The Naukri Job Speak Index
for the month of September 2016 stood at 1888, recording an increase of 5% in hiring activity over the same period last year. After a brief revival in August, the jobs growth has generally been relatively small in the last three months.
V. Suresh, Chief Sales Officer, Naukri.com
said, “After an Impressive 22% and 10% YOY growth in July and August respectively, though the September index seems to have slowed down a bit with a 5% growth, the good news is the sustained positive momentum in key sectors like IT/ITES and Banking. With the festive season round the corner, we can expect the index to move further north in the next few quarters. Good times ahead for jobseekers across sectors.”
Technology oriented industries presented a very mixed bag in terms of annual jobs growth; while IT – Software/Software Services grew at a moderate 6%, ITES/BPO industry registered an impressive 20% growth in September. By contrast, IT – Hardware saw jobs declining by 20% in September 2016 when compared to September 2015.
Finance industries have shown strong positive growth so far in the 2016 financial year, this trend was further reinforced in September when Banking/Financial Services jobs grew by 25% on a YOY basis while Insurance clocked an even more impressive 43% growth.
Infrastructure industries continue to be sluggish; Construction/Engineering, Oil & Gas/Power and Industrial Products / Heavy Machinery saw jobs decrease by 7%, 19% and 8% respectively while Real Estate, which has seen a general decline in jobs this year saw an annual dip in jobs by 10%.
Functional Area Analysis:
There was a slowdown across many functional areas which corresponds with the overall job growth data. ITES/BPO/KPO functional area managed to grow at an impressive rate of 26%. The IT based functional areas were relatively flat where IT – Software grew at 6% YOY but IT – Hardware jobs actually decreased by 5%. Pharma/Biotech was in a relatively better condition and registered a 12% growth.
Finance based functional areas had clocked impressive growth in August but this growth was much more modest in September with Banking/Insurance growing at 9% YOY while Accounts/Finance/Tax recorded a 6% growth.
Functional Areas associated with Infrastructure continue to see a broad based slowdown, Production/Maintenance jobs decreased by 1% YOY while Site Engineering/Project Management saw a steep fall of 14% when it came to annual jobs growth.
Traditional functional areas like Sales/BD and Marketing/Advertising continued to show stable growth and jobs in these sectors grew by 4% and 6% respectively.
Amongst metropolitan cities, all cities except Delhi saw either flat growth or a YOY dip in jobs growth. Delhi NCR recorded a 10% annual increase in jobs. Bangalore jobs were flat at 2% while Hyderabad, Pune and Kolkata saw a modest YOY gain of 5%. Mumbai and Chennai jobs actually dipped compared to previous year by 2% and 3% respectively.
Unlike previous months, smaller locations also saw a slowdown in jobs growth in September 2016, only Ahmedabad managed to buck the trend by registering a 24% growth, other emerging cities saw either flat growth or a decrease in jobs.