According to the tracker, the overall hiring index shifted from 265 in May 2023 to 295 in May 2024. Compared to the previous year, there was an (11%) increase in hiring, indicating a substantial recovery in employment opportunities. It also noted that hiring in tier-II cities has shown consistent growth trends compared with the metropolitan areas, with cities such as Kochi, Coimbatore and Jaipur emerging as key hiring locations.
Sekhar Garisa, CEO, foundit, says the growth in hiring indicates a substantial expansion and positive trajectory for India‘s manufacturing sector. “This surge in hiring reflects increasing demand for skilled labor and indicates a vibrant job market within the manufacturing industry. It suggests that companies are expanding their operations and investing in manpower to meet growing production needs. Furthermore, such significant growth in hiring could lead to a boost in economic activity, increased industrial output and contribute to overall economic development,” he states.
Garisa adds that India’s aspirations to become a developed country by 2047 hinge significantly on the growth and modernisation of its manufacturing and production sectors. “Manufacturing has the capacity to generate millions of jobs across diverse skill sets, ranging from factory workers to engineers and managers. According to the tracker, the sector has experienced a remarkable 38% growth in white-collar jobs over the past six months, demonstrating its potential as a major source of employment. This is particularly crucial for India, given its sizable and expanding workforce. By investing in manufacturing, India can absorb its growing labour force and offer significant avenues for gainful employment.”
The findings also revealed that tier-II cities are seeing stronger growth rates in sectors like production and manufacturing (29%), IT-software & services (17%), real estate (8%) and education (8%), where recruiters are seeking diverse talent with specialised skill sets.
In terms of metro cities, Kolkata and Delhi/NCR stood out as leading hiring hubs on a YoY basis. While smaller cities have outperformed metros on a YoY basis, the latter have witnessed a significant upswing in hiring in the last few months, the tracker added.
Among some of the newer trends, it observed that there has been a month-on-month surge in demand for arts/creative professionals (4%), particularly for positions such as graphic designers and animators, due to the growing popularity of digital and social media marketing. The job roles showing a downward trend in hiring included customer service (-25%), due to the adoption of AI-based chatbots and virtual assistants.
