As Diwali, Janmashtami and Raksha Bandhan fell on working days, the month saw a series of extended weekends, which impacted recruitment activity.
“Hiring in August is a tale of two halves. While the first half of the month showed typical patterns, the second half saw an impact due to extended vacation“said Pawan Goyal, Chief Business Officer, Naukri.com.
Several sectors demonstrated resilience and growth, despite the overall decline. Hiring in accounting and finance increased by 52% year-on-year, followed by insurance (29%), fertilizers and pesticides (27%), strategic and management consulting (26%) and mining (24%).
These sectors, among others, stood out in an otherwise tepid job market. Goyal said, “Key sectors like artificial intelligence and machine learning (AI-ML), fast-moving consumer goods (FMCG) and pharma continue to show robust growth, giving us reasons not to worry about the job market.”
As a sign of the growing importance of specialized AI skills in the labor market, AI/ML jobs increased 14% year-over-year, although the overall IT sector saw modest growth of 1% year-over-year. While foreign multinationals and global capability centers saw a decline in hiring, IT unicorns bucked the trend with 5% growth. Notable sectors that demonstrated a drop in hiring included recruiting (45%), security/law enforcement (25%), telecom/internet service providers (13%), education/training/teaching (11%), and semiconductors/electronics (1%). Job opportunities declined 7% for professionals with up to three years of experience and 6% for those with four to seven years of experience. As an illustration of the geographical diversification of talent acquisition, Kochi, Vadodara and Coimbatore emerged as key hubs for recruiting new talent.
Senior professionals (with more than 16 years of experience) remained in high demand across all cities, with 11% more vacancies than a year ago. Strategic and senior management positions increased by 30% year-on-year.
Jobs in the higher pay bracket were more resilient: positions in the Rs 13-20 lakh per annum range rose 6% and those above Rs 20 lakh per annum rose 19%. Contrary to general hiring patterns, these trends point to a strong market for well-paid positions and experienced professionals.
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