Hiring activity up 10.2% in August: Naukri Job Speak Index

Hiring activity up 10.2% in August: Naukri Job Speak Index

New Delhi, Sep 22 (IANS) Hiring activity rose by 10.2 per cent last month from a growth of three per cent in July, Naukri Job Speak Index showed on Thursday.

E-recruitment firm Naukri said the rise in hiring activity was driven by growth in sectors like IT services, BPO (business process outsourcing) and BFSI (banking, financial services and insurance).

“As predicted earlier, the job market seems to sustain the momentum gained in the past few quarters,” V. Suresh, Chief Sales Officer, Naukri.com was quoted as saying in a statement.

“The August index is moving north primarily driven by growth in sectors viz., IT Services, BPO and BFSI.”

According to V. Suresh, while bigger metropolitan cities continued to drive the growth in hiring activity, there were also signs of revival in emerging markets.

“We can expect this trend to continue in the coming quarters,” he said.

The index for August revealed that the growth was primarily driven by technology and financial industries.

“IT-Software jobs picked up again in August and grew 11 per cent when compared to August 2015. BPO/ITES had an even more impressive month and clocked 16 per cent YOY (year-on-year) growth,” the statement said.

“Banking/Financial services experienced a massive YOY jobs growth of 42 per cent, the Insurance industry also witnessed 49 per cent growth in the same duration.”

On the other hand, the index disclosed that infrastructure oriented industries saw either sluggish growth or in some cases a decline when compared to last year.

“Construction/Engineering and Oil & Gas/Power/Energy saw jobs decrease by 8 per cent and 17 per cent in August 2016 when compared to August 2015,” the statement added.

“Industrial Products/Heavy Machinery saw a very flat growth of 3 per cent. Real Estate as an industry continues to see a slowdown and in August witnessed a 33 per cent YOY reduction in jobs.”

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