Mumbai, November 03, 2023 – foundit (formerly Monster APAC & ME), India’s leading talent platform, published the foundit Insights Tracker (fit), presenting the latest findings on hiring trends for October 2023.
The hiring index showed a slight 1% dip in e-recruitment activities compared to the previous month. On a year-on-year (YoY) scale, the overall index reflected a 3% decline. While hiring has been muted, several sectors have shown good growth due to favourable economic policies and the revival of consumer spending. Sectors like travel & tourism and retail have seen a substantial increase in the number of jobs in 2023 compared to 2022.
Offering a hiring overview for October 2023, Sekhar Garisa, CEO, foundit (previously Monster APAC & ME), a Quess company, said, “While the overall hiring activity has been subdued, there are pockets of growth and resilience in sectors like travel, tourism, and retail, driven by the festive season and government initiatives. Certain sectors, like Import/Export, are currently witnessing a decline in economic activity due to heightened geopolitical tensions. It is crucial to emphasize the importance of practicing economic prudence by closely monitoring expenses and financial structures during these times. We anticipate that the situation will evolve in the coming months, ultimately leading to increased stability and growth, which will, in turn, create new job opportunities in the market.”
Seasonal Festivities Drive Job Spikes in Travel and Retail Sectors
The Shipping/Marine and Travel and Tourism industries marked impressive resilience with YoY growth of 44% and 30%, respectively. The upcoming festive season has spurred increased enthusiasm for travel, with Indians eager to explore domestic and international destinations. The government also announced initiatives to boost tourism as part of hosting the G20 summit in 2023. Measures included improving tourism infrastructure, developing 50 tourist destinations, and launching campaigns highlighting India’s cultural diversity and heritage. The Retail and Advertising, Market Research, and Public Relations (PR) sectors also maintained robust growth, registering notable 29% and 26% year-on-year increases, respectively. The Retail sector’s expansion is notably driven by the Diwali festivities, stimulating elevated consumer spending on clothing, gifts, and home decor. Retailers capitalise on this period by launching new products and offering promotions, further spurring sales.
Conversely, areas like Printing/Packaging and Agro-based Industries faced considerable challenges, witnessing significant 25% YoY declines. The Printing/Packaging sector is struggling due to amplified competition from digital media, diminishing the demand for traditional print items like newspapers, magazines, and catalogues. This shift has adversely affected employment in the sector, highlighting digital media’s impact on conventional print practices.
Furthermore, a notable 14% YoY growth was seen in the Office Equipment/Automation sector, indicative of organisational shifts away from remote and hybrid work models and towards work from office to improve operational efficiency. Oil/Gas/Petroleum, Power, BPO/ITES, and Automotive/Ancillaries/Tyres, among other industries, demonstrated relatively stable and gradual growth amidst these trends, with YoY growths of 12%, 6%, and 5%, respectively.
Festive Season Continues to Boost Job Opportunities for Kolkata with a Remarkable 17% Increase in Hiring.
Kolkata stands out with a remarkable 17% YoY increase in hiring, potentially attributed to the festive season, which typically starts in October and lasts for several weeks. During this time, there is a surge in demand for goods and services, and businesses in these sectors typically hire more workers to meet this increased demand.
Beyond Kolkata, Baroda experienced an 11% increase in job opportunities, followed by the upcoming Travel & Tourism hub Ahmedabad, which observed a 7% YoY hiring increase. Conversely, a few cities, such as Pune, Chandigarh, and Bangalore, faced a decline in hiring percentages, dropping by 14%, 13% and 10%, respectively.
Across the board, numerous cities, including Delhi/NCR (-1%), Mumbai (-5%), Coimbatore (-7%), Hyderabad (-6%), Chennai (-3%), and Jaipur (0%), maintained a relatively stable hiring environment with subtle decline, signifying a consistent yet not notably expanding job market.
