Real Estate, BFSI hiring in India continued to grow in April: Report
Active hiring in non-tech sectors such as Real Estate and BFSI (banking, financial services and insurance) in India mitigated the dip in IT sector hiring in April 2023, a new report showed on Monday.
According to data by Naukri JobSpeak, the real estate sector spearheaded non-technology industries, witnessing a 21 per cent upswing in recruitment compared to April 2022.
This growth was primarily due to an increase in new residential and commercial property launches across metropolitan areas, which prompted hiring in key roles such as Tender Manager, Construction Engineer, and Civil Engineer.
“The growth in April hiring activity was dominated by a few key sectors such as Real Estate, BFSI, and Oil & Gas. While IT-focused metros exhibited a cautious hiring sentiment, emerging cities such as Ahmedabad and Vadodara continue to shine,” said Pawan Goyal, Chief Business Officer, Naukri.com.
Among the large metros, Kolkata, Pune, and Hyderabad exhibited recruitment surges of 28 per cent, 22 per cent, and 19 per cent, respectively, in hiring for the real estate sector.
Aside from real estate, the sectors with the highest growth in hiring activity were the oil and gas sector with 20 per cent growth, the insurance sector with 13 per cent growth, and the banking sector with 11 per cent growth compared to the same month the previous year.
Recruitment in the automotive and pharmaceutical industries increased by 4 per cent and 3 per cent, respectively.
Moreover, the report said that the IT industry hiring continued its ongoing correction with a 27 per cent decrease in hiring activity compared to April last year.
Other than IT, sectors such as BPO, EdTech, and Retail also registered declines of 18 per cent, 21 per cent, and 23 per cent, respectively.
Among non-metro cities, Ahmedabad leads hiring trends with a 28 per cent increase in new job creation over the previous year, followed by Vadodara and Jaipur with 14 per cent and 9 per cent increases in new job creation, respectively.
Banking, Auto, and Insurance sectors have primarily contributed to the hiring activity observed across the Non-metro cities. Real Estate and Oil & Gas were the other sectors witnessing positive hiring sentiment in the Non-Metros, the report stated.
Further, the report mentioned that the demand for senior professionals with more than 16 years of experience increased by 30 per cent compared to April 2022, while the demand for 13-16 years of experience increased by 20 per cent.
However, the demand for fresh graduates and professionals with four-seven years of experience has declined compared to April 2022.
