Job Market Outlook Brightens in 2023: Naukri JobSpeak Report

– Sturdy Expansion in Non-IT Industries Such as Banking and Insurance

India 2nd Feb 2023: The job market in India begins 2023 on a stable note, with the Naukri JobSpeak index showing a 2% growth in January 2023 compared to the previous year. Despite a 25% decline in IT sector hiring, the growth is driven by a robust expansion in Non-IT industries like Insurance, Oil, Hospitality, and Banking.

Non-IT sectors lead the hiring surge, with Insurance recording the most significant growth at 93%. Other industries showing upward trends in hiring include Oil (55%), Hospitality (53%), Banking (37%), Real Estate (31%), Auto (29%), BPO (16%), and Healthcare (10%).

On the other hand, Telecom, Retail, and Pharma industries showed cautious hiring sentiments, experiencing a 9%, 8%, and 4% dip in hiring activity, respectively.

The IT industry continued to consolidate, with job growth declining by 25% compared to the previous year. Both large IT companies and startups showed a dip in hiring intent, with the biggest slump in fresher hiring, followed by a decline in mid-experience hiring. However, senior-level professionals with over 12 years of experience continue to remain in high demand, recording more than 20% growth.

Non-metro cities continue to drive job creation, with Ahmedabad leading the way at 40% growth, driven by the Insurance and Healthcare sectors. Baroda followed with 37% growth, dominated by the Banking and Construction sectors. Jaipur recorded 14% growth, led by the BPO and Banking sectors.

Among the metro cities, Mumbai and Delhi showed positive hiring trends, with 14% and 10% growth in new job creation, respectively, driven by the Insurance sector. However, cities heavily dependent on the IT sector such as Bangalore, Hyderabad, Pune, and Chennai recorded a decline of 20%, 12%, 11%, and 6%, respectively. The Non-IT sectors driving job growth in these cities include Insurance, Banking, Auto, and Oil.

Hiring activity for senior professionals with over 12 years of experience continues to dominate the market, recording more than 20% growth, while freshers and mid-experience level professionals remain stable in demand.

Click here to access the report.

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