Hiring Activity Picks up Pace with Robust 27 Percent YoY Growth, Hybrid Work Format Holds Steady: foundit
foundit (formerly Monster APAC & ME), India’s leading jobs & talent platform, has released the latest edition of the foundit Insights Tracker (fit), presenting the hiring trends for September 2024. The tracker highlights the decreasing influence of remote work, especially Work-From-Home (WFH) roles.
- Overall hiring surged by 27% year-on-year in September 2024, with stable 8.7% growth month-on-month.
- BFSI sector grew by 19% MoM, while Coimbatore and Jaipur led Tier-2 city hiring with 12% and 10% growth, respectively.
- Hybrid work held steady, with 21% of all job roles offering hybrid work options in Sept ‘24, while hiring for fully remote roles (WFH) dipped to 10% from 12% YoY
- Remote working roles in Product Management jumped to 4%, up from 1% last year.
According to the tracker, hiring activity has surged by
27% year-on-year (September 2023 vs September 2024), with the hiring for hybrid work opportunities rising significantly. Even on a month-on-month (MoM) basis, hiring saw a better than moderate 8.7% increase in September 2024, reflecting the stable growth in both traditional and flexible work environments.
Speaking on the rise of hybrid work trends,
Sekhar Garisa, CEO of foundit, said:
“The job market has bounced back strongly, with hiring activity on the rise. We've seen a clear shift in the remote job landscape—hybrid work has firmly taken the lead, holding 21% of hiring demand, as it offers the best of both worlds: flexibility and in-person collaboration.
Early-career professionals continue to embrace this model for its balance between growth and adaptability, while mid- and senior-level talent are steadily moving back to in-office roles, driven by a need for collaboration and leadership. As the share of hybrid roles in the job market remains steady, especially in sectors like BFSI and IT, recruitment practices need to evolve."
Sector-specific trends: BFSI and Real Estate See Month-on-Month Growth
The Banking, Financial Services, and Insurance (BFSI) sector experienced the strongest month-on-month (MoM) growth, surging by 19% in September 2024. This robust increase underscores the sector's ongoing demand for professionals as financial institutions continue expanding their digital and customer service operations.
Real Estate showed decent 5% MoM growth, continuing its recovery with demand for talent in residential and commercial developments.
Meanwhile, the
IT-Software & Services sector maintained steady momentum, with 10% MoM growth driven by ongoing digital transformation initiatives.
Function-specific trends: Finance and Senior Management See Sharp Growth
Finance & Accounting roles registered a sharp 16% MoM growth, highlighting the focus on financial management and regulatory compliance.
Senior Management roles also saw strong 15% MoM growth, as companies reinforced leadership teams to drive growth.
IT roles maintained steady growth at 6% MoM, reflecting continued demand for tech professionals to support digital infrastructure and transformation projects.
Customer Service roles increased by 10% MoM but dropped 13% YoY, highlighting a short-term recovery despite the long-term decline driven by automation and AI replacing traditional support roles.
Location-specific highlights: Bangalore, Coimbatore, and Jaipur Take the Lead
Hiring Trends Across Key Locations
| Location |
MoM
% Change |
| Coimbatore |
12% |
| Chennai |
11% |
| Mumbai |
11% |
| Pune |
11% |
| Hyderabad |
11% |
| Bengaluru |
11% |
| Jaipur |
10% |
| Delhi-NCR |
10% |
| Ahmedabad |
10% |
| Baroda |
9% |
| Kolkata |
7% |
| Kochi |
5% |
| Chandigarh |
3% |
Bangalore remains at the top with 11% MoM growth, particularly in IT, BFSI, and real estate sectors.
Other notable movers include Coimbatore, which recorded an impressive 12% MoM growth, driven by IT and engineering roles, and Jaipur, which saw 10% MoM growth, primarily in manufacturing and engineering.
Work Model Insights: Hybrid and In-Office Job Opportunities on the Rise
| Work Model |
Hiring % (Sep'23) |
Job Seeker Availability (Sep'23) |
Hiring %(Sep'24) |
Job Seeker Availability (Sep'24) |
| Hybrid |
21% |
49% |
21% |
38% |
| WFH |
12% |
28% |
10% |
18% |
The data highlights a clear shift in job market preferences, with
hybrid work opportunities, holding steady at
21% in both 2023 and 2024, while job seeker availability for these positions has decreased from
49% to 38%.
Conversely,
WFH roles have dropped from
12% to 10%, with job seeker availability also declining from
28% to 18%, indicating a shift back towards in-office environments driven by evolving employer policies.
Early-career professionals continue to value hybrid models for their balance of flexibility and growth, while mid- and
senior-level professionals are leaning more towards in-office roles.
