The job market continued to grow for the second consecutive month of FY23 with a benchmark year-on-year recovery of 9 per cent in May 2022. With the rapid adoption of emerging technology in India, the country has come a long way. To recover after the pandemic, the Monster Employment Index (MEI) has been highlighted.
However, the index fell 4 per cent month-on-month this month, reflecting cautious recruitment sentiments, amid concerns over cost overruns on account of higher inflation due to the current socio-economic scenario globally.
“Industries such as telecom, BFSI, and import/export have exhibited optimistic job trends contributing to the overall annual growth in job posting activity. This is reflected in the index as 22 out of the 27 industries monitored reported a Demand has shown a pick-up compared to the year-ago level.Meanwhile, Tier-2 cities have also done well on their way to recovery from the pandemic with significant growth numbers, while Tier 1 cities continued to drive growth Yes, the survey claims.
Commenting on the job trends for the month of May 2022, Shekhar Garissa, CEO – Monster.com, a ques company, said, “The start of FY23 has seen the anticipated 5G rollout and recovery of several business sectors across the country. The Indian job market is performing well so far despite the current sentiment on sober hiring. Recruiters haven’t given up on their ambitions to hire talent and certainly meet the demand in the market today. In terms of job outlook, businesses will continue to grow, and we see this demand reflected in sectors such as import/export, telecom, travel & hospitality and BFSI, which continue to grow on the back of increased digitization efforts keep.”
Increased job demand in import/export industries
The job postings for talent in import/export witnessed a growth of 47 per cent, which is the highest growth recorded in the last one year for this segment. Highlighting the rise in digitisation, the survey said, “In line with the new wave of digitisation, cashless payments and digital money, job postings remained stagnant in BFSI (up 38 per cent), followed by Telecom/ISP (up 36 per cent). Job growth will be on the back of the anticipated 5G rollout in India.
Travel and tourism (up 29 per cent) has demonstrated a full recovery, surpassing the modest and even negative growth pattern seen in the last four quarters. In fact, the segment’s growth has nearly doubled since last month (April), growing at 15% annually. Further, with offices ramping up to return to full-time work and the economy falling back to pre-Covid norms, sectors such as office equipment/automation (up 101 per cent), real estate (up 25 per cent) saw promising growth patterns Is. , Retail (up 11 percent) continues to see rentals with moderate growth this month.
On the other hand, since September ’21 saw a decline, the media and Entertainment (down 19 percent) continues under a steep slope of decline that goes a long way toward post-pandemic recovery. Online recruitment activity contracted in Engineering, Cement, Construction, Iron/Steel (down 9 per cent), although marginal improvement was seen last month. Shipping/Marine (down 4 percent) also posted its first annual decline from a year ago.
Tier-2 markets mark a long-term correction
City-specific data indicates that Coimbatore (up 27 per cent) tops the charts once again, surpassing the growth numbers seen by top metro cities in India, followed by Mumbai (up 26 per cent). Delhi-NCR and Hyderabad registered an annual growth of 16 per cent in job opportunities, followed by metro cities Chennai (up 15 per cent), Pune (up 13 per cent), Ahmedabad (up 15 per cent), Bangalore (up 9 per cent) and Kolkata was the place. (up 6 percent). The BFSI industry once again witnessed substantial recruitment activity in major metro cities with the highest spike especially in Pune and Delhi-NCR.
The Tier-II job market in Baroda, Chandigarh, Jaipur and Kolkata this May 2022 continues to foster an optimistic pattern of employment, reflecting an increasing annual demand in the range of 2 to 12 per cent. The employment generation in the above places has been continuously emerging since last month which shows the potential for rapid employment generation.
Travel and tourism roles grow India returns to the old normal
The survey claimed that tourism has picked up again by lifting the Covid-19 restrictions. As a result of limited travel restrictions and improved economic recovery, demand for recruitment of travel and tourism professionals grew by 27 percent for the third consecutive month. Online job posting activity for finance and accounting (up 49 percent) and human resources and administrator (up 36 percent) roles led the growth pie and is projected to continue on this path in the coming months.
Online recruitment for customer service (up 16 per cent) saw double-digit growth annually for the first time since the start of the pandemic. In addition, there was positive demand in Software, Hardware, Telecommunications (up 13 per cent), Marketing & Communications (up 11 per cent), Engineering/Production (up 4 per cent), Healthcare (up 3 per cent) and Arts/Creative (up 5 per cent). trend was observed. than in May 2020.
Across all business groups, procurement/logistics/supply chain saw a marginal decline of 2 per cent on a year-on-year basis, with marginal fluctuations in the number of rentals compared to the previous year.
Freshers sought at par with top management
The survey said that in the month of May 2022, the online recruitment activity for entry level job seekers (0-3 years) has become at par with the demand of top management (above 16 years), with several months of continuous Maximum demand has been observed. , Both experience levels with Intermediate (4-6 years) roles registered an increase of 19 percent on a yearly basis. It added that the demand for new talent across industries remains consistent and is expected to increase further.