Posted on November 8, 2023
The Shipping/Marine and the Travel and Tourism industries marked impressive resilience with year-on-year (YoY) growth of 44 percent and 30 percent, respectively. The upcoming festive season has spurred increased enthusiasm for travel, with Indians eager to explore domestic and international destinations, according to a report by talent platform Foundit.
The government had 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.
As per data by Foundit Insights Tracker (fit), the Retail and Advertising, Market Research and Public Relations sectors also maintained robust growth registering 29 percent and 26 percent YoY 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 percent 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.
Moreover, 14 percent 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 the 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 percent, 6 percent, and 5 percent, respectively.
“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,” said Sekhar Garisa, CEO of foundit.
Hospitality shines, Customer Service stagnates
The Hospitality and travel sector demonstrated remarkable growth, experiencing a 25 percent YoY increase in job opportunities to meet the increasing demand. Similarly, HR and Admin roles showed resilience with a 16 percent YoY rise, indicating sustained demand for professionals essential in managing organizational activities and workforce strategies.
Engineering/Production roles experienced a healthy 12 percent YoY increase, reflecting ongoing infrastructure development and expanding production needs. The Healthcare and Marketing and Communications roles maintained a stable trend with a 9 percent and 4 percent YoY growth, respectively.
However, the Customer Service roles stagnated at 0 percent YoY, indicating challenges possibly stemming from evolving customer service strategies and technological shifts affecting job roles. The Finance & Accounts roles experienced a significant 10 percent YoY decline, and Senior Management roles recorded an 8 percent YoY downturn.
Software, Hardware, Telecom roles saw a modest 6 percent YoY decline, and The Arts/Creative sector also experienced an 8 percent YoY decrease. Lastly, the Legal industry experienced a 3 percent YoY decline, marking a shift from the significant surge observed in the previous month.
Kolkata stands out
Kolkata stood out with a remarkable 17 percent 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 percent increase in job opportunities, followed by the upcoming Travel & Tourism hub Ahmedabad, which observed a 7 percent YoY hiring increase. Conversely, a few cities, such as Pune, Chandigarh, and Bangalore, faced a decline in hiring percentages, dropping by 14 percent, 13 percent and 10 percent, respectively.
Across the board, numerous cities, including Delhi/NCR (-1 percent), Mumbai (-5 percent), Coimbatore (-7 percent), Hyderabad (-6 percent), Chennai (-3 percent), and Jaipur (0 percent), maintained a relatively stable hiring environment with subtle decline, signifying a consistent yet not notably expanding job market.