Hiring demand up 9% in May, driven by the telecommunications, BFSI, import and export sectors

According to the Monster Employment Index (MEI), sectors such as telecommunications, BFSI and import/export posted optimistic employment trends contributing to the overall annual growth in billboard activity. jobs.

According to the Monster Employment Index (MEI), sectors such as telecommunications, BFSI and import/export posted optimistic employment trends contributing to the overall annual growth in billboard activity. jobs.

Employment demand continued to be on a growth trajectory in May, registering a 9% increase year-on-year, mainly supported by the telecommunications, banking, financial services and insurance and import and export, according to a report released Tuesday.

The labor market continued to show growth for the second consecutive month in FY23 with a benchmark recovery of 9% year-on-year in May, according to the Monster Employment Index (MEI).

However, the index stabilized 4% month-on-month, reflecting the cautious sentiments of recruiters in May amid concerns over high inflation driving up costs due to the socio-economic scenario. globally, he noted.

“The start of FY23 has shown positive hiring scales given the expected rollout of 5G and the recovery of several business segments across the country. So far, the Indian labor market is is doing well despite the current sober hiring sentiment,” Sekhar Garisa said. , CEO of Monster.com, a Quess company.

Recruiters have not reduced their ambitions to hire talent and there is most certainly unmet demand in the market today, he said.

“In terms of employment prospects, businesses will continue to grow, and we see this demand reflected in segments such as import and export, telecommunications, travel and hospitality and BFSI (Banking, Services Financial and Insurance), which continue to grow on the thanks to growing digitization efforts,” he added.

Sectors such as telecommunications, BFSI and import/export posted upbeat employment trends contributing to the overall annual growth in job posting activity, he said.

With the pandemic behind us and supply chains restored, import and export saw an increase in job openings for talent of 47%, the largest increase ever in the past year for this segment.

Additionally, in line with the new wave of digitization, cashless payments and digital money, job vacancies in BFSI (up 38%) remained flat, closely followed by Telecom/ISP (up by 36%) which will experience further employment amplification as a result of the planned rollout of 5G in India.

Meanwhile, travel and tourism (up 29%) showed a full recovery surpassing the marginal and even negative escalation patterns seen over the past four quarters.

In fact, the segment has nearly doubled in growth since April, which has recovered at 15% annually, according to the report.

That aside, with offices accelerating the return to full-time work and the economy cautiously returning to pre-Covid norms, sectors such as office equipment/automation (+101%), l Real estate (+25%) experienced promising growth. patterns.

Retail (+11%) continued to hire with moderate growth this month, the report adds.

The report revealed that after observing a decline since September 2021, the media and entertainment sector continued its steep decline (19%), indicating a long road to post-pandemic recovery.

Online recruitment activity contracted in engineering, cement, construction, iron and steel (down 9%), although a slight improvement was seen last month.

Shipping and shipping (down 4%) also noted a first annual decline from the level a year ago, he added.

The Monster Jobs Index is a broad and comprehensive monthly analysis of online job posting activity conducted by Monster India.

The report further revealed that Tier II cities are on track for post-pandemic recovery with strong growth figures, while Tier I cities continue to fuel growth.

According to the report, city-specific data indicates that Coimbatore (up 27%) tops the charts, once again outpacing the growth figures seen in India’s major metropolitan cities, followed by Mumbai ( up 26%).

Delhi-NCR and Hyderabad recorded 16% annual growth in employment opportunities, closely followed by Chennai (up 15%), Pune (up 13%), Ahmedabad (up 15%), Bangalore (up 9%) and Kolkata (up 6%). %).

The BFSI industry particularly once again witnessed significant hiring activity in major metropolitan cities with the highest peak in Pune and Delhi-NCR, according to the report.

Tier II labor markets continued to fuel promising employment patterns in May 2022 in Baroda, Chandigarh, Jaipur and Kolkata, reflecting annual demand growth in the range of 2-12%.

Job creation in these locations continues to emerge steadily from the previous month, indicating a bullish outlook for job creation, he added.

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