Pandemic had caused a slow down in every area, especially in areas of jobs and salaries. Since India is now recovering from the pandemic Mumbai bounced back from the pandemic-induced slowdown of the past couple of years as reported by the survey conducted by naukri.com.
- The city has recorded the highest average salary increase among Indian metros during the January-March quarter.
- The country’s financial capital also recorded huge growth in hiring activity, a new survey has found.
- Mumbai records the highest average pay hike Naukri Survey.
- Mumbai recorded an average salary increase of 18% post the Covid-19 pandemic, compared to 11% in the other metro cities.
- The survey also found that hiring activity in the City in January-March rose 41% against the year-ago period.
- IT hub Bangalore had an average salary hike of 15% January-March, followed by Delhi at 12%, compared to the same period in 2020.
Commenting on the survey findings, Chief Business Officer Pawan Goyal said, “With a strong rebound in overall hiring activity, the financial hub of India sees a significant jump in job openings to fulfil the talent demand across sectors led by BFSI and education.”
“In the last 3-4 months, Mumbai’s employment market has shown sustained growth, which is now also reflected in salary hikes.” he added.
The sectors that have gained maximum momentum are given below:-
DEMAND FOR UNDERGRADUATES GOING UP
The survey found that 75% of job listings in Mumbai required candidates with only undergraduate degrees in the January-March and the October-December quarters.
FRESHERS AND MID-SENIOR PROFESSIONALS IN DEMAND
The positive hiring trend ensured that fresh graduates and mid-senior professionals remained in great demand throughout the year.
In January-March, hiring for freshers (0-1 year) witnessed a surge, recording 50% growth against the year-ago period. Mid-senior professionals (10-15 years) also witnessed 50% on-year growth in hiring activity.
REMOTE WORKING TO STAY
The city recorded 11% job listings as remote opportunities in January-March, indicating that remote working was here to stay. The data reflected despite companies in Mumbai switched back to work-from-office.
MAXIMUM HIRING GROWTH IN BFSI AND EDUCATION SECTORS
Mumbai witnessed a spike in hiring across industries, with banking, financial services, and insurance (BFSI) & education/teaching emerging as the top sectors with 60% on-year growth.
Real estate witnessed 57% growth, followed by pharma at 34%, and BPO at 22%.
IT-SOFTWARE INDUSTRY GAINS MOMENTUM
Mumbai recorded the maximum number of IT-Software and Software Services jobs in January-March. The maximum hiring growth was witnessed in the IT sector.
The pandemic has increased the demand for tech-enabled skills. During the quarter, the sector also recorded the highest growth in salaries at 33% against the year-ago period.
