Oil & Gas Sector Shines Amidst Job Market Decline

In a challenging period for India's job market, the latest findings from the Naukri JobSpeak Index underscore a notable surge in hiring within the Oil & Gas sector. Despite overall declines in white-collar hiring, particularly evident in the IT & Software sectors, the Oil & Gas industry recorded a remarkable 22% increase in recruitment compared to the previous year. Released monthly, the Naukri JobSpeak Index serves as a barometer for white-collar hiring trends across various industries. The March 2024 report revealed a downturn in the overall index, which dropped by 4% from February and 11% from March last year. This downturn reflects prevalent market caution, notably observed in the IT & Software domains. However, the buoyancy of the Oil & Gas sector hiring activity defied this downward trajectory. A closer look at the report highlights a growing demand for seasoned professionals with over 16 years of experience, witnessing an 11% uptick in hiring year-on-year. Furthermore, job roles in artificial intelligence and machine learning continued their upward trajectory, experiencing a 12% surge compared to the previous March. Notably, positions such as Machine Learning Engineers and Full Stack Data Scientists emerged as highly sought-after roles, with hiring surges of 82% and 20%, respectively. However, despite these pockets of growth, the IT sector saw a significant 16% decline in hiring compared to the previous year. Similar downward trends were observed in the BPO and Retail sectors, which experienced dips of 6% and 5%, respectively. The Naukri report also delved into job market dynamics in non-metro cities, revealing Jodhpur as the leader with a commendable 13% growth in new job creation year-on-year. This expansion includes the monitoring of 13 new emerging cities, in addition to the six non-metros previously reported. On the salary front, high-paying roles (over 20 lakhs per annum) witnessed a notable 16% increase in job openings. However, positions offering less than 12 lakhs saw a decline. Dr. Pawan Goyal, Chief Business Officer at Naukri.com, offered insights into the mixed results, stating, Basis the latest Naukri JobSpeak report & analytics, the Indian white collar job market looks poised as we exit a challenging year given the headwinds faced by the IT sector. With the baseline correction behind us and a few bright spots visible in March, positive trends in the coming quarters seem quite plausible. Demand for seasoned professionals & Indian AI/ML talent should give everyone lots to cheer for.