New report suggests improvement in hiring activity

nThe Naukri Jobspeak Index for June 2020, at 1208, marks an improvement of 33% in hiring activity as compared to May 2020, at 910. The improvement could be attributed to nationwide relaxations introduced by the government under Unlock 1.0. However, when we looked at Y-O-Y developments, the hiring activity is still down by 44% in June 2020 when compared to June 2019.

The June’ 2020 decline in hiring is led by industries like Hotel/restaurant/travel/airlines (-79%), Retail (-68%), Auto/ Ancillary (-76%), and BFSI (-55%). Key industries like

Pharma/biotech/clinical Research (-28%), BPO/ITES (-42%) and It-software (-42%) were less affected Y-O-Y.

The job market across cities registered a double-digit dip in hiring Y-O-Y. The decline was led by metros wherein Mumbai declined by 56% followed by Delhi (-54%) and Chennai (-52%). There was an across the board decline in hiring at varied experience levels with the entry-level experience bands (0 to 3 yrs exp) witnessing the sharpest decline of 47% followed by a 44% decline in hiring for senior-level executives. (4-7 yrs. exp.)

Referring to the report, Pawan Goyal, Chief Business Officer, Naukri.com said, “It is encouraging to see that the announcement of Unlock 1.0 in India has resulted in the month on month progressive growth in hiring. While the Y-O-Y hiring is still impacted leading to a decline of 44% in June’ 20, key industries such as IT, BPO/ITES, FMCG and Accounting have seen significant uptick in hiring this month as compared to the last two months. “