Government, PSUs, Defence sector witness 14% upsurge in hiring: Report
The Government, PSU (Public Sector Undertakings), and Defence industries experienced a 14 per cent upsurge in hiring on a month-over-month (MoM) basis in the country, showing the maximum increase in job postings, a new report revealed on Tuesday
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New Delhi, Dec 5: The Government, PSU (Public Sector Undertakings), and Defence industries experienced a 14 per cent upsurge in hiring on a month-over-month (MoM) basis in the country, showing the maximum increase in job postings, a new report revealed on Tuesday.
According to the talent management platform foundit (formerly Monster jobs), government policies and initiatives such as 'Make In India', Atmanirbhar Bharat Rojgar Yojana (ABRY), etc, have been in support of generating employment and have substantially helped in reducing the unemployment rate in India.
However, in November 2023, the report noted a 10 per cent (year-on-year) decrease in hiring compared to the prior year's activity.
While hiring has stagnated, the report noted that India's economic prospects appear promising due to the aid and support received for Indian industries, startups, and manufacturing within the country today.
"We have noticed that talent availability in tier 2 cities allows multinational companies, both services and manufacturing firms, to set up in more cost-effective destinations. Additionally, the thrust on ensuring skill development has to continue," said Sekhar Garisa, CEO, foundit, a Quess company.
The period considered for the fit data is November 2022 vs November 2023.
The Office Equipment and Automation sector also registered a (4 per cent) growth in hiring, notably driven by the demand for workforce skills.
In tier 2 cities, Coimbatore stands out with a remarkable 13 per cent (month-over-month) increase in hiring.
Apart from Coimbatore, Kochi experienced a 4 per cent (month-over-month) rise in hiring activity. Following suit, Jaipur showcased a 2 per cent increase in jobopportunities. However, Baroda maintained a relatively stable hiring environment, according to the report.
Numerous cities, including Hyderabad (-1 per cent), Ahmedabad (-1 per cent), Delhi-NCR (-1 per cent), and Chennai (-2 per cent), maintained a relatively stable hiring environment with a subtle decline.
Moreover, the report showed that in the current job market, characterised by a global economic slowdown, freshers with 0 to 3 years of experience hold the upper hand compared to senior and mid-senior level professionals with over seven years of experience.
Industries such as Automotives/Ancillaries/Tyres, Telecom/ISP, Advertising, Market Research, Public Relations (PR), Retail, and Travel and Tourism sectors have seen an increase in their salary brackets for specific years of experience.
The minimum salary for freshers ranges from Rs 2,10,994 (BPO/ITES) to Rs 3,94,794 (IT-Hardware, Software), and the salary for a professional with (11-15) years of experience range from Rs 19,60,577 (Banking/Financial Services, Insurance) to Rs 33,09,292 (IT- Hardware, Software).
IT industry (Software and Hardware) also pays the highest salaries for entry-level professionals, with a salary range of Rs 3,94,794 to Rs 6,90,613. The BPO/ITES industry has the lowest salary ranges for all experience levels, followed by the Education industry, the report mentioned.
