Steady Growth in White-Collar Hiring in India: A May 2023 Analysis
New Delhi: In May 2023, white-collar hiring in India showed resilience, with Naukri’s JobSpeak Index rising to 2,807, a slight increase from 2,799 in the same month the previous year. This stability reflects notable activity in emerging sectors and among experienced professionals.
Surge in AI/ML Roles
Artificial intelligence and machine learning (AI/ML) roles experienced a remarkable year-on-year increase of 25%, making it one of the fastest-growing job categories.
Metro Cities Lead the Charge
Metro cities played a pivotal role in this growth, with Delhi NCR, Chennai, and Kolkata reporting increases of 35%, 34%, and 33%, respectively.
Wide-Ranging Experience Levels
Hiring in the AI/ML space spanned various experience levels. Professionals with 13-16 years of experience saw the most significant boost at 36%, while fresh graduates experienced a 22% increase in opportunities.
Insights from Industry Experts
“In an otherwise stable job market, what stood out in May was the continued momentum in AI/ML hiring across metros alongside steady demand for senior professionals, a trend that’s held firm over the past year,” remarked Pawan Goyal, Chief Business Officer at Naukri.
Demand for Senior Professionals
Senior professionals, particularly those with over 16 years of experience, continued to be in high demand, with hiring in this sector growing by 6%.
Contribution from Emerging Cities
Emerging cities also contributed to this positive trend. Hyderabad and Kolkata reported growth rates of 16% and 13%, respectively, while cities like Kochi (+23%) and Ahmedabad (+13%) became key contributors outside the metros.
Sector-Specific Opportunities
Sector-wise, the oil & gas and real estate industries exhibited the strongest appetite for senior talent, with increases of 21% and 17%, respectively.
Fresher Hiring Trends
Fresher hiring remained relatively flat, but some non-tech sectors demonstrated positive momentum. The insurance sector led the way with a 26% increase in fresher recruitment.
Other Non-Tech Sectors Feeling Positive
Following insurance, real estate (+12%), BPO/ITES (+5%), and hospitality (+4%) also reported increases in fresher hiring.
Positive Outlook for Young Talent
“Fresher hiring has also gained ground in non-tech industries, which bodes well for young talent,” Goyal added, emphasizing the opportunity for new entrants.
Unicorn Hiring Trends
Hiring by unicorns—startups valued at over a billion dollars—remained robust, showcasing a 19% annual rise.
Active Hubs for Unicorn Hiring
Delhi NCR (+29%), Hyderabad (+27%), and Bengaluru (+12%) emerged as the most active hubs for unicorn hiring activity.
Driving Sectors in Unicorn Hiring
The banking and financial services sector (+29%) and the internet/ecommerce sector (+18%) were the primary drivers behind unicorn hiring activity.
Conclusion
The hiring landscape in May 2023 demonstrates a steady yet dynamic market, particularly in the AI/ML and non-tech sectors. The ongoing demand for experienced professionals and fresh talent alike reflects a robust economic framework that continues to evolve.
FAQs
1. What was the change in Naukri’s JobSpeak Index in May 2023?
The JobSpeak Index rose from 2,799 to 2,807, marking a marginal increase year-on-year.
2. Which sectors showed the highest increase in hiring for senior professionals?
The oil & gas and real estate sectors exhibited the strongest demand, with increases of 21% and 17%, respectively.
3. What is the trend for freshers in the hiring market?
Fresher hiring was mostly flat, but sectors like insurance, real estate, and BPO/ITES saw positive growth, with insurance leading at 26%.
4. How did major cities contribute to white-collar hiring in May?
Metro cities like Delhi NCR, Chennai, and Kolkata reported significant growth rates in hiring, leading the charge in AI/ML roles.
5. What insights did Pawan Goyal provide regarding the job market?
Goyal highlighted the ongoing momentum in AI/ML hiring and the steady demand for senior professionals, reflecting a stable job environment.
