India Sees 33percent Annual Surge in Diversity Hiring, Driven by BFSI and IT Sectors – foundit Insights Tracker

foundit,

Mumbai, July 10th, 2024 - foundit (formerly Monster APAC & ME), India’s leading talent platform, has released the latest Foundit Insights Tracker (fit) for June 2024. This month, the tracker highlighted significant growth in diversity hiring in India, with a 33% year-on-year surge, showcasing the growing importance of diversity and inclusion (D&I) policies by corporates.

Alongside this, the overall hiring index rose from 295 in May 2024 to 302 in June 2024. Year-on-year, there has been a 12% increase in hiring, indicating strong momentum in employment opportunities. Over the past six months, hiring has seen a robust 15% growth, reinforcing a positive outlook for 2024. These trends highlight the dynamic and expanding nature of India’s job market.

Commenting on the remarkable progress in diversity hiring for June 2024, Sekhar Garisa, CEO of Foundit (previously Monster APAC & ME), a Quess company, said, “The 33% year-over-year increase in diversity hiring underscores the critical role that D&I policies play in shaping India’s workforce today. We commend Indian companies for prioritizing inclusivity and achieving such significant growth. Looking ahead, we anticipate an even deeper focus on inclusion through initiatives like mentorship and leadership programs for underrepresented groups and bias training at all levels. Companies can lead with innovative approaches such as D&I labs or councils to deepen inclusion efforts and reverse mentorship programs, where young employees from diverse backgrounds mentor senior leaders. With these initiatives, companies can build truly inclusive workplaces and set the stage for a dynamic and equitable workforce in India. We are proud to support this transformative evolution and are committed to helping employers create inclusive workplaces.”

BFSI and IT-Software & Services industries lead the way in diversity hiring

Over the past few years, Indian businesses have emphasized hiring candidates from diverse groups including women, LGBTQIA+, and persons with disabilities (PwD). This highlights the importance of diversity and inclusion (D&I) policies in corporates. Despite some fluctuation, the overall trend remains positive, with significant peaks during the Pride month in June 2023 (37%) and May 2024 (57%), reflecting key diversity initiatives.

Industries that have showcased the maximum spike in diversity job postings include BFSI and IT-Software & Services (IT-ITeS) industries, with 30% and 19% share of jobs respectively.

Additionally, companies are adopting structured D&I programs, such as anti-bias training, diverse interview panels, and targeted recruitment to encourage and acknowledge the underrepresented groups. Job ads now use inclusive language, such as registering a candidate’s preferred pronouns to avoid gender bias. Other industries that have showcased a good share of diverse representation include Healthcare (6%), Internet/E-commerce (4%), and Education (3%).

Metros like Bengaluru, Delhi-NCR, and Mumbai lead the way as diversity hiring hubs, with a good share of jobs dedicated to women, persons with disability, and the LGBTQIA+ community. Within the diversity hiring trend, there is also a noteworthy focus on promoting women to leadership roles through mentorship and specialized training.

Other cities that offer significant job opportunities to marginalized communities include Pune, Hyderabad, and Chennai. The data also reveals that 16% of remote work is dedicated to people with disabilities, which shows the benefits of working in location-agnostic companies.

The outlook for diversity hiring looks strong – with emphasis on D&I policies, technological integration, and regional expansion, we can expect to foster a more inclusive and dynamic workforce in India.

*D&I: PwD and Women categories refer to jobs exclusively for persons with disabilities and women, respectively. The D&I category now includes LGBTQIA+ individuals, women, PwD, & others.

Textile industry boom drives the ongoing growth in India’s Production & Manufacturing sector

On a month-on-month basis, the Textiles & Apparel sector experienced remarkable growth, showcasing 16% growth in hiring, fueled by technological advancements, sustainability initiatives, government support, and expanding domestic and export markets. Tier-II cities like Surat saw growing demand for job roles in the Textiles & Apparel industry. The growth of the Textiles & Apparel sector has contributed to the rise of India’s Production and Manufacturing industry as well. The sector’s remarkable 43% year-on-year surge in hiring was also driven by investments in the Automobile and Consumer Electronics sectors. The increased demand is evident not only within the manufacturing sector but also in related industries such as Consumer Electronics, which witnessed a 28% yearly growth in hiring.

