The Naukri JobSpeak Index for August 2013 has witnessed a 7 % decline in hiring activity in Chennai this month over July’13. Moreover the index for the city has dipped by 3 % year on year.
A sectorial analysis of the city shows that, hiring in Pharma sector, the key sectors of Chennai has moved up by 13% year on year. IT-Software and Construction hiring has grown by 9 % & 8 % year on year.
Automobile, on the other hand, is bleeding red, with a 15% dip month on month. The hiring environment in Chennai seems to be bearing the brunt of slowdown.
Mr. Hitesh Oberoi, MD and CEO Info Edge (India) Ltd said “Hiring is bound to come under pressure in an unstable macroeconomic environment. In such a situation most companies focus only on replacement hiring. Hopefully the worst will be behind us soon and the market will start looking up in the 2nd half of this year.”
Industry Sector Analysis:
Banking and financial services sector has been showing continuous dip in hiring activity for consecutive 3 months now. This month again, the index is showing a 9 % dip as compared to previous month.
Oil & gas, Telecom and Pharma are the sectors showing highest dip in the range of 13 %-14 % this month when compared to July-13. Auto has seen the highest dip of 15 % month on month which is the highest ever for the sector within this year. The latest Naukri hiring outlook report has also echoed similar sentiments by predicting a dip in new jobs creation for coming six months.
However, Software services and construction are the sectors showing a growth of 9 % and 8 % respectively as compared to the previous year.
Functional Area Analysis:
The slump in hiring is evident by lessened demand of professionals across sectors. ITES is the only sector showing highest demand of professionals with 22 % increase in the Job index value when compared to Aug’12, though on a month on month basis the index is showing a slight dip of 2 %.
Engineers & Production Professionals were the least to be hired with the job speak index going down by 17% and 18% respectively in Aug-13 over Jul-13.Demand for professional in HR, Sales & Accounts also showed a dip in hiring numbers in the range of 5% to 10% this month. Software services is showing growth in hiring numbers when compared to last year but has 8% dip as compared to previous month.
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