The IT Sector Witnesses the Highest Ever Job Index In September and the Insurance Sector Is At Its Lowest Ever: Says Naukri Job Speak

The IT sector moved up by 45% from 718 in Sept-09 to 1047 in Sept-10

  • Hiring activity in the Insurance sector dipped by 58% in Sept-10 when compared to the same time a year ago
  • On an overall level, the Naukri Job index for Sept-10 continues to maintain steady hiring  levels

The stability of the Naukri Job Speak index for the past four months clearly indicates a steady hiring scenario and improved business sentiment in the country. Although, the index for Sep-10 inched down marginally by 1.2% from 956 in Aug-10 to 943 in Sep-10, the three month moving average index indicates steady recruitment levels. On a year on year comparison the job index moved up by 22% in Sep-10 as compared to the same time over a year ago

Hitesh Oberoi, CEO and MD, Info Edge said “Hiring activity in the IT sector is back to the pre-recession levels.  Key IT players in the country are acquiring multiple projects from India as well as overseas which has led to this boom. Software professionals can hence look forward to a favourable hiring environment over the next few months.”

He further added “The dip in the insurance sector was anticipated as insurance firms have been groping for ways to reduce headcount, post IRDA regulations.”

Industry Sector Analysis:

An in-depth analysis of the index shows that the IT sector has significantly ramped up recruitment activities with the job index steadily moving in a positive direction for the past three months. In Sept-10 the index is at its highest ever and stands at 1047. A similar sentiment was echoed in the recently released Naukri Hiring Outlook Survey where in 78% recruiters from the IT sector indicated that new jobs will be created in the second half of 2010. In contrast, most of the other core industry sectors Auto, Construction, Oil & Gas and Banking registered dip in their indices within the range of 2% and 5%. The Insurance and the ITES sector in particular witnessed steep monthly declines of 29% and 15% in Sept-10 when compared with Aug-10.

Functional Area Analysis:

The hottest skill sets for the month of Sept were Software development and Sales & Business development where the index moved up by 3% and 2% respectively in Sept-10 over Aug-10. However the demand for professionals in Banking, ITES and Finance registered notable dips of 15%, 8% and 5% in Sept-10 over Aug-10.

City Wise Analysis:

A look at the hiring trends of the top cities of the country show that Mumbai, Bangalore, Kolkata and Chennai have seen steady hiring levels with their indices moving in a positive direction consecutively for the past two months.  The index for Kolkata and Bangalore moved up by 5% and 4% respectively in Sept-10 as compared to Aug-10. On the contrary, Delhi and Pune witnessed a dip of 5% and 2% respectively in their indices in Sep-10 over Aug-10.

Overall, the index seems to be moving in a steady pace indicating a positive hiring sentiment for the year.

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