Year-on-Year Shift in Hiring for Hybrid Job Opportunities Across Industries
| Industry |
Sep'23 |
Sep'24 |
| IT- Software & Services |
47% |
47% |
| Internet |
6% |
11% |
| Recruitment/ Staffing/RPO |
21% |
16% |
| Advertising,MR,PR |
6% |
8% |
| Education/ E-learning |
5% |
5% |
| BFSI |
4% |
4% |
| Healthcare |
2% |
3% |
While
IT roles still lead the remote job landscape, their share has declined from
46% in 2023 to 42% in 2024, indicating a slight shift away from IT-specific remote opportunities. Other roles such as
Product Management surged from
1% to 4%, highlighting their increasing relevance in remote work settings.
Analytics/Business Intelligence and
Marketing & Communications roles also saw a slight increase in hiring for remote opportunities, reflecting their growing adaptability to virtual work environments.
Role-Specific Trends in Remote Jobs
Year-on-Year Shift in Hiring for Hybrid Job Opportunities Across Roles
| Roles |
Sep '23 |
Sep '24 |
| IT |
46% |
42% |
| Sales & BD |
11% |
11% |
| Analytics/ Business intelligence |
4% |
5% |
| Marketing & communications |
4% |
5% |
| Consulting |
3% |
1% |
| Human Resources |
3% |
4% |
| UX/ UI Design |
3% |
3% |
| Product Management |
1% |
4% |
While
IT roles continue to dominate the remote job landscape, their share has dropped from
46% in September 2023 to
42% in September 2024, indicating a slight shift away from IT-specific remote opportunities. In contrast, other roles are seeing growing hiring for remote work:
- Product Management increased from 1% to 4%, reflecting the growing importance of product-focused roles that can be managed remotely.
- Analytics/Business Intelligence and Marketing & Communications both grew slightly, from 4% to 5%, highlighting the expanding relevance of these functions in remote settings.
- Human Resources also saw an increase from 3% to 4%, as HR functions adapt to remote talent management and employee engagement.
- On the other hand, Consulting roles saw a notable drop in hiring for remote roles, falling from 3% to 1%, possibly due to the shift towards more client-facing, in-person interactions.
Location Insights: Tier-2 Cities Take the Lead in Remote Job Distribution
Year-on-Year Shift in Hiring for Hybrid Job Opportunities Across Locations
| Location |
Sep'23 |
Sep'24 |
| Bengaluru |
7% |
9% |
| Delhi/NCR |
7% |
9% |
| Mumbai |
4% |
4% |
| Hyderabad |
4% |
5% |
| Pune |
3% |
4% |
| Chennai |
2% |
3% |
| Kolkata |
2% |
3% |
| Ahmedabad |
2% |
1% |
Interestingly,
Tier-2 cities now account for 66% of remote jobs, outpacing metro areas, which hold only
34% of these positions. This suggests that opportunities for remote work are expanding in non-metro areas, providing access to a broader talent pool outside traditional urban hubs. The growth in Tier-2 cities reflects the decentralisation of work, as companies increasingly offer remote roles to workers in smaller cities and regions.
About the foundit Insights Tracker
The foundit Insights Tracker (fit) is a comprehensive monthly analysis of hiring activity conducted by foundit. Based on a real-time review of hiring demand in the market. The foundit Insights Tracker (fit) offers a snapshot of online recruitment activities nationwide. Previously known as the Monster Employment Index, it provides a comprehensive perspective on hiring patterns based on industry, role, location, and experience. Now, in its new avatar, it delivers more detailed insights on recruitment trends, focusing on the demand for specific skills, available positions, and the salary ranges in the market.
Timeframe for the report
The timeframe for the fit data is September 2023 vs September 2024.
About foundit - APAC & Middle East
foundit, formerly Monster (APAC & ME) is Asia’s leading jobs & talent platform offering comprehensive employment solutions to recruiters and job seekers across APAC & ME. In addition to a powerful AI-powered job search, foundit offers e-learning, assessments, and services related to resume creation, interview preparation, and professional networking. Since its inception, the company has assisted over 120 million job seekers across 18 countries in connecting them with the right job opportunities and upskilling. foundit is now also the Official Talent Partner of the Badminton World Federation across 20 key world tour events.
Over the last two decades, the company has been a leader in the world of recruitment solutions and has launched a cutting-edge solution to give recruiters access to passive candidates in addition to active ones. With the use of advanced technology, foundit is seeking to efficiently bridge the talent gap across industry verticals, experience levels, and geographies. Today, foundit is committed to enabling and connecting the right talent with the right opportunities by harnessing the power of deep tech to sharpen hyper-personalised job searches and offer precision hiring. Additionally, foundit has been recognised as a Great Place To Work, reflecting its dedication to fostering a supportive and dynamic work culture.
To learn more about foundit in APAC & Gulf, visit:
www.foundit.in |
www.founditgulf.com |
www.foundit.sg |
www.foundit.my |
www.foundit.com.ph |
www.foundit.hk|
www.foundit.id Source: BUSINESS WIRE INDIA
