Job Outlook- July 2021
After 32% recovery in hiring action registered in June 2021, July sustained the near same level of action to end 7% higher on active jobs count. The 2nd wave brought more commercial activities back across states in July. Major markets like Travel & Tourism, Hotel & Hospitality, Retail & Recreation are back to the market action and the restart of a wider range of commercial activities brought in hiring activity. With over 290K active white collar jobs, July overtook June to emerge as the strongest month for the current financial year. The closing figures of July 2021 matched that of March 2021 and became the highest count over the 12 month period. The closing figures for July 2021 ended more than double that of July 2020. July 2020 had a closing figure of just under 142K, coming in right after the lowest point of 132K of June 2020.
Post Lockdown Relaxation
Markets are once again bracing for impact and are currently seen making hay while the sun shines. Under current conditions, a further climb in hiring action beyond current levels would definitely be a tad optimistic to expect for August. With enterprises looking up to the July-September period as the performing quarter before the festive Q3, hiring volume and hiring velocity were expected to be on a positive high. While some macro indicators have been revised and reduced for the current year, these may not be seen directly impacting action levels in the near term.
Active Jobs by Job Types
Full-time opportunities continued to show high action in June and the openings have been the most elastic parameters of hiring action. In July,it grew by 8% and contributed to 93% of the total active job opportunities. At 270K active openings, full-time opportunities reported the highest count over the last 18 months. On the other hand, Part-time openings grew by 20% in July and the opportunities slice has consistently grown over the years.
Remote Jobs – Rising High and Higher!
Remote Jobs count in July is nearly 17x the volume seen in June 2020. Remote Jobs crossed the 17K mark and exceeded its own previous highs over an 18 month period. The volume of active remote jobs has seen a 8X growth since March 2020.
Jobs by Levels
16% rise in the Entry Level roles followed by Mid-junior level by 7% while mid-Senior and Senior Level openings remained stagnant at the same levels as in June 2021. The contribution of the entry-level openings stood at 35%, followed by Mid-junior openings remaining at 27%, the mid-senior jobs ended at 19% and Senior Roles continued to be at 1%.
Jobs by Key Industries
The Internet Enabled Services sector put out over 40K active job openings. The 2nd engine of growth was the IT Services sector that registered a 9% rise in active jobs. Third came the Software Sector with 2% lesser active openings and then the BFSI sector kept up the hiring action and put out 5% more jobs. The Technology Sector collectively registered a growth of over 5%.
Jobs by Functions
The Sales and Business Development functions continued the growth curve with a collective 34% increase in active job openings. The IT function’s contribution slice was at 47%.
Jobs by location
The top 5 Metros remained stable with a 2% overall growth in count. Chennai and Hyderabad registered 8% growth, followed by Delhi with a 6%. Mumbai with little under 5% increase in count. Bengaluru registered a drop by 6%.
Some of the prominent employers with active openings for the month were Accenture, Oracle, Cognizant, Citi, Uber, Bajaj Finserv, LTI, VMWare, Harman Intl, IBM, Wipro, Genpact, Oracle, JP Morgan Chase, TCS, Morgan Stanley, Wells Fargo, Flipkart, Infosys etc.