Hiring dips three per cent month-over-month: foundit
Hiring dipped 3% month-over-month, according to talent platform foundit's Insights Tracker, presenting the latest findings on hiring trends for August 2023.
In addition, e-recruitment activities in India fell by 5% in August 2023 compared to August 2022. The index further dropped from 275 in August 2022 to 260 in August 2023.
The fall in hiring indices can be increasingly attributed to the challenges posed by inflation and the slow growth of other major economies such as the USA. However, as per IMF data, India's economy is currently the fifth largest in the world and based on current estimates, will reach third place by 2029.
«While hiring has slowed down overall in several sectors in the country, our nation's economy maintains its resilience amidst global uncertainties.
A large contributing factor to this stability is the government's emphasis on nurturing sectors such as shipping, finance, and travel. Simultaneously, states are actively bolstering their digital infrastructure to empower tier 2 and tier 3 cities,» said Sekhar Garisa, CEO, foundit (previously Monster APAC & ME), a Quess company."
In conjunction with an increase in festive recruitment, the collective effort is expected to improve the job scenario.
Notably, India Inc is increasingly pursuing fresh talent, with the tracker registering a significant 7% year-on-year surge in fresher hiring. The newcomers of today are adaptable to the evolving technological landscape, strengthening our workforce's forward momentum," he added.
On a year-on-year basis, the shipping (+58%) industry showed the maximum incline in job postings, followed by travel and tourism (+44%) and advertising, market research, and public relations (+22%).
