After a strong 32% jump in hiring activity in June 2021, the momentum continued in July, with a further 7% increase in active job openings. As the second wave of the pandemic eased, more businesses reopened across states, especially in sectors like Travel & Tourism, Hospitality, Retail, and Recreation. This led to a noticeable rise in hiring, with over 290,000 white-collar jobs active in July. It became the best month for hiring in the current financial year, even surpassing June. The job numbers in July 2021 were also on par with March 2021, making it the highest in the past 12 months. Compared to July 2020, when job openings were under 142,000, July 2021 showed more than double the growth, reflecting a strong recovery from the pandemic’s impact. This surge aligns with the positive Job Outlook 2021, signaling continued optimism in the job market as businesses rebound and expand.
Post Lockdown Relaxation
Markets are once again bracing for impact and are currently seen making hay while the sun shines. Given the current situation, expecting a big jump in hiring activity in August might be a bit too hopeful. With enterprises looking up to the July-September period as the performing quarter before the festive Q3, hiring volume and hiring velocity were expected to be on a positive high. While some macro indicators have been revised and reduced for the current year, these changes may not be directly reflected in action levels in the near term.
Active Jobs by Job Types
Full-time opportunities continued to show high activity in June, and the openings have been the most elastic parameters of hiring action. In July, it grew by 8% and contributed to 93% of the total active job opportunities. At 270K active openings, full-time opportunities reported the highest count over the last 18 months. On the other hand, part-time openings grew by 20% in July, and the opportunities slice has consistently grown over the years.
Remote Jobs Soar to New Heights!
The number of remote job openings in July has skyrocketed, nearly 17 times higher than in June 2020. With over 17,000 active listings, remote roles have surpassed all previous records from the past 18 months. Since March 2020, the demand for remote jobs has grown eightfold, reflecting a lasting shift in how and where people work.
Jobs by Levels
Entry-level roles saw a strong 16% rise in July, leading the growth trend, followed by a 7% increase in mid-junior level openings. In contrast, mid-senior and senior-level roles remained flat, showing no change from June 2021. Entry-level positions accounted for the largest share at 35%, while mid-junior roles made up 27%. Mid-senior roles contributed 19%, and senior-level openings held steady at just 1%.
Jobs by Key Industries
The Internet-enabled services sector led the way with over 40,000 active job openings. IT Services followed as the second major growth driver, posting a 9% increase in active roles. The Software sector saw a slight dip, with 2% fewer openings, while the BFSI sector maintained hiring momentum, adding 5% more jobs. Overall, the Technology sector as a whole recorded a growth of over 5%.
Jobs by Functions
The Sales and Business Development functions continued the growth curve with a collective 34% increase in active job openings. The IT function’s contribution slice was at 47%.
Jobs by Location
The top 5 Metros remained stable with a 2% overall growth in count. Chennai and Hyderabad registered 8% growth, followed by Delhi with 6%. Mumbai saw a slight increase of around 5% in count. Bengaluru registered a 6% drop.
Prominent Employers
Several major employers led the charge in hiring during the month, with prominent names across various industries actively recruiting. Companies like Accenture, Oracle, Cognizant, Citi, and Uber were among the key players driving the increase in job openings. Other notable employers included Bajaj Finserv, LTI, VMWare, Harman International, and IBM, alongside technology giants such as Wipro, Genpact, and Infosys. Financial powerhouses like JP Morgan Chase, Morgan Stanley, and Wells Fargo also contributed significantly to the hiring surge. Additionally, e-commerce leader Flipkart played a key role in expanding job opportunities. This strong recruitment activity aligns with the Job Outlook 2021, reflecting a positive trend in employment across multiple sectors.
Steady Hiring Momentum Ahead
The job market in July 2021 demonstrated strong resilience, driven by sectoral recoveries and sustained hiring activity. While August may not see a sharp rise, the outlook for the remainder of the year remains positive, with full-time and remote job openings continuing to grow. Entry-level roles, along with hiring in IT, sales, and business development, are leading the charge. Key employers like Accenture, Oracle, and Infosys signal ongoing demand for skilled talent. Overall, hiring is expected to remain steady, supporting a positive job outlook through the rest of 2021.
