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Business

Updated on: Tuesday, April 07, 2020, 03:45 PM IST

Coronavirus in India: Job market down by 18% in March alone, says Naukri.com study

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Overall hiring activity in India declined by 18% in March, with travel and airlines, hospitality and retail industries witnessing a massive 56% drop in offering jobs as compared to March last year, leading job portal Naukri.com said on Tuesday.

The retail sector saw 50% drop in hiring, followed by auto/ancillary (38%), pharma (26%), insurance (11%), accounting/finance (10%), IT-software (9%) and BFSI (9%), according to the 'Naukri JobSpeak Index' for March 2020.

According to Pawan Goyal, Chief Business Officer at Naukri.com, the hiring activity for the first 20 days on March 2020 saw only a 5% decline.

"However, due to the nationwide lockdown, there was a substantial drop in recruitment activity in the last 10 days, which resulted in overall drop of 18 per cent in hiring," said Goyal.

The hiring activity showed early signs of slowdown starting from January where the index grew by only 5.75%, followed by no growth in February.

The job market across cities registered a dip in hiring activity.

The decline was led by metros, wherein Delhi declined by 26%, followed by Chennai and Hyderabad at 24% and 18%, respectively.

In Delhi/NCR, pharma industry saw a dip in hiring by 66% and 43%, respectively.

Recruitment activities across all experience levels saw a negative growth. The demand for professionals in hospitality (63%), banking (28%), accounting (23%) and IT-Hardware (22%) sectors marked a substantial negative growth in the Capital.

Overall, there was an across the board decline in hiring activity at experience levels as well with senior experience bands (over 13 years of experience) witnessing the sharpest decline of 29% while the entry-level experience band (0 to 7 years) saw a decline of 16%.

Some of the key industries like IT, BPO/ITES, BFSI and accounting/finance that form a significant base of hiring activity in India within the white collar segment have shown a lesser decline during these unprecedented times.

As compared to the overall 'JobSpeak' index decline of 18% during March 2020, the hiring activity in IT-software industry declined by 9%, IT-hardware by 7%, accounting/finance by 10%, BFSI by 9% and BPO/ITES by 1%.

New jobs for professionals in the hotel/restaurants, ticketing/travel/airlines and marketing/advertising/MR/PR sectors witnessed a dip of 51%, 48% and 33%, respectively.

Functional roles in HR/administration (29%), banking/insurance (23%), sales/business development (20%) and IT-software (16%) also witnessed a decline.

"It is a great time for jobseekers to upskill themselves be leveraging e-learning," said Goyal.

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Published on: Tuesday, April 07, 2020, 03:45 PM IST
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