India’s hiring jumps 3%; healthcare bright spot

Foundit Insights Tracker (fit) has revealed a 3% rise in the overall hiring index from February to March 2024.

However, compared to the previous year, hiring decreased by 4%, indicating a slower recruitment pace.

White-collar gig jobs, in particular, have experienced with a staggering 184% increase compared to the previous year. This surge underscores professionals’ growing preference for flexible, project-based work arrangements. Additionally, gig workers, representing a vital workforce segment, have expanded by 21% over the same period, highlighting companies’ increasing reliance on freelancers and independent contractors to meet business needs.

Healthcare, pharmaceuticals, and biotechnology also displayed signs of recovery, with growth climbing from -3% to a positive 3%.

Information Technology (IT) sector, a cornerstone of India’s economy, saw a marginal decline from 7% growth in February to 2% in March.

Regarding hiring locations, Delhi/NCR emerges as the top destination, commanding a 23% share of jobs in March 2024. Mumbai and Bengaluru follow closely behind, each accounting for a 17% share, highlighting their continued prominence as key job markets. Chennai and Hyderabad hold a 13% share each, underscoring the growing opportunities in these southern cities. Pune, Kolkata, and Ahmedabad also contribute to the job market, with Pune accounting for an 8% share, Kolkata for 6%, and Ahmedabad for 5%, showcasing the geographical diversity of job opportunities across India.

“One of the biggest learnings of the pandemic for employers as well as employees has been the adoption of WFH and flexible models of working. Through our tracker, we have noticed that the metro cities of Delhi, Bengaluru, and Mumbai are paving the way for gig jobs as of now. It is imperative to understand that the gig economy offers businesses a cost-effective solution, while also providing freedom to work from anywhere to employees. We expect the gig economy to grow even more in the next few months, so it’s prudent for jobseekers to equip themselves with relevant skills that will make them stand out in a competitive market,” said Sekhar Garisa, CEO, Foundit.
MB Bureau