India Inc records 40% hiring spike in May; tourism & travel sees big traction
Premium- Demand for talent in metros and non-metros remained steady, with cities indicating a double-digit year-on-year growth in hiring in May
MUMBAI: India Inc. reported a 40% year-on-year rise in hiring activity in May, with particular traction seen in travel and hospitality industry on the back of the summer holiday season. According to a study by job site Naukri.com, the industry saw more than a four-fold surge in hirings in May from a year ago, when travel was severely impacted amid the second wave of the coronavirus pandemic.
"As per the latest Naukri JobSpeak May’22 Index, the surge in hiring activity stays put as it records +40% Y-O-Y growth in May’22," said the report, released on Friday.
The Naukri JobSpeak is a monthly index that calculates and records hiring activity based on job listings on Naukri.com website on a monthly and annual basis.
With the summer holiday season leading to a spike in travel, hiring was robust in the travel and hospitality sector last month. "The industry bounced back after a major lull last year and recorded Y-O-Y growth of +352%. When compared with April, the sector has maintained its monthly run rate showing signs of stability," the report added.
Some of other industries that reported significant hiring activity were: retail (+175%), real estate (+141%) and insurance (+126%). However, the IT-software/software services industry reported a smaller rise in job listings at +7% due to high base effect.
The report noted that demand for talent in metros and non-metros remained steady, with cities indicating a double-digit year-on-year growth in hiring in May. Among metros, Delhi (63%) registered the highest Y-O-Y growth closely followed by Mumbai (+61%). Other metros, i.e., Kolkata (+59%), Chennai (+35%), Pune (+27%), and Hyderabad (+23%) also showed positive growth.
An "optimistic hiring" sentiment was observed across all tier-II cities with Jaipur leading the growth in demand for talent at (+76%). Others such as Coimbatore (+64%), Vadodara (+49%), Cochin (+35%), Ahmedabad (+26%), and Chandigarh (+25%) showed double digit growth.
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Demand for entry level (0-3 years experience) saw a 61% year-on-year spike. A positive hiring sentiment was also observed for other experience brackets such as 4-7 years (+37%), over 16 years (+27%), 13-16 years (+26%) and 8-12 years (+22%).