a growth of 8% in hiring activity for Dec’21. Apart from hospitality, education, retail, and BFSI also showed significant growth.
Pawan Goyal, Chief Business Officer, Naukri.com, noted that while IT has continued to drive growth in hiring, it is heartening to see a comeback from sectors of hospitality and travel, retail, and real estate. We see a lot of talent shifting back to their cities of work with most companies drafting their return-to-work policies. As companies continue to press the pedal on their digital transformation journeys, the demand for certain functional areas and sectors will keep growing,”
Hiring in Hyderabad increased at the highest pace
On a Y-O-Y basis, top metro cities saw growth in hiring in December. Hyderabad is leading with a 12% y-o-y growth followed by Bangalore (+11%), Mumbai (+8%), Pune (+4%), and Chennai (+6). Delhi was flat and Kolkata declined by 3%.
Amongst the emerging cities, Ahmedabad (+21%) recorded the highest growth, which was powered by the sectors of IT, Pharma, and Banking. At the same time, other tier-2 cities such as Kochi (-29%), Coimbatore (-17%), Jaipur (-12%), and Chandigarh (-12%) have shown a dip in hiring activity in Dec’21 vs Dec’20.
Hiring for freshers stays steady
According to the report, hiring for new jobbers and young professionals was steady in Dec’21 as demand for Freshers and professionals with 4-7 years of experience remained flat. Demand was slightly affected for professionals in the 8-12 years (-4%) and 13-16 years (-9%) experience segments.
Economists, top company executives, and job market experts are positive about increasing hiring trends amid a successive wave of the virus and they are predicting that even if hiring plans are delayed by a month or so they will not be shelved.