Hiring activity in India's white-collar professional segment saw a fall of 19% in July 2023 when compared to the same period a year ago, according to the latest Naukri JobSpeak Index.

The Naukri JobSpeak Index stood at 2573 for July 2023, down 8% compared to previous month.

Naukri noted that even in this cautious market, sectors such as oil & gas and real estate continue to hire aggressively.

Pawan Goyal, chief business officer, Naukri.com, said, “Positive hiring trends witnessed across domestic sectors like oil & gas, real estate, and hospitality, along with stable hiring for AI-related roles, continues to showcase the adaptability and diversification of Indian job market.”

Oil and gas/power/infrastructure/energy led year-on-year growth with a 9% increase in July 2023. This was followed by real estate/property (5%), travel & hospitality (2%) and auto/auto ancillary (1%).

The IT industry hiring continued to remain an area of concern, with a 46% decline in new jobs created compared to July last year.

Naukri noted that the fast-emerging cities of Jaipur and Vadodara show a steady rise in their hiring indices, with increases of 4% and 2% respectively, in hiring trends compared to July last year, primarily driven by oil & gas, pharma, and auto sectors.

Other non-metros and all metro’s witnessed a dip in new job creation in July 2023 as compared to July 2022.

The JobSpeak Index also indicates a rising demand for senior professionals (>16 years’ experience). This was primarily driven by companies seek seasoned leadership to navigate the complexities of the current business climate.

Workers with 16 + years’ experience saw an increase of 13%. All other experience levels reported a year-on-year decrease. Workers with 4-7 years’ experience fell by 26%. Meanwhile, workers with 8-12 years saw a fall of 19%, workers with 0-3 years reported a decline of 18% while workers with 13-16 years saw hiring activity slip by 1%.