Insurance sector drives hiring activity in India
Hiring activity in India remained stable with 6 per cent YOY growth in August as indicated by Naukri JobSpeak Index that stood at 2828. The growth in hiring was driven by the Insurance sector that grew by +87 per cent in the year-ago period.
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Mumbai, Sept 03 Hiring activity in India remained stable with 6 per cent YOY growth in August as indicated by Naukri JobSpeak Index that stood at 2828. The growth in hiring was driven by the Insurance sector that grew by +87 per cent in the year-ago period.
The Insurance sector continued to grow in hiring over last year for the seventh time in a row. This sector saw a steep Y-O-Y jump of +87 per cent, with a flurry of job opportunities. Within the sector, maximum traction was seen for 4-7 years' experience band (+103 per cent) followed by 0-3 years (+99 per cent), and 8-12 years (+42 per cent). Looking at cities, the sector showed a significant jump in hiring activity in NCR (+136 per cent) and Mumbai (+129 per cent) in the year-ago period.
Apart from the insurance sector, there has been a positive intent to hire in other sectors, including Travel and Hospitality (+56 per cent), BFSI (+43 per cent), Auto/Auto Ancillary (+29 per cent), Real Estate (+24 per cent), and Retail (+18 per cent) in August from the year-ago period. While Pharma/Biotech remained flat, the IT/Software sector recorded a degrowth of (-10 per cent) Y-O-Y in August from the year-ago period.
Amongst tier-II cities, Coimbatore led the charts at +28 per cent YOY growth, followed by Kochi at +27 per cent. Barring Chandigarh (-17 per cent) and Vadodara (-11 per cent), other emerging cities recorded a double-digit growth in hiring activity in the month from the year-ago period. Ahmedabad and Jaipur maintained their momentum with (+20 per cent) and (+15 per cent) YOY growth respectively.
Amongst metros, Mumbai led the charts at +21 per cent growth, whereas Delhi/NCR, Hyderabad, and Pune remained flat. Bangalore showed a dip of (-10 per cent) in the month.
Demand for professionals across all experience bands remained positive in the month. Hiring activity showed single-digit jump across all experience brackets such as 0-3 years (+7 per cent), 4-7 years (+5 per cent), and 8-12 years (+6 per cent), 13-16 years (+7 per cent), and >16 years (+7 per cent).
Commenting on the report, Pawan Goyal, Chief Business Officer, Naukri.com, said, "After witnessing an extravagant growth rate in the last 2-3 months, hiring activity is seeing signs of stabilization, and it would be interesting to see how the trend continues in the coming months. Important to note that Insurance as a sector has been flourishing since the start of this year as there has been continuous growth in hiring which is creating opportunities across experience bands with over 100% YOY growth in 0-7 years' experience band."
