July 2023- The IT sector of India witnessed a sharp decline in employment opportunities. The overall drop in new jobs recorded 46 per cent compared to the previous year, according to the Naukri JobSpeak Index released on Tuesday. Even the job posting for White Collar jobs in July stood at 2,573, which is 8 per cent down compared to the previous month, as per the reports.
Besides the IT Sector, other industries, such as FMCG, Retail, BPO, Insurance, and Education, have also seen a fall of 23%, 23%, 21%, 16%, and 14% in the new job creation compared to July last year.
Meanwhile, the demand for senior professionals with over 16 years of experience is rising and entry-level and mid-level hiring remains subdued, as the JobSpeak Index indicates. According to the reports, the Oil & Gas sector witnessed a 9 per cent surge in job hiring compared to July 2022. Jobs for the roles such as Field Service Engineer, Procurement Manager, Logistic Manager, and Quality Engineer remained in demand in the cities like Ahmedabad, Mumbai, Pune, and Hyderabad.
Talking about the real estate sector, it has seen 5 per cent growth in hiring roles such as Project Manager for construction, interior design, architect, and civil engineer compared to July of the last year.
With the ongoing demand for AI, the urge for the jobs such as Full Stack AI Scientist and ML Engineering has increased, with the number of new jobs opening up by 9% and 6%, respectively, in July compared to the beginning of the year.
Whereas the hospitality sector sees a 2% jump in new job creation in July 2023 compared to last year. The sector continued to open job opportunities for Restaurant Managers, Hotel Managers, and Travel Deck Coordinators in the areas like Mumbai and Chennai.
In conclusion, July 2023 saw a notable decline in IT sector hiring, which has raised concerns about stability. This unexpected drop may impact the overall economy.
