Economic Slowdown Impacts Hiring In BFSI, Auto, Construction Sectors

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Economic Slowdown Impacts Hiring In BFSI, Auto, Construction Sectors
Aparajita Gupta - 11 September 2019

New Delhi, September 11: The economic slowdown has impacted hiring activities in some sectors – banking, financial services and insurance (BFSI), auto, and construction – for August 2019, showed Naukri JobSpeak Index for August 2019.

Major industries that observed a downtrend in hiring during August 2019 were BFSI (-23 per cent), auto (-16 per cent) and construction (-14 per cent). However, demand for professionals from the IT-Software industry grew by 14 per cent. Other industries that supported the overall hiring activity were IT-Hardware (6 per cent), accounting (26 per cent), and advertising (10 per cent).

“The economic slowdown in some sectors has impacted the overall hiring activity for the month of August 2019. However, the growth in sectors like IT – Software ensured that there was no decline in overall hiring activity. Hopefully, the upcoming months will see a revival of hiring in crucial sectors,” said Pawan Goyal, Chief Business Officer, Naukri.com.

According to the JobSpeak report, overall hiring activity for the month of August 2019 remained flat year-on-year (YoY).

The index stated that hiring activity remained largely unchanged for entry-level jobs while there was an increase in demand for mid-level executives, which saw a 2 per cent growth. Metro cities like Delhi and Mumbai witnessed a decline in hiring, whereas cities like Hyderabad and Pune witnessed a growth in recruitment activity during August 2019.

It said recruitment activity in IT-Software, marketing and PR and IT -Hardware grew by 7 per cent, 3 per cent and 6 per cent respectively. However, areas like ITeS and HR witnessed a decline in hiring, with a dip of 4 per cent and 5 per cent respectively.

Hiring activity in the capital city witnessed a drop of 2 per cent. Hiring in BFSI and FMCG saw a dip of (-24 per cent) and (-4 per cent) respectively while accounting, pharma and IT-Software industries grew by 31 per cent, 37 per cent and 15 per cent respectively.

Recruitment in Mumbai showed a dip of 8 per cent during August 2019. Industries like IT -Hardware and FMCG dipped by -6 per cent and -20 per cent respectively, whereas accounting registered an increase in hiring with 28 per cent YoY growth.

Overall hiring activity in Bangalore grew by 1 per cent. This was primarily fuelled by the 16 per cent YoY growth of the IT-software industry. Demand for mid-level executives saw an increase of 10 per cent.

Hyderabad was one of the cities to record a positive trend in the hiring space with an increase of 6 per cent YoY. This positive growth has been led by the IT-Software and IT- Hardware industry that saw a growth of 13 per cent and 65 per cent respectively.

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