India Sees 33% Annual Surge In Diversity Hiring, Driven By BFSI, IT Sectors: Report

India has seen a 33 per cent year-over-year increase in diversity hiring, showcasing the growing importance of diversity and inclusion (D&I) policies by corporates, according to a recent report by Foundit.

Overall hiring index rose from 295 in May 2024 to 302 in June 2024. Year-on-year, there has been a 12% increase in hiring, indicating strong momentum in employment opportunities. Over the past six months, hiring has seen a robust 15% growth, reinforcing a positive outlook for 2024. These trends highlight the dynamic and expanding nature of India’s job market.

Commenting on the diversity hiring for June 2024, Sekhar Garisa, CEO, foundit (previously Monster APAC & ME), a Quess company, said, "The 33 per cent year-over-year increase in diversity hiring underscores the critical role that D&I policies play in shaping India's workforce today. Looking ahead, we anticipate an even deeper focus on inclusion through initiatives like mentorship and leadership programs for underrepresented groups and bias training at all levels. Companies can lead with innovative approaches such as D&I labs or councils to deepen inclusion efforts and reverse mentorship programs, where young employees from diverse backgrounds mentor senior leaders. With these initiatives, companies can build truly inclusive workplaces and set the stage for a dynamic and equitable workforce in India." 

The report highlighted that the textile industry boom drives the ongoing growth in India's Production & Manufacturing sector. On a month-on-month basis, the Textiles & Apparel sector experienced remarkable growth, showcasing 16 per cent growth in hiring, fueled by technological advancements, sustainability initiatives, government support, and expanding domestic and export markets.

Meanwhile, the digital marketing landscape is expanding as companies seek to engage with a broader online audience. This increased is driven by the need for a competitive advantage in a digital-first world. According to the tracker, the IT- Software & Services industry leads in hiring digital marketing professionals, with a share of 33 per cent of jobs. This is followed by the Advertising/PR/MR/Event Management sector, with 16 per cent of jobs dedicated to digital marketers. 

BFSI And IT-Software & Services industries lead the way in diversity hiring
Over the past few years, Indian businesses have emphasised hiring candidates from diverse groups including women, LGBTQIA+, and persons with disabilities (PwD). This highlights the importance of diversity and inclusion (D&I) policies in corporates. Despite some fluctuation, the overall trend remains positive, with significant peaks during the Pride month in June 2023 (37 per cent) and May 2024 (57 per cent), reflecting key diversity initiatives.  

Industries that have showcased the maximum spike in diversity job postings include BFSI and IT-Software & Services (IT-ITeS) industries, with 30 per cent and 19 per cent share of jobs respectively.  

Additionally, companies are adopting structured D&I programs, such as anti-bias training, diverse interview panels, and targeted recruitment to encourage and acknowledge the underrepresented groups. Job ads now use inclusive language, such as registering a candidate’s preferred pronouns to avoid gender bias. Other industries that have showcased a good share of diverse representation include Healthcare (6 per cent), Internet/E-commerce (4 per cent), and Education (3 per cent).