News: Monster Employment Index: Employment market remains hopeful

Talent Acquisition

Monster Employment Index: Employment market remains hopeful

The Monster Employment Index India slid two points (2%) month-on-month in October, however the employment market remains hopeful
 

Online job opportunities in Real Estate sector have also shown significant expansion year-on-year (30%)

 

The Monster Employment Index India slid two points (2%) month-on-month in October. However, the online recruitment market as indicated by the longer-term (year-on-year) trends has recouped to come a long way in the last thirteen months. Online job opportunities in October 2010 exceeded October 2009 by a robust 22%. The Monster Employment Index India measured 106 in October, dipping slightly by two points from September. The Index’s October 2010 level stands in stark contrast to October 2009 when Index results stood at 87. Since that time, nearly every industry, occupation and region has shown steady year-over-year growth that is indicative of sustained labor market expansion.

Seventeen of the 27 industry sector monitored by the Monster Employment Index registered increased online opportunities between September and October 2010; opportunities declined in 6 industry sectors and remained unchanged in the remaining four sectors.

The IT sector registered the steepest monthly decline of 10 points (9%). Nevertheless, year-on-year the sector is up by 19%. Similar downturn is also observed in the BPO/ITeS sector that edged down by three points (3%) between September and October. Banking, Finance and Insurance was among the weakest growing sector. The index reading for the sector at 80 was lowest for the series and fell short of the year–ago levels by three points (4%). Telecom/ISP registered the steepest annual decline. Engineering, Cement, and Construction, Iron / Steel sector recorded marginal monthly increase (1%) in October and a robust 25% growth Year-on-Year. The Automotive/ Ancillaries / Tyres sector also exhibited a 2% monthly growth. Online hiring in the Production and Manufacturing remained steady at September level while the related Logistic, Courier/ Freight/ Transportation was among the top four sector registering one of the most significant improvements (24%) in online recruitment activity. Healthcare, Bio Technology & Life Sciences, Pharmaceuticals registered 12% year-on-year growth.

Online job opportunities in Real Estate sector have also shown significant expansion year-on-year (30%).
The Consumer Goods / FMCG, Food & Packaged Food industry recorded notable improvement in online hiring scenario. The sector exhibited a month-on-month growth rate of 17% in October. Agro-based industry emerged as one of the leading gainers both on monthly (27%) as well as annual (43%) growth. Among others, Garments/ Textiles/ Leather, Gems & Jewellery; Chemicals/ Plastic/ Rubber, Paints, Fertilizer/ Pesticides; and Media & Entertainment show markedly improved recruitment activity in October as compared to that in September.

Online demand strengthened in four out 14 occupational groups monitored by the Index in October. Yearly growth rate was positive in case of 10 occupational groups. Hospitality and Travel (9%) saw the greatest increase in online demand in October. The group also exhibited the steepest yearly gain (42%) among all occupation groups. Employers are back hiring Marketing & Communication professionals. The month saw demand for the group go up by 2% to reach the August level.

The year saw considerable expansion (33%) in online opportunities at the Senior Management level. Online opportunities for IT professionals tapered 3% in October following an 11% growth in September. The group nonetheless registered 24% year-on-year growth indicating an overall improvement in the hiring scenario for IT personnel.

By contrast, demand for the Customer Service Professionals improved 1% over the September levels. Demand for Finance and Account professionals contracted further.

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Topics: Talent Acquisition, #Updates, #Jobs

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