Naukri JobSpeak: White collar hiring grows a healthy 6% in festive season, despite modest show in November.

Hiring trends buoyed by double digit lifts in Oil & Gas, GCCs, Real Estate & AI/ML

Mumbai, 10^th December 2024: Naukri JobSpeak Index, India’s leading indicator of white-collar hiring activity, reported modest trends in November, coming in at 2430 points, reporting a 2% year-on-year growth.

However, given the festival dates this year varied significantly as compared to 2023, when we compute the Naukri JobSpeak Index for the consolidated festive window of October and November, we see a resilient job market posting a healthy 6% year-on-year growth. This positive trend is driven by strong growths in key Non-IT sectors like Oil & Gas (+16%), Pharma/Biotech (+7%), FMCG (+7%), and Real Estate (+10%), alongside sustained momentum in emerging domains like AI-ML (+30%) and GCCs (+11%). The IT sector continues to hold steady, registering a flattish trend vs last year.

In November specifically, standout performers included Oil & Gas (+14%), Artificial Intelligence-Machine Learning (+20%), FMCG (+6%) and GCCs (+4%), highlighting the continued buoyancy in these domains. Other sectors witnessed moderation in hiring activity, largely expected during the festive season.

Non-IT Sectors Emerge as Fresher Hiring Hotspots

While the IT sector has historically been a dominant force in fresher hiring, the current trend shows a significant upsurge in fresher recruitment across non-IT domains. Sectors like Architecture/Interior Designing (+29%), Chemicals/PetroChemical/Plastic/Rubber (+18%), Facility Management (+27%), KPO/Research/Analytics (+28%), Steel (+37%), and Wellness/Fitness/Sports/Beauty (+32%) have witnessed substantial YoY growth in fresher hiring.

AI/ML Fuels Tech Hiring

While the broader IT sector contracted, the landscape of Artificial Intelligence and Machine Learning painted a different picture. This field experienced a significant 20% YoY growth, being particularly pronounced in cities like Kolkata and Delhi NCR, which witnessed a staggering 58% and 47% increase, respectively.

GCCs: Beyond Back-Office Operations

  Global Capability Centers (GCCs) are no longer mere back-office operations. They are evolving into strategic innovation hubs, driving business growth. This transformation is evident in the 62% YoY growth of GCCs in Strategy and Management Consulting, highlighting their steady shift from operational support to strategic advisory roles.

Emerging cities like Ahmedabad (+17%), Kolkata (+16%), and Hyderabad (+11%) are emerging as key players in this evolution. These cities, with their burgeoning talent pools, are attracting investments and driving growth in sectors like Semiconductors/Electronics (+17%) and Accounting/Finance (+25%).

The Wellness Revolution: Redefining White-Collar Careers

With an impressive 18% growth in Beauty & Personal Care and 17% in Fitness & Wellness, the industry is witnessing a surge that reflects more than just market dynamics — a holistic lifestyle movement. The striking growth in entry-level hiring (0-3 years at +32% and 8-12 years at +30%) signals a sector actively nurturing young talent.

Metropolitan hubs like Bangalore (+21%), Delhi NCR (+20%), and Mumbai (+22%) are becoming epicenters of this wellness revolution, indicating an urban-driven transformation.

Regional Diversity Continues to Shine

Cities in Rajasthan sustained remarkable resilience. Jaipur (+14%), Udaipur (+24%) and Kota (+15%) emerged as notable bright spots, wherein Jaipur saw a 20% YoY growth in hiring by Foreign MNCs. Towards the eastern end, Bhubaneswar impressed with a 21% YoY increase.

Dr. Pawan Goyal, Chief Business Officer of Naukri.com, observed, “We typically observe muted trends on white collar hiring during the festive period and the 2% growth In November broadly reflects that. However the combined October and November trends reflect good resilience. Additionally, the rise in non-IT fresher hiring is a good development with respect to the younger talent.”