News: BFSI and IT Sectors Drive 33% Annual Job Growth Driven by Diversity: Foundit Insights Tracker

India has seen a 33% year-on-year increase in diversity-based hiring, according to the latest Foundit Insights Tracker (fit) report from June 2024. This growth reflects the successful implementation of D&I policies across sectors, especially in metro cities like Delhi, Mumbai and Bengaluru, which are leaders in inclusive recruitment practices.

Metropolitan cities set the direction

The report highlights significant peaks in diversity hiring in June 2023 (37%) and May 2024 (57%). Overall, recruitment activity in India increased by 12% year-on-year and 2% month-on-month in June 2024 compared to May 2024. These trends underscore the dynamic and evolving nature of the Indian job market.

Job Trends and Leading Sectors

BFSI (Banking, Financial Services and Insurance) and IT-Software and Services sectors are leading the diversity recruitment, accounting for 30% and 19% of the diversity job openings, respectively. High-demand roles include AI/ML specialists, digital marketers, and data scientists and analysts, reflecting the technological nature of current hiring trends.

Implementation of structured D&I programs

More and more Indian companies are adopting structured D&I programs, including anti-discrimination training, diverse interview panels, and targeted recruitment efforts. These initiatives aim to create inclusive workplaces by addressing and mitigating bias. Healthcare, Internet/e-commerce, and education sectors are also showing positive trends in hiring diverse people, contributing to 6%, 4%, and 3% of diverse job openings, respectively.

Geographic focus on diverse hiring

Bengaluru, Delhi-NCR and Mumbai have been identified as key diversity employment hubs, offering significant employment opportunities to women, people with disabilities and the LGBTQIA+ community. Other cities such as Pune, Hyderabad and Chennai also provide significant employment opportunities to marginalised communities. Interestingly, 16% of remote work positions are for people with disabilities, highlighting the benefits of location-independent employment.

Positive outlook for employing people from diverse cultures

The diversity hiring outlook remains strong, with continued emphasis on D&I policies, technology integration, and regional expansion. This approach is fostering a more inclusive and dynamic workforce in India, setting the stage for sustainable growth and innovation.

Employment trends by sector

The report also highlights the growth in the textiles and apparel sector, driven by technological advancements, sustainability initiatives and government support. The sector witnessed a 43% year-on-year increase in employment, contributing to the overall growth of the Indian manufacturing and production industries.

The hospitality sector, driven by new hotels and airport operations, saw a 36% increase in employment. Marketing and communications roles also saw significant growth, driven by the need for a strong digital presence and engagement.

Challenges and Recovery in Agriculture

Despite a significant decline in employment by 18% in June 2023, recent months have seen a revival thanks to the development of organic farming, advanced agricultural technologies and e-farming applications.

New job roles and regional hiring trends

Demand for AI/ML professionals, digital marketers and data scientists continues to grow, especially in the IT-Software & Services and Internet/e-commerce sectors. Bengaluru leads India’s job growth with a 24% increase in employment, followed by strong growth in Coimbatore, Jaipur, Delhi-NCR, Hyderabad and Pune.

Recruitment for senior and middle management positions

The indicator also indicates a moderate increase in the employment of senior and mid-level specialists, with demand for people with over 15 years of experience increasing by 8% year-on-year and demand for mid-level specialists (with 7-10 years of experience) increasing by 7% month-on-month.

Sekhar Garisa, CEO of foundit (formerly Monster APAC & ME), highlighted the crucial role of D&I policies in shaping the Indian workforce. “The 33% year-on-year increase in diversity hiring underscores the importance of inclusive workplaces. Going forward, we expect an even greater focus on inclusivity through initiatives like mentoring and leadership programs for underrepresented groups, bias training, and innovative approaches like D&I labs or councils.”