NEW DELHI: The official employment market in India seemed to be cooling down in July, with job ads on the site Indeed dropping by 5.8% for the month. Indeed’s most recent research study says that the decline comes after two months of increase.
The research gives a bigger picture, saying that job posts are still 70% higher than they were before the outbreak, which shows that formal hiring is still strong. But compared at the same time last year, posts are down 14.9% and have dropped 21% since they peaked in January 2023.
The tech sector is still the “heartbeat” of hiring.
The tech sector is still a major player in India’s job market, even though the economy is slowing down overall. Callam Pickering, Indeed’s Senior Economist for the Asia-Pacific region, said, “Even when hiring slows down overall, tech is still the heartbeat of India’s job market.” The survey says that one out of every five formal job posts is for software development, which shows how much competent IT workers are in demand.
The Best Sectors in July
In the last three months, a lot of industries had a big rise in job posts, which shows that they are growing quickly even while the overall trend is going down. The sectors that did the best were:
Data and Analytics: Job postings went up by 15.4%.
Logistic Support: Up 14.3%.
Therapy: Up by 13.7%, which shows that more people are becoming aware of holistic well-being.
Dental: Up by 13.6%.
Sports: There was a 13.2% rise in job posts.
Legal, insurance, medical technician, retail, and scientific research and development were other important areas for hiring.
Sectors That Did the Worst
On the other hand, certain industries saw a drop in job posts. The worst ones were:
Medical Information: Down 12.3%.
Pharmacy: Down 10.7%.
Job listings in education and instruction declined by 8%.
Doctors and surgeons saw a 7.8% drop.
Electrical Engineering: Saw a 7.6% decline.
Other fields that saw a drop in job posts were hospitality and tourism, construction, driving, real estate, and production and manufacturing.
Less openness about pay
The report also talked about how pay transparency has dropped a lot. In July, only 45% of job ads on Indeed included pay information. This is down from more than half of postings earlier in the year. Sectors like childcare and dental are very open (88% of the time), whereas tech positions are always at the bottom of the list of open opportunities. Only 18.2% of job ads for IT systems and solutions and 18.3% of job postings for software development jobs included salary information.
The survey says that some businesses may feel less pressure to reveal salaries because the IT industry is known for paying well. However, in a competitive market, being open about salaries is still a key way to attract talent.