Online recruitment in India reported a 5% annual decline in December 2023, according to the latest foundit Insights Tracker.

Despite a 5% decrease in overall hiring activities year-over-year, December 2023 experienced a 2% month-on-month increase. This marks a shift after a stable period in hiring since mid-2022. A noticeable imbalance in the job openings to hires ratio presents challenges in talent acquisition, but the forecast indicates an optimistic 8.3% growth in the coming year. 

Online hiring registered a year-on-year increase in 10 out of the 27 industries monitored. Shipping/Marine saw an increase of 28% over the year. The Retail sector saw a 25% annual increase along with the travel and tourism sector (also 25%).

IT sector saw a 18% decline in annual hiring, the steepest among industries.

Among functional roles, online hiring demand increased in 3 out of the 13 functional areas led by HR and admin (9%) and hospitality and travel (9%). Customer service saw a decline of 24% over the year.

Among cities, the Tracker noted tier-2 cities outperformed metropolitans in December 2023, indicating a geographical shift in job opportunities. 

Foundit said the Indian job market in 2023 presented both challenges and opportunities. Looking into 2024, the focus on skill-based hiring, sustainability, and technological advancement will shape India’s employment future. Both businesses and job seekers must adapt to these trends to succeed in the dynamic job market, foundit added.