Hirings slow down amid challenging conditions
Hirings slowed down across sectors in July with recruitment happening selectively as companies remained cautious amid challenging economic conditions, says a report.business Updated: Aug 16, 2012 15:11 IST
Hirings slowed down across sectors in July with recruitment happening selectively as companies remained cautious amid challenging economic conditions, says a report.
Selective hiring happened last month across most industries as many of them including banking felt the "brunt of a slowdown", leading job portal Naukri.com said on Thursday.
The Naukri Job Speak index -- that indicates hiring activities online -- declined to 1,197 in July from 1,210 in June.
"The overall recruitment market in the economy is very challenging and most recruiters are staffing smartly and are not going overboard," Info Edge India managing director and CEO Hitesh Oberoi said in a statement.
He noted that unlike the last downturn, this time companies are more prepared and cautious.
Naukri.com is part of Info Edge group.
"The Banking sector has seen the highest month-on-month dip with hiring activity going down by 16% in July 2012 compared to June 2012.
"On a monthly level, Oil and Gas, Software services and Auto Sector saw recruitment levels dip within a range of 2-4%, respectively over the same time period," it said.
A slew of factors including global economic uncertainties and slowing capital inflows have affected overall domestic growth, which in turn is negatively impacting the employment market, according to the statement.
Notwithstanding tough economic conditions, certain sectors such as ITES, Telecom and Insurance saw hiring activities grow in the range of 4-8% in July compared to the same period a year ago.
The demand for Customer Service, Production and Sales professionals too increased during the same period.
Among cities, Bengaluru and Chennai saw as much as three% fall in recruitment activities in July 2012 compared to year-ago period.
During the same period, Pune and Hyderabad saw 4% and 3% increase, respectively, in hiring levels.