Hiring Activity Down 5 Pc In Jan, But Registers Sequential Rise: Report

January's hiring activity dips by 5% year-on-year but shows a 3% sequential rise, with demand for skilled talent in tourism, telecom, and BFSI sectors driving growth, according to the foundit Insights Tracker report.
Hiring Activity Down 5 Pc In Jan, But Registers Sequential Rise: Report

Hiring activity saw a 5 per cent decline in January, while sequentially it was up 3 per cent, a report said on Monday.

The sequential increase was largely due to an improvement in demand for skilled talent in the tourism, telecom, and Banking, Financial Services and Insurance (BFSI) industries, foundit Insights Tracker said in the report.

The hiring activity was down 5 per cent in January compared to the same month last year, it said.

"...we could trace the steady growth of the tourism industry, which aligns with global trends and the government's interests," Sekhar Garisa, CEO, foundit (previously Monster APAC and ME), a Quess company, said.

He said the Budget's focus on developing iconic tourist destinations and promoting spiritual tourism aligns with the increasing demand for unique and immersive travel experiences.

"This forward-thinking approach aligns perfectly with the evolving trends we observed at foundit, where the travel and tourism sector has seen an impressive 21 per cent year-on-year hiring growth.

"Overall, we anticipate more stability and growth in the coming months, creating new job prospects in the market," he added.

The foundit Insights Tracker (fit) is a monthly analysis of online job posting activity on career platforms.

The report stated that on a month-on-month basis, the telecom/ISP, BFSI, and logistics, courier/freight/transport sectors showed a 5 per cent increase in job postings while the travel and tourism sector witnessed a 6 per cent increase.

In terms of cities, Chennai stood out with a 9 per cent sequential increase in hiring, potentially attributed to the setting up of numerous manufacturing units in the state and business expansion plans implemented by corporations who wish to expand to southern states, the report noted.

Hyderabad, and Bengaluru -- known as IT hubs -- witnessed a 5 per cent and 3 per cent month-on-month rise in hiring activity, respectively, it added.

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