BENGALURU: For the first time in 2024, hiring across all experience levels showed positive growth. The Naukri JobSpeak Index, an indicator of white-collar hiring activity, showed fresher hiring, which has been subdued for a while, saw an encouraging 7% YoY growth, in July.
With 28% and 22% growth, both finance and medical sectors, respectively, have contributed to the recovery in the fresher’s job market. The Index registered a 12% YoY rise in July as against the same month last year and an 11% MoM sequential rise compared to June 2024.
As per the report, the pharma/biotech sector recorded a 26% YoY increase, with Baroda (61%) and Hyderabad (39%) driving the surge. Hiring in the FMCG sector grew 26%, led by Bengaluru (52%) and Kolkata (43%). Real estate sector saw a 23% growth in hiring, largely influenced by Delhi-NCR (51%) and Hyderabad (28%).
Pawan Goyal, chief business officer at Naukri, said, “The robust 12% growth in hiring activity is a much-awaited, encouraging sign for this financial year. This is the first month this year that we have seen positive growth, and the fact that it’s secular, cutting across sectors and geographies, makes it truly promising.” He added that this broad-based, positive shift could potentially be the onset of an upcycle in the Indian white-collar job market.
The report pointed out that Global Capability Centers (GCC) saw a 12% YoY rise, driven by hiring in Delhi-NCR (32%) and Hyderabad (29%). The IT sector saw a 17% growth in July 2024 as against to July 2023. Meanwhile, the AI-ML sector continued its robust performance with a 47% YoY increase.
With 38% and 30%, Kolkata and Pune were major contributors to this expansion, highlighting the rising demand for AI-ML. Among the roles seeing highest growth in hiring were Machine Learning Engineers, Data Scientists, BI Managers, and Product Managers, added the report.