33% growth in diversity hiring; BFSI, IT lead the way: Report

There has been a 33% year-on-year growth in diversity hiring in India, showing the growing importance of diversity and inclusion policies by corporates, the latest foundit Insights Tracker (fit) for June 2024 shows.

The overall foundit hiring index rose from 295 in May 2024 to 302 in June 2024. Year-on-year, there has been a 12% increase in hiring, indicating strong momentum in employment opportunities, the platform says in its report. “Over the past six months, hiring has seen a robust 15% growth, reinforcing a positive outlook for 2024. These trends highlight the dynamic and expanding nature of India’s job market.”

Sekhar Garisa, CEO, foundit, says the platform anticipates an even deeper focus on inclusion in future through initiatives like mentorship and leadership programmes for underrepresented groups and bias training at all levels. “Companies can lead with innovative approaches such as D&I labs or councils to deepen inclusion efforts, and reverse mentorship programs, where young employees from diverse backgrounds mentor senior leaders."

Among sectors, BFSI and IT-software and services industries lead the way in diversity hiring in June. “Industries that have showcased the maximum spike in diversity job postings include BFSI and IT-Software & Services (IT-ITeS) industries, with 30% and 19% share of jobs respectively.” Other industries that have showcased a good share of diverse representation include healthcare (6%), internet/e-commerce (4%), and education (3%).

Metros like Bengaluru, Delhi-NCR, and Mumbai lead the way as diversity hiring hubs, with a good share of jobs dedicated to women, persons with disability, and the LGBTQIA+ community. Pune, Hyderabad, and Chennai are also offering significant job opportunities to marginalised communities, the data reveals.

The textile industry boom has driven the ongoing growth in India's overall production and manufacturing sector. The foundit report shows on a month-on-month basis, the textiles & apparel sector showed 16% growth in hiring, fuelled by technological advancements, sustainability initiatives, government support, and expanding domestic and export markets. On YoY, the manufacturing sector’s remarkable 43% growth in hiring was also driven by investments in the automobile and consumer electronics sectors. The allied sectors like consumer electronics also witnessed a 28% yearly growth in hiring.

The construction & engineering sector also experienced a 29% increase in hiring over the past year, spurred by sustainability and green initiatives. The emergence of new hotel and airport operations has also sparked growth in hospitality, marketing & communications jobs, the report finds.

“Hospitality job roles (36%) are experiencing high demand, driven by the need for experienced leaders to manage hotel operations. This demand is further amplified by nearly 100 new hotel properties expected to open this fiscal year by leading hospitality companies.”

In marketing and communications, the foundit tracker indicated a 24% year-on-year increase and a 5% monthly increase from May 2024 to June 2024. Digital marketing roles also sees 28% growth over the last year.

The job roles that have shown a downward trend in hiring include customer service (-27%), sales & business development (-6%), and finance & accounts (-5%). On a year-on-year basis, engineering & production and creative have witnessed a (-2%) and (-1%) de-growth in hiring, respectively, the data shows. 

The report shows AI/ML specialists, digital marketers, data scientists and analysts top the list of in-demand jobs in India. Industries that have showcased an affinity for hiring AI/ML specialists include software & services, holding a 27% share of jobs, and the internet, and e-commerce industry, with a 14% share of jobs.