HOME > BUSINESS > Hiring slows in October due to festival effect – Naukri.com

Hiring slows in October due to festival effect – Naukri.com

overall-index

Hiring activity fell 8% October this year compared to the same month a year ago, according to Naukri.com’s Job Speak Index.

This dip was primarily caused by the festive season which saw Dussehra, Durga Pooja and Diwali fall in October, the company said. “Hiring activity generally tends to slow down around these festivals as recruiters go slow on hiring plans and job seekers also temporarily suspend their job hunt.”

Technology industries i.e. IT – Software/Software Services as well as ITES/BPO saw a YOY dip of 11% and 8% respectively, after seeing consistent growth so far in the financial year. IT – Hardware sector also saw jobs decrease by 24%.

IT – Software and ITES/BPO/KPO saw jobs in Oct 2016 go down by 9% and 6% respectively when compared to Oct 2015. IT – Hardware jobs also fell by 11% in the same time period.

Finance industries continued to have an impressive run and witnessed job growth even in the festive season which had an overall negative impact on jobs (see graph).

Banking/Financial Services saw jobs increasing by 6% in Oct 2016 when compared to Oct 2015, Insurance sector jobs grew by an impressive 21% in the same duration.

Finance oriented functional areas were relatively flat: Banking/Insurance jobs remained flat in Oct 2016 when compared to Oct 2015 while Accounts/Finance/Tax jobs saw a small dip of 4% in the same period.

Manufacturing and Infrastructure oriented industries continued to witness very low growth or a decline in jobs; while Auto/Auto Ancillary saw a modest 2% YOY increase in jobs, other sectors like Construction/Engineering, Oil & Gas/Power and Industrial Products/Heavy Machinery saw a reduction in jobs by 22%, 29% and 15% respectively.
Amongst other industries, Medical/Healthcare saw a 2% YOY growth in jobs while Education/Teaching also witnessed a 15% growth and were able to buck the trend of jobs slowdown in the festive season.financial

Amongst more traditional sectors: Sales/BD jobs were down by 11% while Marketing/Advertising jobs also fell by 8%.
The slowdown of manufacturing and infrastructure industries was reflected in functional areas that correspond closely to these industries: Production/Maintenance jobs fell by 4% while Site Engineering/Project Management witnessed a significant dip of 26%.

All metropolitan cities saw a YOY decline in jobs. Delhi NCR, Mumbai and Bangalore saw jobs decline by 17%, 35% and 6% respectively in Oct 2016 compared to Oct 2015. Jobs in Hyderabad were flat while Chennai, Pune and Kolkata also saw jobs decline by 39%, 34% and 29% respectively. Smaller cities were impacted just as strongly by the festive season and saw jobs decrease on a YOY basis.

