As per the latest Monster Employment Index for January 2021, the employment index has remained consistent in January 2021, with no changes when compared to the previous month.
The index has been stable since November 2020, as hiring activity remained consistent with a neutral trend in the last quarter. However, there has been a year-on-year decline of 18% as of January 2021 compared to the previous year due to the impact of the pandemic.
In comparison to January 2020, job postings in some industries have improved, with some doing even better than the pre-Covid levels. Agro-based industries and Media and Entertainment have grown by 15% and 2% respectively in January 2021 compared to the same time last year. Telecom/ ISP job postings have become stable, indicating a 0% change compared to January 2020. However, Telecom roles have witnessed a 13% increase in postings in the last three months.
Jobs in the IT industry- Hardware, Software, reflected significant demand this month with month-on-month growth of 6% in job postings, seen mostly in Bangalore, Chennai, and Hyderabad cities. Further, a constant increase in job postings for the Home Appliances industry is noticed, with a 9% growth in postings in January 2021, compared to December 2020. While the job postings for the Home Appliances industry are at -18% decline year on year in January 2021, the same has improved compared to the previous index (December 2021 vs. December 2020) which was at -25%.
Agro-based industries and Media and Entertainment industries see an uptick in job postings
As per the report, industries that have witnessed maximum growth in job postings compared to the previous month are Home Appliances (9%), Agro-based industries (7%), IT - Hardware, Software (6%), Banking/ Financial Services, Insurance (6%), and Chemicals/ Plastic/ Rubber, Paints, Fertilizer/ Pesticides (5%).
Industries such as Advertising, Market Research, Public Relations (PR), Production and Manufacturing, and Engineering, Cement, Construction, Iron/ Steel have also witnessed month-on-month growth of 4% each. The media and Entertainment industry remains consistent when compared to the previous month with no changes. However, there is an indication of a 2% year-on-year growth.
With the reopening of travel and reduced restrictions in vehicular movement, Travel, and Tourism, and Automotive/ Ancillaries / Tyres have witnessed an increase of 2% in job postings. However, when it comes to year-on-year comparison Travel and Tourism industry has been the worst hit, at -64%. Oil/ Gas/ Petroleum, Power (-40%), and BPO/ITES (-40%) have also witnessed a steep year-on-year decline in January 2021.
Bangalore, Pune, and Hyderabad emerge promising cities for jobs
When compared to December 2020, Job postings in Bangalore (3%), Pune (2%), and Hyderabad (1%) witnessed growth, and job postings in Chennai have remained the same in January 2021. Job postings in the top three locations of Bangalore (-2%), Pune (-10%), and Hyderabad (-5%) have also witnessed the least year-on-year impact. Bangalore and Pune have significantly bounced back.
Although there is a dip in hiring demand in almost all the cities, few industries have showcased a notable growth in specific locations. IT - Hardware, Software witnessed an uptrend in Chennai (10%), Hyderabad (9%), and Bangalore (8%). Among functions, Software, Hardware, Telecom reflects a surge in demand for professionals in the same cities, Bangalore (11%), Hyderabad (9%), and Chennai (6%).
Other major cities such as Delhi-NCR and Mumbai have witnessed a slight month-on-month decline of -1% and -2%. Ahmedabad (-27%), Baroda (-32%), and Kolkata (-37%) have seen the maximum drop compared to the previous year, January 2020.
While segments such as IT and Telecom, alongside Agro-based industries and media & entertainment, continue to do well, Travel and Tourism still face their set of challenges. However, with the COVID Vaccine rollout being initiated and the nation gearing up to be workplace-ready, improvements and new opportunities in the coming months are expected.