Indian job market in strong recovery with a 60% increase over one year in the number of active openings

India’s labor market appears poised for a strong recovery with a whopping 60% year-over-year increase in the number of active openings for white-collar workers in September, data from LinkedIn and best business job boards.

The number of open positions accepting white collar applications in September rose to around 285,000 as companies across industries such as IT / IT, BFSI, edtech, e-commerce, fintech and the board have emboldened their hiring plans, data gathered by a specialist showed. recruitment firm Xpheno and shared exclusively with ET. Overall, recruitments in the first nine months of 2021 were almost 40% higher than the corresponding period last year, despite a temporary hiatus during the second wave of the pandemic, indicating a sustained growth in recruitment activity.

Labor market experts and key business leaders attributed the recovery to a combination of factors, including positive economic growth indicators, government efforts to revive business activity, further easing of restrictions and an increase of consumption.

“The momentum in hiring is fueled by the release of pent-up demand from last year and the fact that companies are preparing for an optimistic return to normalcy,” said Kamal Karanth, co-founder of Xpheno. “Businesses in all key sectors are reinvesting in building capacity to manage the expected growth in demand,” he added.

Senior executives said companies are also better prepared to deal with the pandemic than they were a year ago, and growing immunization coverage is boosting market confidence.

“The labor market recovery is unfolding at a breakneck pace,” said SV Nathan, Partner and Talent Director, Deloitte India. “There is a whole slew of positive indicators that are leading to increased hiring activity, most notably the opening of US markets leading to a huge upturn in outsourcing jobs, increased spending on corporate infrastructure. government, sustained hiring in sectors such as health and pharmacy. which received a gunshot in the arm of Covid, finally a further easing of restrictions in various service companies and a gradual decrease in fears about the pandemic, ”he added.

The technology sector has remained very active as technology spending has picked up across all industries in domestic and global markets. The sharp increase in investment deals in the tech startup space is also leading to the creation of thousands of jobs.

“The job market in the IT / ITes sector is in a state of frenzy,” said Nitin Bhatt, technology sector leader, EY India. “The order books of virtually every company have reached record levels and the most sought-after and demanded job profiles are from full stack Java developers, cloud architects for Azure and AWS, data analytics experts with knowledge of data lake services and cybersecurity professionals, ”he added.

The top employers with active openings for the month were Oracle, IBM, Accenture, Genpact, Bajaj Finserv, Wipro, Marriott Hotels, JPMorgan Chase, EY, Cargill, Dell Technologies, Cisco, Google, SAP, Shell, Amazon and Microsoft, between others, the data showed.

The total number of active jobs in the top five metropolises – Delhi, Bengaluru, Chennai, Mumbai and Hyderabad – was 113,000. Active job vacancies in Tier 2 locations continued to increase with growth of 10 % in the last three months and more than 21% since January.

Experts remain optimistic about the future of the white collar market and believe that hiring will continue to be on the path to growth as companies build a future roadmap while remaining aware of the possibilities of new waves.

“I see economic activity improving from here, which will lead to job creation,” said Ruzbeh Irani, chairman of the human resources group of automaker Mahindra & Mahindra. However, he added that the type of jobs that will be created will be different. “There will be fewer people needed for low-end, repetitive jobs, but there will be certain areas – mainly in technology and digital – where demand outstrips supply and the need for people increases,” he said. he said, adding that some of the top hiring areas for the company right now are digital, data, design and technology.

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