India Inc recovers 15% Y-O-Y hiring growth, surpassing pre-COVID levels: Monster report
Monster Employment Index’s (MEI) research reports that India’s industry sectors have registered an overall growth of 15% year-on-year and 4% month-on-month in hiring, result of increased positive business maneuver. The numbers set a tone of the wave which is improving after the humanitarian crisis suffered by India.
Retail sector has seen a major growth with an increase of 47% year on year growth, exceeding the levels shown in pre-COVID times. Sectors like BFSI, production and manufacturing, travel & tourism, import and export, have overseen improvement in numbers, reaching double-digit in two years.
The sector wise hiring growth improvement follows -
- BFSI remains the fastest job recovering sector with 54% annual growth
- Retail takes the second place with 47% growth
- Manufacturing industry follows with 35% growth
- Import & Export experience 29% growth
- Real Estate experienced dramatic recovery with 26%
- Travel & Tourism is upto 15% growth
- However, Media & Entertainment growth is downed to 17%, observing fewer job opportunities since last year.
As for the hiring in Tier 1 and Tier 2 states in India, Mumbai leads the pack with 29% on yearly basis, followed by Coimbatore (25%), Chennai (21%), Bengaluru & Hyderabad ( 20% each). Delhi-NCR, Kolkata and Pune still continue to reflect a positive hiring growth trend with 6 to 18% range.
Reverse migration has impacted Tier 2, creating job opportunities in emerging cities and towns. Baroda (15%) exhibited a significant increase in hiring demand, followed by Kochi and Kolkata (8%) and Jaipur (3%).
Commenting on job trends for the month of April 2022, Sekhar Garisa, CEO - Monster.com, a Quess company said, "The future of job market is looking healthier by the day. With India achieving a new milestone of touching 100 unicorns, it is only a matter of time before these disruptive companies create further employment across sectors. The emergence of fintech, edtech, and D2C brands have definitely helped stimulate economic recovery at a much faster rate than traditional companies.
He also added that In the months to come, there would be the emergence of newer job roles that previously didn't exist and the demand for skills that were hitherto unknown to the third industrial revolution worker. The aggressive comeback of the retail sector testifies to its resilience and potential as a strong contributor to our GDP. Tech led innovation across sectors will also ensure continued demand for tech roles across sectors as we consumers increasingly embrace a digital-native lifestyle.