Bengaluru: Hiring across sectors saw an average 8 per cent annual decline and a 3 per cent month-on-month uptick in February, talent search platform foundit’s Insights Tracker showed.
The steady climb of the index from 262 to 269 within the first two months of 2024 suggests a positive momentum in employment opportunities, the report released on Friday said. However, fresher recruitments in February saw a 12 per cent year-on-year decline in the backdrop of heightened competition.
“The positive momentum in certain sectors like manufacturing and energy are encouraging signs. However, freshers face a challenging landscape with increased competition and fewer opportunities,” foundit Chief Executive Sekhar Garisa underscored.
Industries such as oil/ gas/ petroleum, power, and IT hardware and software showed strong performance, each experiencing a 7 per cent month-on-month increase in hiring during the period under review, per the report.
The IT hardware and software sector’s bounce back from last month’s 1 per cent dip reflects a resurgence in demand for skilled professionals in these fields, the report said. For enhanced recruitment in the power sector, it credited government emphasis on renewable energy and electrification projects.
Meanwhile, production and manufacturing saw a 6 per cent uptick, driven partly by the impact of production-linked incentive schemes. Travel and tourism saw a 4 per cent month-on-month growth, alongside a 3 per cent rise in media and entertainment and the fast moving consumer goods industries, each.
Sectors such as advertising, banking/finance and healthcare indicated a cautious approach to hiring with month-on-month growth in the red.
The southern city of Coimbatore emerged as the winner with a 4% increase in hiring numbers, driven by the growth in its manufacturing and textile sectors. Metro cities like Mumbai and Chennai, on the other hand, saw slower growth at 1 per cent.
Published 01 March 2024, 22:54 IST