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White collar Recruitment in India The Naukri JobSpeak Index registered a slight decline in August 2024 compared to August 2023, with a drop of 3%. The overall labour market showed a stable performance in the first half of the month, but an unusual accumulation of holidays in the second half negatively affected the growth. hiring activity, which caused a correction in the index.

Despite the overall decline, certain sectors demonstrated significant resilience and growth. Artificial intelligence and machine learning (AI-ML) the sector led the way with a solid year-on-year increase of 14%. This was followed by strong performances from the fast-moving consumer goods (FMCG) sector, which grew by 11%, and the pharmaceutical/biotechnology sector, which registered an increase of 9%. Other sectors such as automotive (+7%) and oil and gas/power (+5%) also showed positive trends, standing out in an otherwise subdued labour market.

Commenting on the mixed performance, Pawan Goyal, Chief Business Officer, Naukri.com, said, “Hiring in August is a tale of two halves. While the first half of the month showed typical patterns, the second half saw an impact due to extended holidays. Still, key sectors like AI-ML, FMCG and Pharma continue to show robust growth, giving us reasons not to worry about the labour market.”

The overall IT sector showed modest year-over-year growth of 1%, but AI-ML jobs The FMCG sector continued to stand out with a 14% increase, highlighting the continued demand for technology professionals with specialised skills. The FMCG sector maintained its upward trajectory, particularly in cities such as Bangalore and Kolkata, contributing to the 11% year-on-year growth. The pharmaceutical sector also saw notable growth, with Baroda emerging as a standout location, recording an impressive 44% increase in hiring.

Hiring trends

In terms of geographic trends, Kochi, Baroda and Coimbatore emerged as key hubs for hiring new talent, indicating a broader geographic diversification in talent acquisition. Bangalore cemented its status as a startup hub, with startups and unicorns outperforming foreign multinational corporations (MNCs) and Global Capability Centers (GCCs) in hiring activity.

However, the data also indicated a 7% decline in job opportunities for professionals with 0-3 years of experience compared to August 2023, indicating challenges for entry-level job seekers. On the other hand, there was an 11% growth in hiring of professionals with more than 16 years of experience, reflecting continued demand for highly experienced talent.

The Naukri JobSpeak Index is a monthly measure of the state of the Indian labour market that tracks hiring activity across industries, cities, functional areas and experience levels. The index is based on new job postings and recruiter activity on Naukri.com, and aggregates data from over 100,000 clients and over 70 lakh new job mandates annually. While it does not cover temporary employment, hyperlocal hiring or campus placements, the index remains a robust and reliable indicator of white-collar hiring trends in India.