Bengaluru: Hiring activity in India witnessed an 11 per cent year-on-year growth in July compared to the same period last year, with retail and telecom sector jobs leading the way, according to a report on Wednesday. The report by talent platform Foundit (formerly Monster APAC & ME) also showed a marginal decline of 1 per cent month-on-month (MOM) in June. But, the overall job market is showing positive momentum. “The recent Union Budget’s strong focus on productivity and job creation is an encouraging sign for the recruitment industry. We have also observed that employee salaries have increased steadily, driven by high demand for fresh talent and competitive salary offerings,” said Shekhar Garisa, CEO, Foundit (formerly Monster APAC & ME), a Quess company.
“This growth is likely driven by high-growth sectors such as technology, digital marketing, and e-commerce,” he added. Further, the report showed that salary growth has been positive and consistent across most sectors over the past year. Fresh graduates in the retail and telecom sectors saw the most significant growth, with salary increases of 15 per cent and 14 per cent, respectively. Freshers in the retail industry receive an average minimum salary of Rs 3.3 lakh per annum (LPA) and an average maximum salary of Rs 5.2 lakh per annum. The consumer electronics sector also experienced significant year-on-year growth in hiring, with a 45 per cent increase. The report said this surge is driven by technological advancements, AI developments, and innovative designs in consumer electronics devices such as smartphones, TVs, gadgets, smartwatches, etc.
The manufacturing industry also saw a 43 per cent year-on-year increase in hiring, reflecting the impact of this surge, the report said. However, some sectors such as automotive, BFSI, and travel and tourism saw a decline in salary packages, reflecting market challenges and industry adjustments. Other sectors that saw a decline in hiring include shipping/maritime (-31 per cent) and agriculture (-17 per cent). However, recent Union Budget developments indicate the possibility of a gradual improvement in the coming months. Hiring in roles in hospitality and travel continues to grow significantly by 28 per cent (July 2024 vs July 2023). This growth highlights the dynamic environment, diverse roles and promising career paths offered by the hospitality sector.
