The recently released JobSpeak report by Info Edge brings good news for job seekers and employers alike.
In a much-awaited turnaround, the Indian job market witnessed a robust 12% increase in hiring activity during July 2024, according to the latest JobSpeak report by Info Edge.
This positive momentum marks the first significant month of growth this year, providing hope for the financial landscape.
IT Sector Showing Strength: Hiring Trends
The IT sector emerged as a key driver, reporting a strong hiring trend. Pawan Goyal, Chief Business Officer of Naukri, described the July JobSpeak Index reading as a “broad-based, positive shift.”
He further speculated that this could signal the onset of an “upcycle in the Indian white-collar job market” after prolonged uncertainty.
Info Edge’s Insights on Hiring
Info Edge, the parent company of popular hiring platforms like Naukri and IIM Jobs, closely monitored the trends.
In May, they noticed a surge in IT job postings, with a significant number of resumes viewed by information technology companies compared to early 2024.
However, it’s essential to consider that part of this growth may be attributed to a dip in the Index value in July 2023, which the report attributes to the IT sector’s challenges.
Global Capability Centers (GCC) Flourish
The GCCs, critical hubs for global operations, experienced a 12% YoY growth in hiring. Notable regions driving this growth include:
- Delhi-NCR: 32% growth
- Hyderabad: 29% growth
Sector-Specific Highlights
- Pharma and FMCG: Both sectors recorded a remarkable 26% YoY growth in hiring during July 2024.
- AI-ML Jobs: The demand for AI and machine learning professionals surged, with a staggering 47% YoY growth in job postings. Insurance-related roles followed closely.
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Compared to last July, there was a healthy 32% growth in hiring for professionals with +16 years of experience.
Regional & Geographic Trends: Insights from Info Edge
- Gujarat: Rajkot, Jamnagar, and Baroda continue to lead with robust job growth.
- Hyderabad: Emerging as a hub across industries such as Hospitality, BPO, and Oil & Gas.
- Delhi-NCR: Among metros, this region saw the most significant YoY growth at 21%.
- Lucknow: Among emerging cities, Lucknow ranked highest with 29% YoY growth.
Financial Snapshot: Info Edge
For the quarter ending March 2024, Info Edge reported a 9% rise in consolidated revenue (reaching Rs 657 crore).
Additionally, the company achieved a net profit of Rs 162 crore, a remarkable turnaround from the loss of Rs 447 crore in the same period last year.
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