Startup ecosystem in India cranks up job market, freshers in demand, foundit report
India's startups are driving up job market for freshers
The latest foundit Insights Tracker on hiring trends shows that overall hiring activity increased by 9% in April, both month on month and year on year, indicating a recovery in employment opportunities.
According to the foundit tracker for April 2024, the overall hiring index rose to 300 last month from 276 in March.
The number of new startups increased by 37%, resulting in a 14% increase in job opportunities. More than half (53%) of all startup jobs are designed for freshers. In April, sales jobs in the sector increased by 23%, indicating that startups are hiring more people.
“Startups are increasingly leaning toward recruiting fresh talent, with more than half of their job postings targeting newcomers,” Sekhar Garisa, CEO of foundit, said in a statement. “In addition, hiring in the production and manufacturing sector has increased by 31% year on year. This growth will help India realize its vision of becoming a global manufacturing powerhouse.
Formerly known as Monster (APAC & ME), the job placement platform foundit is now owned by Quess Corp, a business services provider.
Manufacturing Hiring Revival
Last month, hiring in India’s production and manufacturing sector increased by 31% year on year, indicating significant growth. This aligns with the country’s broader vision of emerging as a global manufacturing powerhouse, with a focus on the automobile, chemical, pharmaceutical, and food processing industries.
Another sector that has performed well is the home appliances industry, which saw a 27% year-on-year increase in hiring as heatwaves accelerated demand.
The healthcare industry has seen a 10% year-on-year increase and a 6% monthly increase in hiring.
Agro-based industries (-22%), shipping/marine (-19%), FMCG (-6%), and printing/packaging (-7%) all experienced a year-over-year decline in hiring.
The retail (18%), automotive (15%), real estate (11%), information technology (9%), and oil/gas/power (14%) industries all saw increases in hiring.
With schools closed for summer vacation, the hospitality industry is preparing to handle the growing influx of tourists. Similarly, online hiring activity in these industries increased by 23% year on year.
Other job roles that have seen positive hiring growth include marketing and communications, where the tracker reported a 12% year-on-year increase and a 6% monthly increase.
Customer service (-26%), sales & business development (-12%), and finance & accounts (-7%) are among the job roles with the lowest hiring rates. Engineering/production, software, hardware, telecom, and HR & administration are among the job roles with moderate to slight growth year on year, with hiring up 2%.