Hospitality & Travel Thrive, Customer Service Further Lags in Growth
The Hospitality & Travel sector demonstrated remarkable growth, experiencing a 25% YoY increase in job opportunities to meet the increasing demand. Similarly, HR & Admin roles showed resilience with a 16% YoY rise, indicating sustained demand for professionals essential in managing organizational activities and workforce strategies. Engineering / Production roles experienced a healthy 12% YoY increase, reflecting ongoing infrastructure development and expanding production needs. The Health Care and Marketing & Communications roles maintained a stable trend with a 9% and 4% YoY growth, respectively.
However, the Customer Service roles stagnated at 0% YoY, indicating challenges possibly stemming from evolving customer service strategies and technological shifts affecting job roles. The Finance & Accounts roles experienced a significant 10% YoY decline, and Senior Management roles recorded an 8% YoY downturn. Software, Hardware, Telecom roles saw a modest 6% YoY decline, and The Arts/Creative sector also experienced an 8% YoY decrease. Lastly, the Legal industry experienced a 3% YoY decline, marking a shift from the significant surge observed in the previous month.
Retail Hiring Trends Shift with Festive Season: Offline Dominates
India’s retail hiring trends showcased an exciting shift between online and offline channels. Online retail hiring experienced a 10% decrease from the previous year, falling from 39% in 2022 to 29% in 2023. This decline in online hiring may be attributed to the market saturation in tier I cities, with online retailers facing challenges in expanding to tier II and III cities. These regions confront lower internet penetration and infrastructure, along with logistics issues. As a result, reaching these untapped markets demands more investment and innovation, slowing down the hiring pace of online retailers in 2023. In contrast, offline retail hiring surged significantly, witnessing a substantial 20% growth. This trend indicates a shift in consumer preferences and a potential revival of in-store shopping experiences in the Indian retail landscape.
Year
Online
Offline
2022
39%
51%
2023
29%
71%
About foundit Insights Tracker
The foundit Insights Tracker (fit) is a comprehensive monthly analysis of online job posting activity conducted by foundit.in. Based on a real-time review of millions of job listings from a wide range of online career platforms, the index offers a snapshot of online recruitment activities nationwide. Previously known as the Monster Employment Index, it provided a comprehensive perspective on hiring patterns based on industry, role, location, and experience. Now, in its new avatar, it delivers more detailed insights on recruitment trends, focusing on the demand for specific skills, available positions, and the salary ranges in the market.
Period for the report
The period considered for the fit data is October 2022 vs October 2023.
About foundit – APAC & Middle East
foundit, formerly Monster (APAC & ME), is a leading talent platform offering comprehensive employment solutions to recruiters and job seekers across APAC & ME. Since its inception, the company has been assisting over 75 million registered users in finding jobs, upskilling, and connecting with the right opportunities across 18 countries.
Over the last two decades, the company has been a catalyst in the world of recruitment solutions with advanced technology, seeking to efficiently bridge the talent gap across industry verticals, experience levels, and geographies. Today, foundit is committed to enabling and connecting the right talent with the right opportunities by harnessing the power of deep tech to sharpen hyper-personalised job searches and precision hiring. To learn more about foundit in APAC & Gulf, visit: https://www.foundit.in|https://www.founditgulf.com |https://www.foundit.sg |www.foundit.my |www.foundit.com.ph |www.foundit.com.hk| www.foundit.com.id
Lyfius Pharma proudly announces the inauguration of its state-of-the-art Pen-G manufacturing facility, at Kakinada, Andhra Pradesh. With an annual production capacity of 15,000 metrictonnes (MT), the facility was virtually inaugurated by Hon’ble Prime Minister Shri. Narendra Modi in thepresence of Shri. Jagat Prakash Nadda (Union Minister of Chemicals & Fertilizers, Health & Family Welfare),Dr. Mansukh Mandaviya (Union Minister of Labour & Employment, Youth Affairs & Sports), Smt. AnupriyaPatel (Union MoS Chemicals & Fertilizers, Health & Family Welfare), Shri. Prataprao Jadhav (Union MoS (IC)Ayush, MoS Health & Family Welfare) and Sushri Shobha Karandlaje (Union MoS Labour & Employment,Micro, Small & Medium Enterprises).
