White-collar hiring in India fell somewhat in August 2024 compared to August 2023, with the index dropping by 3%, according to the Naukri JobSpeak Index. The general employment market performed well in the first half of the month, but an unexpected cluster of holidays in the second half hampered hiring activity, resulting in a correction in the index.

Despite the general downturn, certain industries showed remarkable resilience and development. This was followed by good results in the Fast-Moving Consumer Goods (FMCG) and Pharmaceutical/Biotech sectors, which increased by 11% and 9%, respectively. Other industries, such as Automotive (+7%) and Oil & Gas/Power (+5%), saw good trends in an otherwise weak job market.

Pawan Goyal, Chief Business Officer of Naukri.com, commented on the conflicting results, saying, "Hiring in August is a tale of two halves. While the first half of the month followed regular patterns, the second half had an influence owing to extended holidays. Still, crucial areas such as AI-ML, FMCG, and Pharma continue to develop rapidly, giving us cause to be optimistic about the job market."

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The total growth rate in the information technology (IT) industry was 1% year on year, while AI-ML positions increased by 14%, demonstrating the continuous demand for tech experts with specific expertise. The FMCG industry continued to develop, notably in places such as Bangalore and Kolkata, accounting for 11% year-on-year increase. The pharmaceutical industry also expanded significantly, with Baroda emerging as a standout destination, with an amazing 44% rise in hiring.

Hiring Trends

In terms of geographical trends, Kochi, Baroda, and Coimbatore emerged as major hubs for fresher recruitment, showing a more geographically diverse talent acquisition. Bangalore's image as a startup hotspot was confirmed when startups and unicorns outhired global multinational companies (MNCs) and Global Capability Centers (GCCs).

However, the statistics also showed a 7% decrease in employment prospects for professionals with 0-3 years of experience since August 2023, indicating difficulties for entry-level job searchers. On the other side, recruiting for professionals with 16+ years of experience increased by 11%, indicating that there is still a demand for highly experienced people.

The Naukri JobSpeak Index is a monthly snapshot of the Indian job market, measuring hiring activity across sectors, locations, functional areas, and experience levels. The index is based on new job postings and recruiter activity on Naukri.com, which collects data from over 100,000 customers and 70 lakh new job mandates each year. Although it excludes gig work, hyperlocal hiring, and college placements, the index remains a strong and consistent predictor of white-collar hiring patterns in India.