Naukri JobSpeak Report IT Sector Hiring Declines in October 2023 According to the Naukri JobSpeak Report, hiring in the IT sector took a notable hit in October 2023, marking a 14% decrease when compared to the same period in the previous year (October 2022). This decline is a significant shift in the employment landscape, especially in IT hubs like Pune, Bengaluru, Hyderabad, and Chennai, where de-growth ranged from 6% to 11%. Chennai experienced the most substantial decline, with an 11% reduction in IT hiring.
Key Findings:
Regional Variations: Different IT hubs across India experienced varying levels of hiring decline. Pune, Bengaluru, Hyderabad, and Chennai, which are traditionally strong in the IT sector, witnessed de-growth. The reasons for this decline may include economic factors, market conditions, or shifts in hiring practices.
Delhi-NCR and Mumbai Growth: Delhi-NCR and Mumbai, however, saw modest growth in IT sector hiring, with 5% and 4% increases, respectively. It’s important to note that these gains were largely attributed to the low base effect from the festival season in the previous year.
Experience-Level Hiring Patterns: The hiring pattern in the IT sector showcased a preference for experienced professionals. There was a substantial increase in demand for individuals with over 16 years of experience, which surged by 46%. Additionally, those with 13-16 years of experience saw a notable uptick of 26%. In contrast, job offers for candidates with 8-12 years and 4-7 years of experience contracted by 9% and 10%, respectively.
The decline in IT sector hiring could be attributed to various factors, including economic conditions, evolving business strategies, or the adoption of new technologies that may require different skill sets. Additionally, regional variations in hiring trends highlight the dynamism of the industry, where certain locations may face greater challenges or opportunities compared to others.
As the IT sector continues to evolve, it’s important for job seekers and employers to stay attuned to these trends and adapt their strategies accordingly. The focus on experienced professionals suggests that companies may be seeking expertise and leadership in their hiring, which has implications for both job applicants and employers in the IT sector.
