Hiring activity stays buoyant in May'22, sustains monthly run rate while beating last year by 40%: Naukri JobSpeak
As the holiday season kicks in, the Travel and Hospitality sector hits top gear witnessing a 357% growth in hiring sentiment compared to May’21; breaking the shackles of pandemic waves last year
As per the latest Naukri JobSpeak May'22 Index, the surge in hiring activity stays put as it records +40% YoY growth in May'22. Exiting May, Naukri JobSpeak Index stood at 2863.
Key sectors showed sustained growth in employment activities
With the summer holiday season causing a spike in travel, strong growth in hiring activity was observed in the travel and hospitality sector over a COVID hit May'21. The industry bounced back after a major lull last year and recorded YoY growth of +352%. When compared with April, the sector has maintained its monthly run rate showing signs of stability.
Retail (+175%), Real Estate (+141%) and Insurance (+126%) were among the top sectors that witnessed significant YOY growth in May'22, whereas Insurance maintained its growth trajectory at (+25%) MoM growth. Other key sectors that saw an uptick in hiring trends as compared to last year are BFSI (+104%), Education (+86%), Auto (+69%), Oil & Gas (+69%), FMCG (+51%) and IT-Software/Software Services (+7%).
When compared with last month, all key sectors including IT-Software/Software Services, Real Estate, Retail, BFSI, Education, Oil & Gas, and FMCG showed stabilization and continued to maintain April'22 run rates in May'22.
Hiring grows across all key cities, with Delhi leading the charts
The demand for talent in metros and non-metros remained steady as all cities indicated a double-digit YOY growth in May'22.
Amongst metros, Delhi (63%) registered the highest YOY growth closely followed by Mumbai (+61%). Other metros, i.e., Kolkata (+59%), Chennai (+35%), Pune (+27%), and Hyderabad (+23%) also showed positive YoY growth.
An optimistic hiring sentiment was observed across all tier-II cities with Jaipur leading the YOY growth in demand for talent at (+76%). Other emerging cities such as Coimbatore (+64%), Vadodara (+49%), Cochin (+35%), Ahmedabad (+26%), and Chandigarh (+25%) showed double-digit YOY growth. When compared with last month, emerging cities also maintained consistency in hiring activity in May'22.
Employers' intent to hire Freshers up by 61% YOY
Across all experience levels, the demand for entry-level talent (0-3 years) exhibited the steepest rise of +61% in May'22 vs May'21. Moreover, a positive hiring sentiment was observed for other experience brackets such as 4-7 years (+37%), over 16 years (+27%), 13-16 years (+26%) and 8-12 years (+22%). At the MoM level, the demand for all experience bands remained stable in May'22 vs April'22.
Commenting on the report, Pawan Goyal, Chief Business Officer, Naukri.com said, "The recruitment landscape continues to stay resilient and is sustaining the momentum 2022 ushered in. The job market has shown stable sequential trends that are substantially ahead of last year's baselines. The secular nature of trends; cutting across metros as well as non-metros, experienced professionals as well as freshers are again a good indicator of this strong hiring sentiment."
The Naukri JobSpeak is a monthly Index that calculates and records hiring activity based on the job listings on the Naukri.com website month on month and year on year. The objective of Naukri JobSpeak is to measure the hiring activity in various industries, cities, and experience levels. The data is compiled from the website wherein jobs posted by clients on Naukri.com are considered. July 2008 is taken as the base with an index value of 1,000 and the subsequent monthly index is compared with the data for July 2008. The report shows hiring trends across industry sectors, geography, and experience level. More than 76,000 clients use Naukri.com, leading to the high reliability of data. The report does not cover gig employment, hyperlocal hiring or campus placement. Data on functional area hiring has been retired due to changes in the nomenclature. Over a long period of time, Naukri JobSpeak could be impacted by factors like internet penetration, Naukri market share, Naukri pricing and job listing drives.