It has come to light that the hiring activity across India touched an all-time high in the month of July. This trend in increased hiring was led by the IT-ITeS sector, which indicates a solid recovery for the economy in terms of growth as well as sustained recovery of businesses from the impact of Covid-19, according to a Naukri JobSpeak report. The country’s premier index on hiring trends grew by 11 per cent month-on-month and touched 2,625. This is the highest ever to date, even considering the pre-covid era. Parallelly, there has also been a growth in the Indian job market which has seen a 15 per cent expansion in June after the second wave of Covid-19 began to subside in April and May.
The increasing number of jobs and the higher levels of demand, particularly in the IT sector, is due in part to the rapid and partially forced onset of digital transformation that many sectors had to go through in the pandemic. The IT sector itself grew by 18 per cent month-on-month. The Naukri report said, “This demonstrates that enterprises are actively leading their recovery efforts and driving growth with digital transformation at the center.”
Almost all sectors across the economy saw positive growth in July and thereby contributed to the 11 per cent month-on-month growth and surge in hiring. Even sectors that were hit worst by the pandemic and the ensuing lockdown such as hotels, restaurants, travel and airlines, showed some slow but steady growth for the second month in a row according to the report. The aforementioned segments saw a roughly 36 per cent growth while the retail sector saw a 17 per cent growth over the same time frame.
Prominent economic and IT hubs did far better in terms of growth as they had nearly doubled that, as well as broken the ceiling in terms of their hiring activity. Major metros such as Mumbai and Bangalore led the growth trend with Pune clocking in at 13 per cent and Bangalore at 17 per cent. Following those cities was Hyderabad at 16 per cent. These numbers indicated that the hiring saw double-digit growth in July as compared to June.
“July 2021 has provided conclusive proof of the revival of hiring activity in the country, after a setback in April and May. Not only has it increased by 11% in this month, but the Naukri JobSpeak Index has reached an all-time high in July ‘21, even surpassing pre-covid levels,” said Pawan Goyal, chief business officer, Naukri.com.
Hiring activity in accounting and taxation saw an upward growth of 27 per cent. The FMCG sector saw a positive increase of 17 per cent. The banking and financial services witnessed a 13 per cent increase in growth for the aforementioned period. Meanwhile, sectors such as education and teaching saw an 8 per cent growth and positive sequential upswing during the same period. Other sectors that saw an unfortunate dip over the same time frame are the pharma, biotech and clinical research sectors, which saw a marginal drop of 5 per cent in jobs while the media, dot-com and entertainment sectors dropped by 15 per cent in July’21.
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