New IT jobs down by 25%

Hiring slows down
There is more bad news for job seekers. A study by Naukri.com, states that the Overall Job Index in October 2008 is 781 as compared to 1000 in July 2008 indicating a decline of almost 21.9 per cent.

Historically, there is a seasonal decline in October which is around 10 per cent as recruitment slows down due to the festive season. The index suggests that companies are scaling back their recruitment plans due to the global financial crisis.

The IT sector has been hit badly by the slowdown. Both the software and hardware sectors have witnessed a dip in new jobs by almost 25 per cent since July this year

IT loses, but BPOs gain
Banking and financial services have seen a decline of over 32 per cent in October, while construction and engineering have seen a decline in new jobs by almost 22 per cent since July 2008.

Interestingly, the BPO industry has witnessed a slight bounce back by 10 per cent in October after witnessing a decline in new jobs in August and September.

The telecom industry which was looking up in August and September had seen an increase in jobs, while October witnessed a dip of 17 per cent indexed to July. The fluctuation could be owing to the festive season, the study said.
The pharma industry has been comparatively less affected with a fall in the index of less than 15 per cent. Niche sectors like government and legal have seen an increase in new jobs.