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Consistent growth in Tier-2 city hiring; Production and manufacturing lead as industries: foundit Insights Tracker

  • Hiring activity sees an (11%) annual surge in e-recruitment (May 2024 vs May 2023) and a (7%) increase over the past three months (March 2024 – May 2024)

  • Kochi, Coimbatore, and Jaipur emerge as key hiring locations in tier-2 cities, Kolkata and Delhi/NCR stand out as leading hiring hubs in metropolitan areas

  • Production and Manufacturing industry (47%) experienced remarkable annual hiring growth, also emerging as the top hiring industry in tier-2 cities

  • Hospitality and Travel job roles witnessed a (23%) annual increase in hiring, Arts/Creatives professionals (4%) saw a surge in demand on a MoM basis

 

Consistent Growth in Tier-2 City Hiring; Production and Manufacturing Lead as Industries: foundit Insights Tracker

foundit (formerly Monster APAC & ME), India’s leading talent platform, published the foundit Insights Tracker (fit), presenting the latest findings on hiring trends for May 2024.   

 

According to the tracker, the overall hiring index shifted from 265 in May 2023 to 295 in May 2024. Compared to the previous year, there was an (11%) increase in hiring, indicating a substantial recovery in employment opportunities. The tracker indicated that hiring in tier-2 cities has shown consistent growth trends compared to the metropolitan areas, with cities such as Kochi, Coimbatore, and Jaipur emerging as key hiring locations.


Offering a hiring overview for May 2024, Sekhar Garisa, CEO, foundit (previously Monster APAC & ME), a Quess company, said, “It is remarkable to note the flourishing performance of tier-2 cities in terms of hiring, outpacing their metropolitan counterparts. These cities have showcased consistent upward trends, particularly driven by the Production and Manufacturing sector, where we are witnessing a surge in recruitment. This can be attributed to several factors, including infrastructural development, favorable government policies, and a burgeoning talent pool eager to contribute to India's industrial landscape. It's evident that tier-2 cities are becoming increasingly attractive hubs for businesses seeking expansion opportunities and tapping into diverse talent pools for sustainable growth.”


Tier-2 talent hotspots: Kochi, Coimbatore, and Jaipur lead in annual hiring surge

With cities such as Kochi, Coimbatore, and Jaipur dedicating resources to infrastructure development initiatives, and enhancing connectivity, transportation, and other amenities, corporate firms are bound to be attracted here for their business expansions. These enhancements provide superior logistics, market accessibility, and an improved quality of life for employees, which makes tier-2 cities a key hiring location for recruiters.


In terms of the metro cities, Kolkata and Delhi/NCR stand out as leading hiring hubs on a YoY basis. While tier-2 cities have outperformed metro cities on a YoY basis, metros have witnessed a significant upswing in hiring in the last few months.


According to the tracker, tier-2 cities are seeing stronger growth rates in sectors like Production and Manufacturing (29%), IT- Software & Services (17%), Real Estate (8%), and Education (8%), where recruiters are seeking diverse talent with specialised skill sets. Metro cities have shown an affinity for hiring from IT-Software & Services and Advertising, MR, PR industries, due to the uptick in the demand for IT service providers and digitalisation, signalling a recovery from the layoffs and reduced bench strength.  


Tier-2 vs. Metros (Annual Hiring Trends)

Top hiring Industries

Tier-2 Cities

YoY %

Metro Cities

YoY %

Production and Manufacturing

29%  

5%

Real Estate

8%

1%  

Engineering/ Construction

5%

4%  

Education

8%

-4%

IT- Software & Services

17%  

3%

Advertising, MR, PR

-4%

3%  

Travel/ Tourism

-2%

10%  

As far as the salary trends for metros and tier-2 cities are concerned, the average minimum salary in a metro city ranges from INR 4.83 LPA to INR 6.63 LPA, while the average maximum salary ranges between INR 8.09 LPA to INR 15.98 LPA. Meanwhile, the average minimum salary in a tier-2 city ranges from INR 4.01 LPA to INR 5.43 LPA and the average maximum salary ranges from INR 7.12 LPA . to INR 11.01 LPA.  