This facility represents a strategic investment of 2,500 crores, under the Government of India’s PLI Scheme,and exemplifies how private sector participation can significantly contribute to national growth, driveinnovation, and enhance healthcare security. The PLI scheme for the pharmaceutical sector aims tostrengthen domestic manufacturing capabilities in critical KSMs, DIs, and APIs.Commenting on the occasion, Mr. M.V. Rama Krishna, Director Lyfius Pharma, said “The launch of our Pen-G facility is a significant milestone in our efforts to enhance local production and reduce import dependency for critical pharmaceutical ingredients. This investment underscores our commitment to support the government’s vision of ‘Atmanirbhar Bharat’, establishing India as a global pharmaceutical manufacturing hub.”
Schneider Electric, the leader in the digital transformation of energy management and automation, launched the MasterPacT MTZ Active, a revolutionary new circuit breaker designed to set new benchmarks for safety, efficiency, and sustainability while ensuring business continuity. In a world increasingly driven by electricity and digitization, MasterPacT MTZ Active enables customers to respond to complex daily challenges, including 24/7 uptime demands, spiraling energy costs, and urgent calls for sustainable practices.“MasterPacT MTZ Active will empower operators to visualize and monitor their energy consumption in real time,” explains Nikhil Pathak, Vice President, Power Products and Digital Energy, Schneider Electric, Greater India. “This real-time insight will equip businesses to optimize energy management, reduce consumption, minimize waste, and ensure business continuity and enhance reliability.
“A more electric and digital world is key to addressing the energy and climate crises. In industries such as Healthcare, Food & Beverage, Life Sciences, Data Center, Building, etc, power is becoming more distributed and increasingly complex to manage. We have an existing legacy of 35+ years in designing and making air circuit breakers for safety and security. MasterPacT MTZ Active is our latest offering to accelerate energy efficiency coupled with high reliability, optimizing asset life without compromising on functionality or safety.”This superior product comes equipped with features such as and Native ERMs (Energy Reduction Maintenance Settings), which sets a new benchmark enhancing the protection of maintenance operators against arc flash hazards.
In response to circuit breaker trips caused by overloads, short circuits, and equipment ground faults, the control unit of MasterPacT MTZ Active introduces a pioneering QR code solution. This innovative feature allows operators to swiftly access guidance tailored to the specific root cause of the trip by scanning the QR code. In the event of an overload, the solution provides clear instructions to evenly redistribute loads across circuits, eliminating the need for time-consuming manual searches.
For 35 years, the MasterPacT name has been synonymous with circuit breaker innovation and reliability, with several million units in service worldwide. Now, with smart, connected power distribution becoming a must-have, Schneider Electric is expanding the range again to advance circuit breaker performance. MasterPacT MTZ Active features an electrical control unit that serves as the brains of the breaker, allowing facility managers to monitor and measure power use in real time.
ACC, the cement and building material company of the diversified Adani Portfolio, along with the Adani Foundation, is enabling rural entrepreneurship across Gudur Gram Panchayat near ACC Tikaria. Along with the Adani Foundation, the Company has set up 12 Self-Help Groups (SHGs) to transform the socio-economic landscape of the village.Gudur Gram Panchayat, with a population of about 2,000, used to face significant socio-economic challenges, with most villagers engaged in agriculture and labour, often struggling below the poverty line. Essential services like hospitals, banks, and markets are located over 13 km away, making access difficult for many.ACC, through the Adani Foundation’s intervention, formed and nurtured 12 Self-Help Groups (SHGs) in the village.
By providing microfinance and business training, the initiative has uplifted many families, enabling them to improve their livelihoods.Sundra, a 54-year-old woman, has transformed her life through community-driven microfinance, receiving Rs. 1.50 lakh from her SHG to invest in farming equipment. This venture, under the National Rural Livelihood Mission (NRLM), now provides her with a stable monthly income of Rs. 15,000, significantly enhancing her family’s living conditions.ACC and the Adani Foundation’s impact through this initiative is seen in the empowerment story of villagers including Sundra, who have turned challenges into opportunities, fostering economic growth, and uplifting their rural communities.