The Construction & Engineering sector has also experienced a 29% increase in hiring over the past year, spurred by sustainability and green initiatives. On the other hand, the Agriculture sector has faced multiple hiring challenges over the past year, with a significant drop of 18% in June 2023. However, recent months show signs of gradual recovery, with the rate of decline easing from April 2024 onwards. Growth in organic farming and advanced Agri-Tech, along with e-farming applications, is responsible for this positive trend. Other sectors that witnessed a downward trend in hiring include Shipping/Marine (-31%), FMCG (-5%), and Import/Export (-15%).

New hotel and airport operations sparks growth in Hospitality, Marketing & Communications jobs

With the introduction of new hotel and airport operations across India, the hospitality sector is gearing up to cater to the growing influx of tourists. Hospitality job roles (36%) are experiencing high demand, driven by the need for experienced leaders to manage hotel operations. This demand is further amplified by nearly 100 new hotel properties expected to open this fiscal year by leading hospitality companies. Additionally, there is a significant demand for hospitality job roles in the airports, fuelled by the development of new airports in tier-2 and tier-3 cities.

Other job roles that have shown positive growth in hiring include Marketing & Communications, where the tracker has indicated a 24% year-on-year increase and a 5% monthly increase from May 2024 to June 2024. Hiring for marketing and communications roles has increased due to the growing need for brands to establish a strong digital presence and connect with their audiences online. The rise of social media, digital marketing, and content creation has created a demand for skilled professionals who can effectively navigate these platforms. Digital marketing roles alone have seen a remarkable 28% growth over the last year, reflecting the industry’s shift towards online engagement and data-driven digital strategies.

The job roles that have shown a downward trend in hiring include Customer Service (-27%), Sales & Business Development (-6%), and Finance & Accounts (-5%). On a year-on-year basis, job roles with moderate to slight growth include Engineering & Production and Creative, witnessing a (-2%) and (-1%) growth in hiring, respectively.

AI/ML Specialists, Digital Marketers, Data Scientists, and Analysts top the list of in-demand jobs in India

With the rapid technological advancements and the growing demand for data-driven decision-making, job roles such as AI/ML specialists, Digital Marketers, Data Scientists, and Analysts are in high demand today.

Industries that have showcased an affinity for hiring AI/ML specialists include the IT-Software & Services, holding a 27% share of jobs, and the Internet, E-commerce industry, with a 14% share of jobs. Businesses in these sectors leverage AI/ML to enhance efficiency and personalize customer experiences.

Meanwhile, the digital marketing landscape is expanding as companies seek to engage with a broader online audience. This surge is driven by the need for a competitive advantage in a digital-first world. According to the tracker, the IT- Software & Services industry leads in hiring digital marketing professionals, with a share of 33% of jobs. This is followed by the Advertising/PR/MR/Event Management sector, with a 16% share of jobs dedicated to digital marketers.

Data Scientists and Analysts are increasingly in demand, with the software & Services industry accounting for 27% of these roles. The surge in big data has made extracting actionable insights crucial.

Other sectors with growing needs for data analysts include Advertising/PR/Event Management (8%) and BFSI (7%). The integration of advanced analytics and machine learning is transforming these industries, making skilled data professionals essential for maintaining a competitive edge.

Bengaluru leads job growth in India; witnesses a remarkable 24% increase in hiring 

Bengaluru is witnessing a surge in hiring, driven by the tech sector’s growth and urban development, which is now expanding into Tier-2 cities. Companies across India are tapping into the vast talent pool in smaller cities, aiming to expand their workforce in Tier 2 and Tier 3. Year-on-year, Coimbatore leads the growth metrics with a 23% increase in hiring, followed by Jaipur with a 21% rise. Other cities showing strong growth include Delhi-NCR (18%), Hyderabad (17%), and Pune (12%). Month-on-month, Chandigarh maintained a stable hiring environment with a 6% increase. However, some cities like Baroda, Chennai, and Kolkata saw a slight decline in hiring, each dropping by 1%.

The hiring of senior and mid-senior level professionals sees moderate growth

According to the tracker, demand for professionals with over 15 years of experience increased by 8% year-on-year. Meanwhile, mid-senior-level professionals with 7 to 10 years of experience saw a 7% growth in hiring month-on-month.

Leave a Reply