The hiring climate seems to be improving in oil & gas, some segments of information technology and for senior managers.
Naukri’s JobSpeak Index for March, a measure of white collar hiring, showed hiring in oil & gas rising 22% over the previous year. Hiring demand for professionals with 16 or more years of experience was up 11% on a year-on-year (YoY) basis. Demand for AI and machine learning roles grew by 12% over March 2023, the report said.
The JobSpeak Index, which stood at 2657 in March 2024, saw a 4% dip from the previous month and a 11% correction on a year-on-year basis.
Key roles in demand
Within the artificial intelligence (AI) and machine learning (ML) space, the role of ML engineer saw the highest hiring demand, with a 82% growth YoY. Full stack data scientists were also in demand, with a growth of 20%.
These spikes are welcome shifts in an IT market that has seen a dip in hiring.
Within oil and gas, the key roles that saw high demand were MEP engineers and electrical engineers. Another interesting factor was that the location of hiring extended beyond the usual large cities; there was a rise in demand for these roles in Ahmedabad.
Pharma hiring rose 2%, said Naukri. The most notable growth was from cities such as Ahmedabad, Mumbai and Baroda. In fact, as Naukri has expanded its coverage to emerging cities, it shows an appetite for roles in Rajkot, Raipur and Guwahati. The previous year had seen overall hiring in metro cities.
Unicorns in startups are also hiring now; the segment notched 8% YoY growth. This comes as welcome news for a sector that has been facing a funding crunch.
Startups in the software services space have given a boost to this segment with a 77% increase in hiring requirements. Pune and Mumbai were some of the key centers for hiring activity among these kinds of startups.
Senior professionals demand
The demand for entry-level professionals saw a 11% dip on a YoY basis. At the same time, the demand for those with 16+ years experience saw a 11% increase over March 2023.
This could indicate the need for more companies to bolster their middle management and senior management levels to navigate market conditions.
Another positive trend was that offers over Rs 20 lakh per annum have increased by 16% year-on-year. “However, new job openings in salaries less than Rs 12 lakh witnessed de-growth,” said the report.
It indicates a possible focus on need for specialisation as companies look to hire for new positions.
Sectors that saw a drop in hiring
The key sectors that have traditionally boosted mass hiring saw a dip. IT, BPO and retail hiring fell 16%, 6% and 5%, respectively, over the last year.
Pawan Goyal, Chief Business Officer of Naukri.com, said: "Basis the latest Naukri JobSpeak report & analytics, to me the Indian white-collar job market looks poised as we exit a challenging year given the headwinds faced by the IT sector. With the baseline correction behind us and a few bright spots visible in March, positive trends in the coming quarters seem quite plausible. Demand for seasoned professionals and Indian AI/ML talent should give everyone lots to cheer for.”
Naukri JobSpeak is a monthly index of the state of the Indian job market and hiring activity based on new job listings and job-related searches by recruiters on the portal’s database. The index covers hiring activity of over 100,000 clients with over 70 lakh new job mandates yearly. It does not cover gig employment, hyperlocal hiring or campus placement, added Naukri.
Naukri’s JobSpeak Index for March, a measure of white collar hiring, showed hiring in oil & gas rising 22% over the previous year. Hiring demand for professionals with 16 or more years of experience was up 11% on a year-on-year (YoY) basis. Demand for AI and machine learning roles grew by 12% over March 2023, the report said.
The JobSpeak Index, which stood at 2657 in March 2024, saw a 4% dip from the previous month and a 11% correction on a year-on-year basis.
Key roles in demand
Within the artificial intelligence (AI) and machine learning (ML) space, the role of ML engineer saw the highest hiring demand, with a 82% growth YoY. Full stack data scientists were also in demand, with a growth of 20%.
These spikes are welcome shifts in an IT market that has seen a dip in hiring.
Within oil and gas, the key roles that saw high demand were MEP engineers and electrical engineers. Another interesting factor was that the location of hiring extended beyond the usual large cities; there was a rise in demand for these roles in Ahmedabad.
Pharma hiring rose 2%, said Naukri. The most notable growth was from cities such as Ahmedabad, Mumbai and Baroda. In fact, as Naukri has expanded its coverage to emerging cities, it shows an appetite for roles in Rajkot, Raipur and Guwahati. The previous year had seen overall hiring in metro cities.
Unicorns in startups are also hiring now; the segment notched 8% YoY growth. This comes as welcome news for a sector that has been facing a funding crunch.
Startups in the software services space have given a boost to this segment with a 77% increase in hiring requirements. Pune and Mumbai were some of the key centers for hiring activity among these kinds of startups.
Senior professionals demand
The demand for entry-level professionals saw a 11% dip on a YoY basis. At the same time, the demand for those with 16+ years experience saw a 11% increase over March 2023.
This could indicate the need for more companies to bolster their middle management and senior management levels to navigate market conditions.
Another positive trend was that offers over Rs 20 lakh per annum have increased by 16% year-on-year. “However, new job openings in salaries less than Rs 12 lakh witnessed de-growth,” said the report.
It indicates a possible focus on need for specialisation as companies look to hire for new positions.
Sectors that saw a drop in hiring
The key sectors that have traditionally boosted mass hiring saw a dip. IT, BPO and retail hiring fell 16%, 6% and 5%, respectively, over the last year.
Pawan Goyal, Chief Business Officer of Naukri.com, said: "Basis the latest Naukri JobSpeak report & analytics, to me the Indian white-collar job market looks poised as we exit a challenging year given the headwinds faced by the IT sector. With the baseline correction behind us and a few bright spots visible in March, positive trends in the coming quarters seem quite plausible. Demand for seasoned professionals and Indian AI/ML talent should give everyone lots to cheer for.”
Naukri JobSpeak is a monthly index of the state of the Indian job market and hiring activity based on new job listings and job-related searches by recruiters on the portal’s database. The index covers hiring activity of over 100,000 clients with over 70 lakh new job mandates yearly. It does not cover gig employment, hyperlocal hiring or campus placement, added Naukri.
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