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
Mumbai : 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
|