E-recruitment activities drop by 8% yearly in September 2023

Hiring across sectors saw a 2% month-over-month decline, and e-recruitment activities in India dropped by 8% in September 2023 compared to the same period last year, the latest hiring trends report released by talent platform foundit, formerly known as Monster said on Tuesday.

The index dropped from 277 in September 2022 to 255 in September 2023, highlighting a stagnation in hiring. This comes after hiring activity saw a 3% monthly dip along with a 5% yearly decline in August 2023.

“India is experiencing a temporary hiatus in hiring. This is attributed to the persistent fluctuations in the Indian job market, where employers are emphasising need-based and skill-centric hiring approaches to adapt to the evolving economic scenario and changing business demands,” the company’s chief executive Sekhar Garisa told DH. Notably, the IT and BFSI industries have experienced the most significant impact, indicating a decline when viewed from an annual perspective.

The import/export sector continues to struggle, with a 24% drop in job posting activity online, followed by banking/financial services, insurance (-8%) and agro-based industries (-8%). The export sector remains stagnant, grappling with persistent global headwinds, notably in key markets like the US and Europe.

Meanwhile, with the onset of the festive season, home appliances (11%)  and retail (9%) industries showed the maximum rise in job postings on a monthly basis, on the back of increased consumer activity. Petroleum and power sectors also saw an upswing (10%) in response to the escalating demand for energy.

“Infrastructure development is predominantly steered by the real estate, construction, and power industries. The overarching trend indicates that the hiring landscape in these sectors has experienced minimal impact even amid a global economic slowdown,” Garisa said, adding that there has been a significant surge in job opportunities related to renewable energy, sustainable construction, and environmental services.

Additionally, the office equipment/automation sector observed a 7% surge in e-recruitment activities in September. Organisations are progressively moving away from the hybrid (21% hiring demand) and work-from-home model (12% hiring demand), instead opting to bring employees back to the office to bolster operational efficiency.

Several cities, including Bangalore, Delhi-NCR, Mumbai and Ahmedabad showed a decline in hiring percentages, with the latter two cities facing the most significant decrease at 5%. Kolkata, however, stood out with a 2% increase in hiring, which the report attributed to the upcoming Durga Puja. Overall, tier-2 cities saw a steeper decline (3%) than metros (1%).

On an annual basis, e-recruitment activity witnessed a robust surge in 10 out of the 27 industries including shipping, and marine (+32%) retail (+30%), office equipment/automation (+24%), travel and tourism (18%), advertising, market research and public relation (13%) among others. 

Online hiring demand outpaced the year-ago level in four out of 13 functional areas monitored by the tracker including legal roles (21%) within corporates and alternative legal service providers (ALSPs) and marketing and communications roles (6%).