Bengaluru: According to a survey on Wednesday, hiring activity in India increased by 11% in July over the same month last year, with telecom and retail positions leading the way.
According to the talent platform foundit’s (previously Monster APAC & ME) report, June saw a minor month-over-month (MoM) reduction of 1 percent. However, the job market as a whole is trending upward.
“The strong focus of the recent Union Budget on productivity and job creation is an encouraging sign for the recruitment industry. We have also noticed that employees’ salaries have consistently risen driven by higher demand for fresh talent and competitive salary offerings,” said Sekhar Garisa, CEO, foundit (previously Monster APAC & ME), a Quess company.
He added, “This growth is likely fueled by high-growth sectors such as technology, digital marketing, and e-commerce.”
Additionally, the survey demonstrated that income growth was positive and steady in the majority of sectors during the previous year.
Salary increases for recent graduates were greatest in the retail and telecommunications sectors, where they were 15% and 14%, respectively. The average minimum income for fresh graduates in the retail sector is Rs 3.3 lakh LPA, and the average maximum compensation is Rs 5.2 LPA.
The hiring rate in the consumer electronics industry increased by 45% year over year, which was a notable development.
The research shows that the spike is being caused by advances in artificial intelligence (AI), technology, and creative design in consumer products like TVs, smartwatches, smartphones, and other gadgets.
The manufacturing industry also saw a 43 per cent yearly growth in hiring, reflecting the ripple effect of this boom, the report said.
Moreover, compensation packages dropped in several industries, such as automotive, BFSI, and travel and tourism, which was indicative of changes in the market and the industry.
Agriculture (-17%) and shipping/marine (-31%) are two more industries that saw a decline in hiring. The recent developments in the Union Budget, however, point to the possibility of a slow rebound in the upcoming months.
The hospitality and travel industries are still hiring at an astounding rate of 28% (July 2024 vs. July 2023). This expansion demonstrates the dynamic work environment, a wide range of professions, and exciting career paths that the hospitality industry provides.
–IANS
