Monster report — People Matters
As India’s economy continues to recover and open up after the pandemic, hiring activity has flattened by 3% across all industry segments, the Monster Jobs Index reveals.
As festive demand continues, jobs in India are expected to rebound in the next quarter with positive sentiments for the workforce, according to Monster.com.
The index has seen a decline this month, with a 2% decline month-on-month and a slow rate of growth this month. However, several industries have continued to show positive growth trends as the Indian economy continues to recover and open up after the pandemic.
With the rise of digital innovation in line with Indian Agriculture 4.0, agribusiness industries have seen a 6% increase in hiring activity. The main drivers of the space were revolution with AI, automation, blockchain and drone technology.
According to the index, sectors such as BFSI (up 20%), chemicals (up 14%), real estate (9%), telecommunications/ISP (9%) and travel (up 3%) continue to do well. Retail (+5%) is also doing well with increased hiring activity in light of the ongoing holiday season.
Interestingly, with a 14% increase, NGO/Social Services also saw a considerable increase in hiring activity, while import/export hiring (up 19%) increased given the increase in merchandise imports during the month of August.
On the other hand, Shipping/Marine (down 24%), Media & Entertainment (down 19%), and Engineering/Cement/Construction (down 18%) continued to record a maximum annual decline in hiring activity, indicating a decline in demand for professionals in these fields. segments.
While the IT industry (down 8%) saw a drop in hiring due to ongoing start-up layoffs, large resignations and variable payment trends across the industry, BPO/ITES (down 4%) saw a similar drop that could be attributed to reduced hiring in metropolitan cities. Education (down 10%) also saw a decline given lower hiring in the EdTech industry. Sectors such as Appliances (down 17%), Apparel/Textiles (down 10%) and Production/Manufacturing (down 3%) showed negative growth patterns. While this indicates a drop in demand for white-collar jobs, festive hiring sentiments remain high and tend to see more demand in temp, blue-collar and gig roles.
Recruitment of white collar professionals
With a 13% increase, Coimbatore leads the ranking among the 13 cities monitored by the index, followed by Mumbai, 11%. Coimbatore and Mumbai are among six cities that showed positive employment demand in August.
Mumbai (up 11%) was the biggest annual gainer among major metropolitan markets, while Ahmedabad (up 9%) reflected a relatively encouraging trend driven by major sectors such as retail, BFSI and advertising. Hyderabad (+3%) saw positive annual growth while hiring in Delhi-NCR and Pune remained unchanged in August 2022.
Chennai (down 4%), Kochi (down 2%), Jaipur (down 2%) saw a marginal decline in recruitment activity, Bangalore (down 8%), Chandigarh (in down 8%), Baroda (down 10%) and Kolkata (down 11%) recorded a substantial annual decline due to stagnant hiring in several sectors.
Roles in demand
In terms of functions, HR and administrative roles are more in demand in August, as companies aim to improve training and development activities, employee engagement. In line with the growing demand for talent in the BFSI sector, finance and accounting professionals (+27%) showed maximum annual growth in the month of August 2022, similar to past trends. HR and administration (up 15%) and hospitality and travel (up 3%) positions continue to be in high demand, also indicating an increased need for professionals in their respective industries. Interestingly, Arts & Creative (up 6%), which has reflected a steady decline over the past few months, saw an all-time high due to increased demand for creatives such as graphic artists and designers. interior.
Sharpest annual decline
Of all the functions tracked, engineering/production (-20%) continued to show the largest annual decline, followed by customer service (-15%) and purchasing/logistics/supply chain (-13%). %) also experienced a sharp decline in August of this year. year compared to the corresponding period in 2021. annual decline.