Hiring activity in India saw an 11 per cent yearly increase in July compared to the same period last year, with retail and telecom jobs taking the lead, according to a report on Wednesday.
The report by talent platform foundit (formerly Monster APAC & ME), also showed a slight month-on-month (MoM) decline of 1 per cent in June. But, the overall job market shows a positive momentum.
“The strong focus of the recent Union Budget on productivity and job creation is an encouraging sign for the recruitment industry. We have also noticed that the salaries of employees have consistently risen driven by higher demand for fresh talent and competitive salary offerings,” said Sekhar Garisa, CEO, foundit (previously Monster APAC & ME), a Quess company.
“This growth is likely fueled by high-growth sectors such as technology, digital marketing, and e-commerce,” he added.
Further, the report showed that the salary growth across most sectors has been positive and consistent over the past year.
Fresh graduates in the retail and telecommunications sectors witnessed the most significant growth, with a 15 per cent and 14 per cent increase in salaries, 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 LPA.
The consumer electronics sector also experienced remarkable year-on-year growth in hiring, with a 45 per cent increase.
The report noted that the 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 yearly growth in hiring, reflecting the ripple effect of this boom, the report said.
However, a few sectors such as automotive, BFSI, and travel and tourism witnessed a decline in salary packages, reflecting the market challenges and industry adjustments.
Other sectors that witnessed a dip in hiring include shipping/marine (-31 per cent), and agriculture (-17 per cent). However, the recent Union Budget developments suggest the potential for a gradual recovery in the coming months.
Roles in hospitality and travel continue to experience a remarkable surge in hiring by 28 per cent (July 2024 vs July 2023). This growth highlights the dynamic environment, diverse roles, and promising career trajectories that the hospitality sector offers.
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