The Naukri JobSpeak Index for March showed that Indian companies approached hiring with cautious optimism as the index was flat compared to the previous month and up by 5% compared to the same period last year. Non-tech sectors and non-metro cities were the leaders in driving employment activity, while the IT sector reported a 7% drop in new jobs created.
Naukri.com is a leading job search platform in India and the JobSpeak Index reflects their more than a million monthly job openings. The index identified that the banking, insurance and real estate sectors saw the most surge in job openings, increasing by 45%, 108% and 31%, respectively. On the flip side, the IT sector saw an overall decrease of 17%, while hires for big data engineering, DevOps and software development roles plunged by maximum 20%.
Vadodara, Ahmedabad, Jaipur, and Kochi were the top non-metro cities in terms of job openings in March, recording growths of 50%, 49%, 29% and 13% respectively. Moreover, Mumbai and Delhi/NCR witnessed 17% and 7% rise in new job placement activity.
Interesting, the demand for mid-level professionals has seen an increase in March, increasing by 14% when compared to the same period last year.
Pawan Goyal, Chief Business Officer at Naukri.com, has pointed out that the growth of the banking, finance and insurance sector reflects the overall resilient economy of India, while non-metro cities had a key role in redefining the employment narrative.
All in all, the March Index reflects a cautiously optimistic outlook for the Indian job market, especially for non-tech sectors and non-metro cities. The remaining of 2020 will undoubtedly be a great indicator of the nation’s overall economic performance.