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BW Businessworld

Hiring Slows Down In October

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Hiring across different sectors, which saw a major jump in the first two quarters of year 2014, has fizzled out. The Naukri Job Speak Index for the month of October 2014 stood at 1518 indicating an 18 per cent decline in the overall hiring activity. 
 
Hitesh Oberoi, Managing Director and CEO, Info edge (India) said, “The festivities of October have taken a toll with the Speak Index reflecting a dip in the number. It is in sync with the past trend of decline in hiring in festival season.  We are optimistic that hiring activity will resume with full momentum across all sectors in the coming months.”
 
Sectors such as insurance & pharma saw maximum decline of 23 per cent & 22 per cent respectively in October 2014 as compared to September 2014. Apart from these two sectors, IT and BPO also witnessed a month on month decline of 16 per cent and 17 per cent respectively while Banking and Auto sector moved downwards with the index waning by 21 per cent and 17 per cent. Other sectors like Telecom and Construction & Engineering declined by 20 per cent and 19 per cent in the same time period.
 
If we talk about city wise performance, the stats are pretty similar. Delhi NCR and Mumbai saw the maximum dip followed by Kolkata and Pune which witnessed 17 per cent and 16 per cent decline. Chennai and Bangalore's hiring index moved down by 14 per cent each while Hyderabad declined by 10 per cent.
 
Inspite of this downward trend, Info Edge expects the hiring activity to resume at full pace in the upcoming months.