In signs of sluggish employment market conditions, hiring activities across sectors witnessed a significant slump in October, says a report released on Thursday.
According to recruitment portal Naukri.com’s monthly job index, online hiring declined by 16 per cent in October vis-a-vis the month of September as recruitment activities saw a dip in most key sectors, including IT and banking.
“The double-digit percentage dip in hiring can be attributed to the festive season spanning across October, as well as the uncertainty in the global economic outlook,” Naukri.com said in a statement.
The index for the auto sector witnessed a 26 per cent dip in October vis-a-vis the previous month, while online hiring by IT software, pharma, oil & gas and banking companies fell in the range of 13 per cent to 19 per cent.
Meanwhile, hiring activities in the telecom sector rose by 19 per cent last month.
Info Edge CEO and MD Hitesh Oberoi said that a look at the index for the past two years shows that there is usually a seasonal dip in hiring during the festive season.
“However, this year, hiring activity has been exceptionally low in October, as most employers seem to be adopting a more cautious approach toward hiring,” he added.
Naukri.com is part of Info Edge.
Mumbai, Delhi and Bangalore saw hiring activities decline by 21 per cent, 19 per cent and 10 per cent, respectively, last month in comparison to September.
“Hiring activities in Chennai, Pune and Hyderabad dipped within the range of 15 per cent to 18 per cent during the same time period,” Naukri.com said.