Online recruitment in India reported a 4% annual downturn in March 2024, according to the latest foundit Insights Tracker.

Despite the annual decline, the month-to-month analysis showed a more positive trend, with a 3% increase in hiring activity from February 2024. Overall, the index stood at 276 in March 2024.

The Tracker noted a consistent growth trajectory over recent months, with a 9% growth noted over the past six months and a 5% increase over the last three months. 

“Such trends reflect a cautiously optimistic business sentiment, suggesting a significant shift in attitudes and an ongoing transformation within the job market,” the Tracker stated.

Out of 27 industry sectors monitored, nine showed an increase in recruitment activity year-over-year, indicating pockets of growth despite broader market contractions.

Travel and tourism and government/PSU (public sector undertaking)/defence led the annual increases with +17% and +14%, respectively.

On the other hand, the logistics/courier/transportation sector saw a (-9%) drop in year-on-year numbers.

By function, 4 of the 13 areas monitored by the tracker showed an uptick in hiring demand on an annual basis. Growth was led by hospitality and travel (21%). On the other hand growth, sales and business development (BD) saw the steepest fall at 19% annually.

By city, Kolkata (+18%), Coimbatore (+16%), Jaipur (+7%), and Delhi/NCR (+3%) experienced notable year-over-year growth. On the other hand, Chandigarh (-33%), Mumbai (-18%) and Pune (-10%) saw significant declines, reflecting the competitive and ever-changing nature of regional job markets.

Meanwhile, further foundit data showed the gig economy saw a reported 184% growth year-over-year in the white-collar sector. The demand for gig workers surged by over 21% over the last year, highlighting the increasing reliance on flexible workforce solutions to address talent shortages and emerging skill gaps.  
 
Notably, IT software & services and advertising & marketing have seen significant increases in gig job shares, signalling shifts in employment patterns towards more agile and project-based work arrangements. Coder/IT consultant positions were the most in-demand roles in the gig market in March 2024, occupying 30% of the job market, up from 12% the year before.