Article: India registers 9% YoY employment rate as hiring continues to boom: Monster report

Recruitment

India registers 9% YoY employment rate as hiring continues to boom: Monster report

The hiring boom has been experienced by cities like Coimbatore, Mumbai, Delhi-NCR and Hyderabad.
India registers 9% YoY employment rate as hiring continues to boom: Monster report

As per the latest study by Monster Employment Index, the job market continues to show growth for the second consecutive month of FY23 with a benchmark year-on-year recovery of 9% in May 2022.

Industries such as Telecom, BFSI, and Import/Export have exhibited optimistic job trends contributing to the overall annual growth in job posting activity. 

As per the research, Import/Export witnessed a rise in job postings for talent by 47%, the highest ever increase recorded over the past year for this segment. 

Furthermore, in line with the new wave of digitization, cashless payments and digital money, job postings in BFSI (38%) stayed steady, followed closely by Telecom/ISP (36%) which will witness further job amplification on the back of the anticipated 5G rollout in India.

Travel and Tourism (29%) has exhibited a full recovery surpassing marginal and even negative escalation patterns observed over the last four quarters. In fact, the segment has almost doubled in growth since the previous month (April) which recovered at 15% annually. 

This apart, with offices ramping to return to work full time and the economy warily falling back to pre-Covid norms, sectors such as Office Equipment/Automation (11%), Real Estate (25%) have seen promising growth patterns. Retail (11%) continues to hire with moderate growth this month.                        

On the other hand, having observed a dip since Sept ’21, Media & Entertainment (down 19%) continues down a steep slope of decline indicating a long way towards post-pandemic recovery. Online recruitment activity contracted in Engineering, Cement, Construction, Iron/Steel (down 9%) although minor improvement was seen last month. Shipping/ Marine (down 4 %) also noted a first annual dip from a year ago level.

Tier-2 markets mark long term recovery

City-specific data indicates that Coimbatore (27%) tops the chart once again surpassing growth numbers witnessed by top metro cities in India, tailed by Mumbai (26%). Delhi-NCR and Hyderabad marked a 16% annual growth in job opportunities, closely followed by metro cities Chennai (15%), Pune (13 %), Ahmedabad (15%), Bangalore (9%) and Kolkata (6%). The BFSI industry particularly saw substantial hiring activity once again across key metro cities with the highest spike in Pune and Delhi-NCR.

Tier-2 job markets continue to fuel hopeful employment patterns this May 2022 across Baroda, Chandigarh, Jaipur and Kolkata which reflected growing annual demand in the range of 2% to 12%. Job creation in said locations continues to emerge consistently since the previous month indicating bullish prospects for employment generation.

Travel and Tourism roles surge as India returns to the old normal

Hiring demand for Travel and Tourism professionals observed a spike of 27% for the third consecutive month as a result of limited travel restrictions and improved economic recovery. Online job posting activity for Finance & Accounts (49%) and HR & Admin (36%) roles led the growth pie and are estimated to continue on this path in the coming months.

Online hiring for Customer Service (16%) roles witnessed double-digit rise annually for the first time since the onset of the pandemic. Moreover, Software, Hardware, Telecom (13%), Marketing & Communications (11%), Engineering/ Production (4%) Healthcare (3%) and Arts/Creative (5%) saw a positive demand trend when compared to May 2020.

Sekhar Garisa, CEO - Monster.com, a Quess company said, "The beginning of FY23 has shown positive hiring scales given the anticipated 5G rollout and the recovery of several business segments across the country. So far, the Indian job market is faring well despite the current sentiment on sobered hiring. Recruiters have not scaled down their ambitions to hire talent and there is most definitely unmet demand in the market today." 

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Topics: Recruitment, #Hiring, #Career

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