Hiring Down 4% In March Year-On-Year: Report

Hiring in India declined by 4% in March compared to the same month last year, according to a report.

<div class="paragraphs"><p>(Source:&nbsp;<a href=";utm_medium=referral&amp;utm_content=creditCopyText">Marten Bjork</a>/ <a href=";utm_medium=referral&amp;utm_content=creditCopyText">Unsplash</a>)</p></div>
(Source: Marten Bjork/ Unsplash)

Hiring by Indian companies saw a 4% decline in March as compared to the same month last year, a report released on Tuesday stated.

However, sequentially, there was a slight uptick of 3%, reflecting an optimistic business sentiment, the report by foundit Insights Tracker (fit) said.

The report is based on an analysis of fit data from March 2023 to March 2024.

The report revealed that white-collar gig jobs, or freelance work, saw an 184% increase compared to the previous year.

This suggests professionals' growing preference for flexible, project-based work arrangements, it noted.

Additionally, it stated that gig workers, representing a vital workforce segment, have expanded 21% over the same period, highlighting companies' increasing reliance on freelancers and independent contractors to meet business needs.

The IT sector is at the forefront of this gig boom, as per the report.

The share of IT software in the gig economy has nearly doubled, jumping to 46% in March 2024, from 22 per cent in March 2023, it added.

"Through our tracker, we have noticed that the metro cities of Delhi, Bengaluru, and Mumbai are paving the way for gig jobs as of now," CEO of foundit (previously Monster APAC and ME), a Quess company, Sekhar Garisa, said.