Hiring Activity Picks up Pace with Robust 27 Percent YoY Growth, Hybrid Work Format Holds Steady: foundit
- Overall hiring surged by 27% year-on-year in September 2024, with stable 8.7% growth month-on-month.
- BFSI sector grew by 19% MoM, while Coimbatore and Jaipur led Tier-2 city hiring with 12% and 10% growth, respectively.
- Hybrid work held steady, with 21% of all job roles offering hybrid work options in Sept ‘24, while hiring for fully remote roles (WFH) dipped to 10% from 12% YoY
- Remote working roles in Product Management jumped to 4%, up from 1% last year.
According to the tracker, hiring activity has surged by 27% year-on-year (September 2023 vs September 2024), with the hiring for hybrid work opportunities rising significantly. Even on a month-on-month (MoM) basis, hiring saw a better than moderate 8.7% increase in September 2024, reflecting the stable growth in both traditional and flexible work environments.
Speaking on the rise of hybrid work trends, Sekhar Garisa, CEO of foundit, said: “The job market has bounced back strongly, with hiring activity on the rise. We’ve seen a clear shift in the remote job landscape—hybrid work has firmly taken the lead, holding 21% of hiring demand, as it offers the best of both worlds: flexibility and in-person collaboration.
Early-career professionals continue to embrace this model for its balance between growth and adaptability, while mid- and senior-level talent are steadily moving back to in-office roles, driven by a need for collaboration and leadership. As the share of hybrid roles in the job market remains steady, especially in sectors like BFSI and IT, recruitment practices need to evolve.”
Sector-specific trends: BFSI and Real Estate See Month-on-Month Growth
The Banking, Financial Services, and Insurance (BFSI) sector experienced the strongest month-on-month (MoM) growth, surging by 19% in September 2024. This robust increase underscores the sector’s ongoing demand for professionals as financial institutions continue expanding their digital and customer service operations.
Real Estate showed decent 5% MoM growth, continuing its recovery with demand for talent in residential and commercial developments.
Meanwhile, the IT-Software & Services sector maintained steady momentum, with 10% MoM growth driven by ongoing digital transformation initiatives.
Function-specific trends: Finance and Senior Management See Sharp Growth
Finance & Accounting roles registered a sharp 16% MoM growth, highlighting the focus on financial management and regulatory compliance.
Senior Management roles also saw strong 15% MoM growth, as companies reinforced leadership teams to drive growth.
IT roles maintained steady growth at 6% MoM, reflecting continued demand for tech professionals to support digital infrastructure and transformation projects.
Customer Service roles increased by 10% MoM but dropped 13% YoY, highlighting a short-term recovery despite the long-term decline driven by automation and AI replacing traditional support roles.
Location-specific highlights: Bangalore, Coimbatore, and Jaipur Take the Lead
Hiring Trends Across Key Locations
| Location | MoM % Change |
| Coimbatore | 12% |
| Chennai | 11% |
| Mumbai | 11% |
| Pune | 11% |
| Hyderabad | 11% |
| Bengaluru | 11% |
| Jaipur | 10% |
| Delhi-NCR | 10% |
| Ahmedabad | 10% |
| Baroda | 9% |
| Kolkata | 7% |
| Kochi | 5% |
| Chandigarh | 3% |
Bangalore remains at the top with 11% MoM growth, particularly in IT, BFSI, and real estate sectors.
Other notable movers include Coimbatore, which recorded an impressive 12% MoM growth, driven by IT and engineering roles, and Jaipur, which saw 10% MoM growth, primarily in manufacturing and engineering.
Work Model Insights: Hybrid and In-Office Job Opportunities on the Rise
| Work Model | Hiring % (Sep’23) | Job Seeker Availability (Sep’23) | Hiring %(Sep’24) | Job Seeker Availability (Sep’24) |
| Hybrid | 21% | 49% | 21% | 38% |
| WFH | 12% | 28% | 10% | 18% |
The data highlights a clear shift in job market preferences, with hybrid work opportunities, holding steady at 21% in both 2023 and 2024, while job seeker availability for these positions has decreased from 49% to 38%.
Conversely, WFH roles have dropped from 12% to 10%, with job seeker availability also declining from 28% to 18%, indicating a shift back towards in-office environments driven by evolving employer policies.
Early-career professionals continue to value hybrid models for their balance of flexibility and growth, while mid- and senior-level professionals are leaning more towards in-office roles.
Year-on-Year Shift in Hiring for Hybrid Job Opportunities Across Industries
| Industry | Sep’23 | Sep’24 |
| IT- Software & Services | 47% | 47% |
| Internet | 6% | 11% |
| Recruitment/ Staffing/RPO | 21% | 16% |
| Advertising,MR,PR | 6% | 8% |
| Education/ E-learning | 5% | 5% |
| BFSI | 4% | 4% |
| Healthcare | 2% | 3% |
While IT roles still lead the remote job landscape, their share has declined from 46% in 2023 to 42% in 2024, indicating a slight shift away from IT-specific remote opportunities. Other roles such as Product Management surged from 1% to 4%, highlighting their increasing relevance in remote work settings.
Analytics/Business Intelligence and Marketing & Communications roles also saw a slight increase in hiring for remote opportunities, reflecting their growing adaptability to virtual work environments.
Role-Specific Trends in Remote Jobs
Year-on-Year Shift in Hiring for Hybrid Job Opportunities Across Roles
| Roles | Sep ’23 | Sep ’24 |
| IT | 46% | 42% |
| Sales & BD | 11% | 11% |
| Analytics/ Business intelligence | 4% | 5% |
| Marketing & communications | 4% | 5% |
| Consulting | 3% | 1% |
| Human Resources | 3% | 4% |
| UX/ UI Design | 3% | 3% |
| Product Management | 1% | 4% |
While IT roles continue to dominate the remote job landscape, their share has dropped from 46% in September 2023 to 42% in September 2024, indicating a slight shift away from IT-specific remote opportunities. In contrast, other roles are seeing growing hiring for remote work:
- Product Management increased from 1% to 4%, reflecting the growing importance of product-focused roles that can be managed remotely.
- Analytics/Business Intelligence and Marketing & Communications both grew slightly, from 4% to 5%, highlighting the expanding relevance of these functions in remote settings.
- Human Resources also saw an increase from 3% to 4%, as HR functions adapt to remote talent management and employee engagement.
- On the other hand, Consulting roles saw a notable drop in hiring for remote roles, falling from 3% to 1%, possibly due to the shift towards more client-facing, in-person interactions.
Location Insights: Tier-2 Cities Take the Lead in Remote Job Distribution
Year-on-Year Shift in Hiring for Hybrid Job Opportunities Across Locations
| Location | Sep’23 | Sep’24 |
| Bengaluru | 7% | 9% |
| Delhi/NCR | 7% | 9% |
| Mumbai | 4% | 4% |
| Hyderabad | 4% | 5% |
| Pune | 3% | 4% |
| Chennai | 2% | 3% |
| Kolkata | 2% | 3% |
| Ahmedabad | 2% | 1% |
Interestingly, Tier-2 cities now account for 66% of remote jobs, outpacing metro areas, which hold only 34% of these positions. This suggests that opportunities for remote work are expanding in non-metro areas, providing access to a broader talent pool outside traditional urban hubs. The growth in Tier-2 cities reflects the decentralisation of work, as companies increasingly offer remote roles to workers in smaller cities and regions.
