It is true that the market for jobs is tough, especially for talent in the software, hardware and telecom domains, with hiring dipping by two per cent. However, the demand for hires has seen a six per cent growth in the areas of purchase, logistics and supply chain. Finance and accounts have also witnessed a growth of about five per cent in the demand for talent month-on-month (MoM).
According to the November 2023 foundit Insights Tracker, the IT- hardware, software space registered a drop of six per cent in hiring activity, not just yearly, but also in the last one month.
Specifically, there has been a dip of 16 per cent year-on-year in the hiring demand in the the IT-hardware, software sector and a six per cent MoM decline. While finance and accounts did witness a monthly increase, it dipped 13 per cent year-on-year.
On the other hand, the retail sector witnessed extraordinary annual growth of 30 per cent in November 2023. It has been on an upward path over the past two years.
Modest growth of two per cent has been seen in the healthcare space, followed by legal functions (one per cent). The marketing and communications sector has been going steady in terms of demand for hires. A two per cent drop in hiring was seen in the software and hardware space in November, reflecting the challenges faced by this sector.
Overall, only nine out of 27 industries witnessed increased yearly hiring activity.
The biggest growth in hiring of 32 per cent year-on-year was witnessed in the shipping and marine space. However, the sector saw a seven per cent month-on-month dip in growth. Since November 2022, this is only the third time that the shipping industry has seen a dip.
The government/PSU/defence sectors witnessed a nine per cent year-on-year increase in hiring, and a 14 per cent MoM growth. The retail space has grown well with a 30 per cent year-on-year increase in hiring and a three per cent month-on-month growth. This upward trend has been going on for two years now. Thanks to the rapid move towards embracing technology, the office equipment and automation space has witnessed a 13 per cent increase in hiring driven by artificial intelligence and Internet of Things (IoT).