Anjali Sharma
GG News Bureau
NEW YORK, 8th August. According to the latest hiring trends for July 2024 analysed by foundit (formerly Monster APAC & ME) on Wednesday IT-Software & Services lead the market in terms of salary packages across different experience levels, including the entry-level professionals.
IT sector have highest salaries Rs 4.1 LPA to Rs 7.5 LPA, indicated a strong demand and value placed on IT skills right from the entry-level.
In the retail and telecommunications sectors have experienced a 15% and 14% on year salary hike respectively.
Freshers in the Retail industry receive an average minimum salary of Rs 3.3 lakh per annum and an average maximum salary of Rs 5.2 LPA.
Automotive, BFSI, and Travel & Tourism witnessed a decline in salary packages, reflected the market challenges and industry adjustments.
Experienced professionals with 7+ years of work experience in the Advertising, Market Research & PR industry witnessed a 15% growth in salaries over the past year (2024 vs 2023), highlighted the industry’s focus on attracting top talent.
Experienced professionals in the Advertising, Market Research, & PR sector have salaries ranging from Rs 11 LPA to Rs 33 LPA.
Consumer Electronics sector experienced remarkable year-on-year growth in hiring, with a 45% increase. This surge is driven by technological advancements, AI developments, and innovative designs in consumer electronics devices such as smartphones, TVs, gadgets, smartwatches, etc.
The Manufacturing industry also saw a 43% yearly growth in hiring, reflecting the ripple effect of this boom, the report said.
It revealed that the Real Estate and Construction & Engineering sector showed an impressive 32% and 29% increase respectively in hiring over the past year, spurred by budget reforms, sustainability, and green initiatives.
Roles in Marketing and Communications witnessed a notable 24% year-on-year increase, reflecing a heightened focus on brands establishing a strong digital presence and connecting with their audiences online, the report said.
The hiring for medical job roles has seen a spike, with a 22% yearly increase in hiring in the healthcare sector.
The report highlighted some of the sectors that witnessed a decline in hiring.
Customer service roles experienced a sharp downturn (-25%). Sales and Business Development job roles also saw a notable decrease, with an 8% drop this year, the report added.
Engineering/Production (-7%) and Finance and Accounting (-6%) have experienced a sharper decline in hiring, the report concluded.
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