Follow ULTRA.news
Infosys to bring down on-site employee numbers going forward IT services provider Infosys Ltd said it has largely exhausted the possibility of improving its profit margins by increasing employee utilization levels and will focus on bringing down on-site employee numbers to boost margins. The company reported an employee utilization leve...
India PSU employment declining 4.3% per year The total number of people employed by various undertakings and companies controlled by the central government has been showing a decline of 4%-5% per year in recent years. According to numbers from the ministry of heavy industry and public enterprises, the total number of p...
Manufacturing sentiment steady in Q3; Auto, Cap Goods, Metals bullish FICCI’s latest quarterly survey on Manufacturing indicates a pause in the steady improvement seen in optimism on quarterly production levels. The percentage of respondents expecting production in the current quarter (Oct-Dec) to be higher than last quarter fell to 47% from 50...
NDTV to lay off 25% of workforce in one month NDTV said it has decided to fire up to 25% of its workforce over the next one month to focus more and more on its core news business. The fired employees are currently engaged with the company's non-core operations. "As intimated earlier to the exchanges, NDTV Group had in...
GST complaints coming mainly from tax-evaders – Adi Godrej Adi Godrej, chairman of one of India's largest manufacturing and real estate groups, said most of the complaints about the new Goods and Services Tax is coming from businesses that have been built on a model of tax evasion. "The complaints about the GST are mainly coming from ...
TeamLease buys 40% of education technology start-up Schoolguru TeamLease Services, one of India’s largest staffing companies, said it has agreed to acquire 40% of Schoolguru Eduserve Private Limited, an Online Learning company that works with 18 Universities. Established in 2012, Schoolguru provides services to Indian Universities to help...
NRI bank accounts see mega outflows as Gulf crisis hits earnings Net bank deposits by non-resident Indians have fallen by nearly 90% so far this financial year as more and more foreign workers dipped into their bank accounts in the face of a crisis in the Gulf region, industry association ASSOCHAM said. Net bank deposits -- the difference ...
India to announce new industrial policy in October The Indian government is likely to announce a new industrial policy in October, the ministry of commerce and industry said, and sought feedback from the public. Commerce and industry minister Nirmala Seetharaman will hold a final round of consultations with stakeholders soon,...
Modi’s reforms drag, power plants to face low loads, study India’s energy sector is facing low capacity utilisation in power generation as plant load factor is estimated to remain low at around 62 per cent until 2018-19, noted a recent ASSOCHAM-Crisil joint study. The study also expressed concern over the slow pace of reform implement...
Expecting waivers, farmers stop paying back bank loans? The write-off of farm loans in Uttar Pradesh and Maharashtra seems to be encouraging farmers in other states to stop paying back their farm loans to make sure that they will get the benefits of any farm loan waiver program in their state. This has led to a sharp increase in farm ...
FITE says 11 cases against Tech Mahindra layoffs moved to courts The Maharashtra unit of Forum for IT Employees said 13 disputes over forced resignations and  layoffs at IT organizations have been moved to the labor courts after failed mediation attempts by state labor authorities. FITE meets Maharashtra CM 11 of the 13 cases were filed...
IT companies using illegal tactics to force workers to resign: FITE The Forum for IT Employees, arguably the IT workers rights organization with the largest number of well-wishers and supporters, accused IT companies of using illegal and unethical means to force their workers to submit their resignations. In a meeting with Maharashtra Chief Mi...
Demonetization took India forward by 3 years – SBI The demonetization of currency notes late last year has doubled the number of card transactions and helped push India's payment digitisation by three years, State Bank of India said in a note. "Even after seven months post demonetization, the transaction value is quite large ...
Vishal Sikka says Infosys trying to retrain employees displaced by automation Infosys Chief Executive Officer Vishal Sikka said his company was not overwhelmed by the problem of automation and that it is trying to retrain its staff displaced by automation. Sikka was responding to a question on 'what happened to the 11,000 employees' displaced by automat...
Who’s responsible for IT job losses? Ask this recruiter It's become something of a fashion to complain about job losses in India's big IT services firms. Companies like Infosys Ltd, Tata Consultancy Services, Wipro and Cognizant employ over a million people in the country, and have been letting go off tens of thousands this year as...
Cognizant says will layoff employees, close facilities this year Cognizant, one of the largest employers in India, said it will let go off some of its employees and shut down some of its facilities as part of its ongoing shift away from traditional outsourcing to 'digital transformation work'. The company said it is 'accelerating its shift...
Cognizant layoffs may be heading to TN labour courts as FITE preps petitions Forum for IT Employees or FITE -- an organization that claims to speak for ordinary IT workers -- said a group of employees of Cognizant Technology Solutions will approach the office of Labour Commissioner of Chennai today. "Affected CTS employees file petition to the Labour ...
Bots cut Wipro employee strength by 12,000 A NASA Robot A pioneering artificial intelligence program that started getting deployed around mid-2016 has helped Wipro Ltd reduce its employee numbers by 12,000 people, the company said in its recent quarterly update. "The HOLMES platform generated productivity worth ove...
Wipro refuses to reveal how many employees are being laid off Wipro Ltd, one of India's top employers, refused to confirm the exact number of people that it was laying off as part of its annual appraisal process. "It is part of the internal appraisal process," company officials said, refusing to go into further details. The media ha...
Indian IT industry facing layoffs as conditions worsen, warns Assocham Trump unveiled his 'Buy American, Hire American' program yesterday Indian IT companies are bound to see "some laying off" of their work force back home due to various negative forces impacting the industry, Assocham -- an association of various industries -- warned. "With ...