India records 3% monthly rise in hiring; white-collar gig jobs up 184%

India's overall hiring index increased by 3 per cent from February to March 2024, indicating a slight uptick in hiring activity. However, hiring declined by 4 per cent as compared to the previous year, thereby suggesting a slower pace of recruitment. The hiring trend was presented by foundit (formerly Monster APAC & ME) in its foundit Insights Tracker (fit).

White-collar gig jobs saw a staggering 184 per cent growth compared to the previous year. The surge underscored growing preference for flexible, project-based work arrangements among professionals. Additionally, gig workers have expanded by 21 per cent over the same period. The rise highlighted companies’ increasing reliance on freelancers and independent contractors to meet business needs.

The share of IT sector in the gig economy nearly doubled, jumping from 22 per cent in March 2023 to a dominant 46 per cent in March 2024. This boom indicated a strong demand for skilled freelance coders, IT consultants, and other tech professionals. Advertising and marketing also witnessed significant growth, with gig jobs increasing from 5 percent to 18 percent over the past year.

Sekhar Garisa, CEO, foundit, said, “One of the biggest learnings of the pandemic for employers as well as the employees has been the adoption of WFH and flexible models of working."

He added, "It is imperative to understand that the gig economy offers businesses a cost-effective solution, while also providing freedom to work from anywhere to employees. We expect the gig economy to grow even more in the next few months, so it's prudent for job seekers to equip themselves with relevant skills that will make them standout in a competitive market."

Meanwhile, the Banking/Financial Services and Insurance (BFSI) sector reported 0 per cent growth rate in March, suggesting a period of consolidation or stability within the industry. The Manufacturing sector, comprising Engineering, Cement, Construction, Iron/Steel, and Production and Manufacturing, demonstrated mixed trends.

Production and Manufacturing experienced a slight decline from 6 per cent to 5 per cent, indicating fluctuations in industrial output or demand.

Telecom/ISP industry showed significant growth to an impressive 6 per cent rise in March, possibly due to increased connectivity demands or advancements in telecommunications infrastructure.