News: India Inc hiring slows down 6% YoY in October: Monster

Recruitment

India Inc hiring slows down 6% YoY in October: Monster

Among tier 1 cities, hiring remained stable in Mumbai whereas metros such as Bangalore (-11%), Kolkata (-14%), Delhi-NCR (-2%) and Hyderabad (-5%) posted a downward trend in recruitment activities.
India Inc hiring slows down 6% YoY in October: Monster

There was a 6% drop in hiring activity in October 2022 as compared to October 2021, a Monster study showed. It also revealed a 5% decline in M-o-M job postings.  

Jobs in automation showcased a remarkable increase (+34%) in hiring activity with companies maximising efficiency and productivity through tech, findings further indicated. Similarly, industries such as banking and finance, and telecom did well, with technology driving innovation and growth in both sectors. Artificial intelligence and blockchain are transforming the BFSI sector, similarly, the onset of 5G is transforming the growth of telecom. 

There is a 12% rise in the BFSI sector hiring due to a number of factors ranging from access to technologies to a surge in investor capital. The rollout of 5G services has led to a significant uptick (+9%) in the telecom sector as well, the study said. This demand is majorly driven by skills such as DevOps, Full stack, React Native, Cloud, Open Stack, Edge Computing, Robotic Process Automation (RPA), Juniper, Big Data, and Python account for 72% of the total jobs in the sector. 

According to the study, garments and jewellery (+7%) industries also registered an increase in hiring activity followed by Retail (+5%) with increased sales due to the onset of the festive season. 

Sekhar Garisa, CEO of Monster.com, said, "Technology is no longer an element of differentiation in organisations. It is now imperative for every industry to rapidly digitise and move forward. Sectors such as BFSI and Telecom which have adopted new-age tech are now reaping rewards with increased investments and job creation. It is important that today’s workforce upskill and reskill themselves at an individual and organisational level.”

Tier 2 cities have reported positive growth on an annual basis. Coimbatore and Ahmedabad reported a marginal increase in hiring at 1% annually.

Among Tier 1 cities, hiring remained stable in Mumbai whereas metros such as Bangalore (-11%), Kolkata (-14%), Delhi-NCR (-2%), and Hyderabad (-5%) posted a downward trend in recruitment activities.

The intent to hire in Tier-2 cities such as Baroda (-22%), Chandigarh (-16%), and Kolkata (-14%) have also showcased an annual dip.

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Topics: Recruitment, Employment Landscape, #Hiring

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