PSU and the military industry had 14% more employment in November:It

 PSU and the military industry had 14% more employment in November:It

Retail (3%) and the healthcare/pharmaceuticals sectors (2%) are two more areas that had strong performance on November 23 compared to October 23.

Freshers with 0 to 3 years of experience have an advantage over senior and mid-senior level professionals with more than 7 years of experience in the present labor market, which is marked by a worldwide economic slowdown.

The government, public sector undertakings (PSUs), and military sectors witnessed the most gain in job posts in November, with a growth of 14% month-over-month (MoM), according to Foundit Insights Tracker (FIT). went.

Moreover, recruiting in the office equipment and automation industry increased by a noteworthy 4 percent during that time. The rise in demand for labor skills, such as the ability to communicate with more sophisticated equipment that include technologies like artificial intelligence (AI) and the Internet of Things (IoT), is responsible for this expansion.

Compared to October 2023, hiring in the retail sector increased by 3%, while hiring in the healthcare and pharmaceutical sectors increased by 2%. According to a statement from Foundit, seasonal plans that represent modest temporary employment objectives may be blamed for the rise in hiring in the retail sector. This, in turn, indicates reduced unemployment rates over the holiday season.

"Despite a 2% decrease in hiring activity overall, our economic prospects are still strong and resilient to global challenges." According to Shekhar Garisa, CEO of Queues business Foundit (previously Monster APAC&ME), "We have observed that the accessibility of talent in Tier 2 cities allows multinationals, both manufacturing and services firms, to set themselves up in more cost-effective destinations."

Tier 2 cities are becoming centers for fresh talent

With an astounding MoM rise of 13% in recruiting, Coimbatore has stood out in particular. One possible explanation for this notable expansion is the greater accessibility of a varied talent pool in these kinds of locations. Since Tier 2 cities are often more affordable for enterprises to locate in, this trend benefits recruiters as well as professionals.

Aside from Coimbatore, Kochi, a city renowned for its industrial significance, had a 4% rise in recruiting activity month over month. Jaipur had a 2 percent rise in employment possibilities in a similar pattern. Baroda, however, kept its recruiting practises mostly unchanged, with just 0% of them changing. On the other hand, the placement percentage decreased in a number of cities, including Pune, Mumbai, and Kolkata, by 4%, 6%, and 5%, respectively.

Overall, a number of cities, including Chennai (-2%) and Delhi-NCR (-1%) as well as Hyderabad (-1%) and Ahmedabad (-1%), maintained a rather steady recruiting climate with just slight dips, which reflects the gradual expansion of the employment market.

Positions in supply chain, logistics, and procurement saw a 6% rise in hiring.

The most popular job functions were supply chain, logistics, and procurement positions, which saw a 6% rise in online recruiting activity. It is anticipated that as more international businesses establish operations in India, the supply chain management industry would expand and provide more job opportunities.

In addition, demand for professionals with experience in financial analysis, risk management, compliance, taxes, and new technologies like data analytics and artificial intelligence in finance increased by a noteworthy 5% in the finance and accounting industry. Professionals that possess both technical and financial know-how are highly valued. This expansion underscores the industry's increasing need on experts capable of maneuvering through the ever-changing landscape of digital marketing and communications tactics.

Hiring for engineering and production roles was on the decline (-5%) followed by senior management roles (-4%) sales and development roles (-4%) and customer service posts (-4%). This month, there was a modest demand for jobs in software, hardware, and telecommunications as well as marketing and communications.

The number of professionals hired at the senior and mid-senior levels is declining.

Freshers with 0 to 3 years of experience have an advantage over senior and mid-senior level professionals with more than 7 years of experience in the present labor market, which is marked by a worldwide economic slowdown. According to recent data, employment of senior professionals (six percent) and mid-senior level professionals (seven percent) is trending downward.

Industries include automotive/accessories/tires, telecom/ISP, advertising, market research, public relations (PR), retail, and travel and tourism have witnessed a rise in compensation bands for particular years due to growing demand in those areas. of knowledge. Nonetheless, a number of industries, including BFSI, BPO/ITES, education, FMCG, logistics, and the courier/freight/transportation sectors, have experienced a decrease in pay as compared to the previous quarter.

The minimum compensation for new hires in the BPO/ITES sector is Rs 2,10,994; for experienced professionals in the IT sector (hardware, software), it is Rs 3,94,794; and for those with between 11 and 15 years of experience, it is Rs 19,60,577. (Insurance, Banking/Financial Services) to Rs 33,09,292 (Hardware, Software, IT). All experience levels aside, the software and hardware sector pays the greatest compensation, with the banking, financial services, and insurance sectors coming in second and third.

This is most likely a result of India's strong need for qualified IT workers. With a pay range of Rs 3,94,794 to Rs 6,90,613, the IT sector (software and hardware) likewise provides the greatest earnings for professionals just starting out. The education sector pays the highest salaries across all experience levels, followed by the BPO/ITES sector.