India Job Market Resurgence
In 2021, Indian businesses faced setbacks from the pandemic—including hiring freezes, limited interaction with candidates, and temporary closures. At the beginning of 2022, 60 percent of employers forecasted business growth. Eight months into 2022, despite concerns over inflation, India’s job market looks optimistic with 63 percent of companies planning to add more staff in the next three months. In fact, the hiring outlook for July-September is the most optimistic in eight years. Compared to the same period last year, there’s been a 46 percentage point improvement.
Hiring activity increased 29 percent in the April-June period compared to a 20 percent increase in the previous period. “With the Indian economy growing at a steady pace, the job market is also seeing a consistent uptick in hiring activity across key sectors and cities. This upward trend is a positive indication as a significant proportion of new job opportunities are being created for professionals across sectors and experience bands,” said Pawan Goyal, Chief Business Officer, Naukri.com.
The Economic Times recently reported:
- During the April to June quarter, the proportion of job seekers looking for a job or job change fell to 37 percent—compared to 46 percent in the previous three-month period.
- The most in-demand roles, which will continue to grow with the rollout of 5G services, contributing to the surge in talent demand were as follows:
- IT/tech: 91 percent of employers hiring (up from 83 percent)
- Healthcare: 86 percent of employers hiring (up from 51 percent)
- Ecommerce: 82 percent of employers hiring (up from 73 percent)
Related: 7 Roles Information Technology Leaders Plan to Recruit in 2022
Related: The Growing Demand for Tech Talent in India
Top hiring locations
The top locations that are experiencing a hiring surge include:
- Metro and Tier-1 geographies: increase of 6 percent for the forthcoming quarter (rising to 89 percent) compared to the previous quarter.
- Tier-2 cities: 7 percent increase in the intent to hire which is a rise of 62 percent for the forthcoming quarter
- Tier-3 cities: 3 percent increase, rising from 34 percent to 37 percent
- Rural geography: a nominal rise of 2 percent
- Manufacturing sector top cities: Delhi (72 percent increase), followed by Mumbai (59 percent increase), and Chennai (55 percent increase) are the most promising cities in the manufacturing sector
- Services sectortop cities: Increase in Bangalore by 97 percent, Mumbai by 81 percent, and Delhi by 68 percent
81 percent of Indian employees feel that they can perform their job remotely and 31 percent of those who have flexible work arrangements are already working hybrid. To attract and retain talent in 2022, employers must be open to offering flexible work options. In fact, three in four employees in the IT sector refuse to be in the office for even one day a week.
“Candidates that we are hiring today are keener in finding out if a position we are recruiting for is remote or hybrid,” states Navin Gautham, Acara India Country Manager. “From an employer standpoint, I believe hybrid is the best model. Hybrid work arrangements get employees to the office which allows them to collaborate with the team to build stronger cultures and leaders.”