India’s financial capital Mumbai, touted to be one of the most lucrative cities for job seekers when it comes to chasing their dream jobs, has recorded a 41 per cent growth in Q4 FY22 against Q4 FY21 in hiring activity, according to job portal Naukri.com’s report.
Naukri.com report also revealed that Maharashtra’s capital city recorded an increase of over 18 per cent in salary hikes in the post-pandemic era. This is significantly higher than the rest of the metros in the country, which recorded an average salary hike of more than 11 per cent.
Pawan Goyal, Chief Business Officer, Naukri.com, while commenting on the findings of the report, 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 reflecting in salary hikes.”
India’s IT hub Bangalore stood in second place with an average salary hike of 15 per cent, followed by the national capital Delhi remained at around 12 per cent in Q4 FY22 as against Q4 FY20. The report also says that the employment sector returned to normalcy post-pandemic.
Here are a few more insights from the Mumbai’s job market from January-March 2022:
Banking, financial services and insurance (BFSI) & education sectors show maximum hiring growth: Mumbai job market had witnessed a spike in hiring activities across sectors as BFSI, education and teaching sector recorded over 60 per cent growth in hiring. Other sectors like real estate, pharma and BPO observed 57 per cent, 34 per cent and 22 per cent growth, respectively, in Q4 FY22 as compared to Q4 FY21.
IT-Software industry leads demand: IT sector has recorded maximum hiring momentum since the pandemic as the demand for tech-enabled skills dominated the employment market. Following the same trend, Mumbai recorded a maximum number of IT-Software and Software Services jobs in January-March 2022 and witnessed its IT-software industry’s salary hikes grow 33 per cent in Q4 FY22 vs Q4 FY21.
Demand for freshers and mid-senior professionals at an all-time high: Fresh college graduates and mid-senior professionals remained in great demand throughout the year due to the positive hiring trend in Mumbai. In Q4 FY22, the city saw an upsurge in the hiring for freshers with up to 1 year of experience and recorded 50 per cent y-o-y growth compared to Q4 FY21. Similarly, mid-senior professionals, with 10-15 years of experience, witnessed a y-o-y growth of 50 per cent in the hiring activity.
Hiring activity for undergraduates going up: Mumbai also saw undergraduate talent occupy 75 per cent of job listings in the city in Q4 FY22 and Q4 FY21.
Remote working, a trend to stay: Even though offices in other cities in India are switching back to the work-from-office model, interestingly offices in Mumbai are still offering remote opportunities. The city recorded 11 per cent of job listings as remote opportunities in Q4 FY21.