Hiring Activity Down 5% in Jan, But Up Sequentially: Report
By Rediff Money Desk, MUMBAI Feb 05, 2024 20:48
Hiring activity declined by 5% in January year-on-year but rose sequentially by 3%, driven by demand for skilled talent in tourism, telecom and BFSI sectors.
Mumbai, Feb 5 (PTI) 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.
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.
Read More On:
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- Vodafone Idea L
- 9.80 ( -0.71)
- 44492337
- G V Films
- 0.94 (+ 9.30)
- 37404318
- Jaiprakash Power Ven
- 19.44 ( -3.38)
- 30530141
- Spicejet Ltd.
- 62.79 ( -4.25)
- 22824171
- Srestha Finvest
- 0.89 (+ 4.71)
- 21696619
MORE NEWS
Truth Social Parent Company COO Resigns, Faces...
Truth Social's parent company, Trump Media & Technology Group, has seen its COO resign...
Spoofed Calls Blocked: DoT & Telcos Deploy System
India's DoT is implementing a phased system to block international spoofed calls,...
Swiggy Launches 10-Minute Delivery Service 'Bolt'
Swiggy announces the launch of 'Bolt', a 10-minute food delivery service, initially...