According to a survey released on Thursday, demand for freshers has increased by 5% over the last six months, supported by incremental improvements in the IT sector. The IT and staffing industries had the biggest percentage of job postings for freshers, with more than 32% and 12% of opportunities dedicated to entry-level workers, respectively, according to a Foundit (previously Monster APAC & ME) analysis on fresher hiring trends.
According to the most recent findings from the company’s insights tracker, the overall hiring index rose from 265 in May 2023 to 295 in May 2024. In compared to the previous year, hiring has increased by 11%, indicating a recovery in employment chances.
In terms of industries, production and manufacturing has had a stunning 47% year-on-year (YoY) hiring growth. This expansion is being driven by a number of causes, including an increase in massive modern manufacturing in India, which has been heavily supported and boosted by the government’s push for PLI, infrastructural development, and regulatory intervention on imports and exports.
According to the survey, the growth in demand is also noticeable in allied businesses such as home appliances and electrical components, where hiring has increased by 35%.
The telecom/ISP sector increased jobs by 9%. This notable improvement can be attributed mostly to increased investments in telecommunications services and the loosening of FDI regulations. Furthermore, as India’s telecom environment evolves, fuelled by increased demand for end-user applications and improvements in industries such as IoT, cloud computing, data centers, and the anticipated 5G technology, the sector’s future appears extremely promising in terms of opportunity.
According to the research, the healthcare business is showing indications of resuscitation, with a 29% year-over-year growth and a 4% monthly increase in hiring.
Agro-based industries (-16%), shipping/marine (-30%), FMCG (-9%), and import/export (-16%) all experienced declines. The retail (18%), oil/gas/petroleum (22%), real estate (20%), and information technology (20%) industries all experienced moderate annual increase. In terms of recruiting activity in cities, the survey finds that tier-2 cities outperform metros. Infrastructure development measures, as well as improved connectivity and transportation, have encouraged multinational enterprises to expand their operations to cities like as Kochi, Coimbatore, and Jaipur.
Tier-2 cities are becoming a popular hiring destination for recruiters due to advances in logistics, market accessibility, and employee quality of life. Nonetheless, in terms of metro cities, Kolkata and Delhi/NCR continue to be the major recruiting hubs year after year. According to the detailed report’s findings, sectors such as production and manufacturing (29%), IT-software & services (17%), real estate (8%), and education (8%), where recruiters are looking for diversified personnel with specialized skill sets, are experiencing faster development in tier-2 cities. Metro towns are experiencing a boom in demand for individuals in IT-software and services, as well as advertising, signalling a comeback from prior episodes of layoffs and diminished bench strength.
Sekhar Garisa, CEO of foundit, a Quess firm, adds, “It is astonishing to see tier-2 cities outperforming their metropolitan equivalents in terms of hiring. These cities have shown sustained rising growth, driven primarily by the production and manufacturing sectors. This is due to a number of causes, including infrastructure development, favorable government policies, and a growing skill pool ready to contribute to India’s industrial landscape.”
In terms of pay structure, the lowest wage in a metro city spans from Rs 4.83 lakh per year (LPA) to Rs 6.63 LPA, while the highest ranges from Rs 8.09 LPA to Rs 15.98 LPA. Tier 2 cities do not disappoint in terms of income, with minimum salaries ranging from Rs 4.01 LPA to Rs 5.43 LPA and maximum salaries ranging from Rs 7.12 LPA to Rs 11.01 LPA, according to the research.
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