Hiring Slump In Banking, Automotive Sectors: Study

Home »  Talking money »  Hiring Slump In Banking, Automotive Sectors: Study
Hiring Slump In Banking, Automotive Sectors: Study
Dipen Pradhan - 10 October 2019

New Delhi, October 10: Hiring of professionals in the BFSI (banking, financial, services and insurance) sector of India has continued to deplete, a recent survey by leading job portal Naukri, reveals. Automotive is another sector that has been witnessing a downward trend in the hiring of professionals, while IT-software and BPO industries saw an increased growth.

Naukri published its job index, Naukri Job Speak, for the month of September 2019, to highlight hiring activities across the organised corporate sectors of India. As per the survey, hiring in the BFSI sector, through its jobs website, witnessed a downfall of -5 per cent in September, from 23 per cent in August, and 15 per cent in July this year.

Similarly, hiring in the automotive sector dipped down by -20 per cent last month, while the sector reported a decrease of -16 per cent in August, and 17 per cent in July. IT-software and BPO industries grew by +33 per cent and +19 per cent, respectively during the month of September 2019.

On the other hand, hiring in the FMCG, Construction, Pharma, Telecom and Advertising sectors grew by +10 per cent, +8 per cent, +3 per cent, +15 per cent, and +9 per cent, respectively.

Overall, the Naukri JobSpeak Index for September 2019 stood at 2,279, a rise of 8 per cent compared to 2,119 in September 2018. The index for August 2019 was at 2,164 as compared to 2,161 in August 2018; and 2,397 in July 2019 as compared to 2,101 in July 2018.

“After a flat August ‘19, hiring has made a comeback in September ‘19 on the back of strong growth in the IT-software sector. The slowdown still continues to reflect in Auto and Banking industries. Having said that, all other key industries have posted positive YoY growth rates during September ‘19,” Naukri’s statement cited its Chief Business Officer, Pawan Goyal.

Here are a few other important highlights from the Naukri JobSpeak, September 2019:

- Demand for ITES and sales professionals grew by 16 per cent 4 per cent

- Hiring for mid-management roles witnessed +10 per cent YoY growth

- Hiring for HR professionals witnessed a decline of -2 per cent

- IT-hardware and accounts saw a rise of +4 per cent, +10 per cent

- Demand for entry-level jobseekers (0-3 yrs. exp.) grew by +8%, mid-level executives (4-7 yrs. exp.) by +9 per cent, middle-management roles (8-12 yrs. exp.) by +12 per cent, senior management roles (13-16 yrs. exp.) by +5 per cent, and leadership roles (16+ yrs. exp.) by +3 per cent

- Hiring in Delhi/NCR witnessed a rise of +5 per cent, Bengaluru by +16 per cent, Mumbai by +3 per cent, Hyderabad by +25 per cent, Pune by +5 per cent, and Chennai by +2 per cent

Moody’s Slashes India’s Growth Forecast To 5.8% In FY20
IIP Contracted By 1.1 per cent; Lowest In More Than Six Years In August

Related Articles