Location

Avg-Min-Salary (LPA)

Avg-Max-Salary (LPA)

Mumbai

621,987

1,598,100

Bangalore

663,050

1,521,652

Delhi-NCR

557,694

1,307,303

Hyderabad

656,624

1,182,459

Chennai

616,702

1,103,050

Pune

543,214

1,101,484

Kolkata

494,173

982,828

Coimbatore

412,453

820,275

Ahmedabad

483,251

809,077

Kochi

406,221

716,938

Jaipur

401,008

788,972

Chandigarh

426,487

713,863

Vadodara

413,050

712,555

India's Production, Manufacturing, and Telecom Sector Sees Hiring Revival  

Production and Manufacturing sector witnessed a remarkable (47%) YoY surge in hiring, fueled by various factors, including the growth of the large modern manufacturing in India, aided by government push in PLI, infrastructure development, and policy intervention on imports/exports. The increased demand is evident not only within the sector but also in related industries such as Home appliances and Electrical components, which witnessed a 35% growth in hiring. 


Telecom/ISP sector has seen notable growth over the past month and on an annual basis, recording a 9% YoY growth. This surge is largely credited to heightened annual investments in telecommunication services and the relaxation of FDI norms. Moreover, India's telecom landscape is expanding, driven by rising demand for end-user applications and advancements in markets such as IoT, cloud computing, data centers, and the upcoming 5G technology. Additionally, the country is experiencing a significant uptick in internet usage, further fueling the sector's growth.


The Healthcare industry has also shown a revival, witnessing a (29%) YoY increase and a (4%) monthly increase in hiring. Meanwhile, sectors such as Agro-based industries (-16%), Shipping/Marine (-30%), FMCG (-9%), Import/Export (-16%) saw a yearly downtrend in hiring. Retail (18%), Oil/Gas/Petroleum (22%), Real Estate (20%), and IT (20%) industries showcased moderate growth in hiring.   


Digitalisation and social media popularity uplift Arts/Creative job roles; while Customer Service job roles face headwinds

With the growing popularity of digital and social media marketing, there has been a month-on-month surge in demand for Arts/Creative professionals (4%), particularly for positions such as Graphic Designers and Animators. Organisations today are seeking to increase website traffic and convert online leads with the help of skilled and knowledgable Marketing and Communication specialists, who have also recorded a (16%) YoY increase in hiring. The job roles showing a downward trend in hiring include Customer Service (-25%), due to the adoption of AI-based chatbots and virtual assistants.


Other job roles that have showcased growth in hiring include Hospitality & Travel, a (23%) year-on-year increase and a (1%) monthly increase from April 2024 to May 2024. The growth is driven by a significant emphasis on sustainable development and increased demand at airports and from hotels.


Professionals in Software, Hardware, and Telecom roles saw an 11% increase in May 2024, mainly in metropolitan areas that emphasise skill-based recruitment.


Hiring of senior and mid-senior level professionals witnesses a growth 

According to the tracker, demand for mid-senior level professionals with 7 to 10 years of experience grew by 9% year-on-year. Senior-level professionals with more than 15 years of experience saw a 17% year-on-year increase in hiring. Additionally, hiring for Associate roles with 4-6 years of experience grew by 2% over the last month as well as annually.

 

About foundit Insights Tracker   

The foundit Insights Tracker (fit) is a comprehensive monthly analysis of online job posting activity conducted by foundit. Based on a real-time review of millions of job listings from a wide range of online career platforms, the index offers a snapshot of online recruitment activities nationwide. Previously known as the Monster Employment Index, it provided a comprehensive perspective on hiring patterns based on industry, role, location, and experience. Now, in its new avatar, it delivers more detailed insights on recruitment trends, focusing on the demand for specific skills, available positions, and the salary ranges in the market.  

 

Timeframe for the report   

The timeframe for the fit data is May 2023 vs May 2024.   

 

About foundit - APAC & Middle East   

foundit, formerly Monster (APAC & ME) is a leading talent platform offering comprehensive employment solutions to recruiters and job seekers across APAC & ME. In addition to a powerful AI-powered job search, foundit offers e-learning, assessments, and services related to resume creation, interview preparation, and professional networking. Since its inception, the company has assisted over 90 million job seekers across 18 countries in upskilling and connecting them with the right job opportunities. foundit is now also the Official Talent Partner of the Badminton World Federation across 20 key world tour events.  

 

Over the last two decades, the company has been a leader in the world of recruitment solutions and has recently launched a cutting-edge solution to give recruiters access to passive candidates in addition to active ones. With the use of advanced technology, foundit is seeking to efficiently bridge the talent gap across industry verticals, experience levels, and geographies. Today, foundit is committed to enabling and connecting the right talent with the right opportunities by harnessing the power of deep tech to sharpen hyper-personalised job searches and offer precision hiring. Additionally, foundit has been recognised as a Great Place To Work, reflecting its dedication to fostering a supportive and dynamic work culture. 


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