Job Market Reaching Pre-pandemic Levels, Upsurge Expected in Recruitment due to Festive Season: Survey

Festival demand is going to increase the job demands in the country, and will end the dip in recruitment drive that was witnessed in India in the last few months, claims the survey conducted by Monster.com. While festive demand is ongoing, jobs in India are expected to rebound in the coming quarter with positive workforce sentiments, as per Monster.com. Finance, HR and admin and hospitality will witness improved intent to hire in the market, the survey added.

The index saw decline this month, with a 2 per cent month-on-month dip exhibiting a sluggish growth rate this month. However, several industries continued to post positive growth trends as the Indian economy continues to recover and open up post pandemic, added the report.

Apart from the Agro industry which posed a positive incline in online hiring activity, segments such as BFSI, retail, real estate, telecom, and travel and tourism have noted an annual growth in e-recruitment activity. Consequently, demand for roles across finance and accounts, HR and admin, and hospitality also saw an incline reflecting consistent demand for skilled talent across these segments.

Commenting on job trends for the month of August 2022, Sekhar Garisa, CEO – Monster.com, a Quess company said, “While hiring has slowed down this August due to global economic concerns, we are optimistic that jobs will bounce back in India over the coming quarter with the ongoing festive season. Retail continues to do well with improved e-commerce sales and rising footfall across stores. Moreover, India continues on its tech adaptive journey with newer technologies and consequently newer skills in demand by recruiters. It is key that workforce upskilling be taken more seriously now than ever for career growth and overall economic progress in the country.”

As per the report, in August 2022, agro based industries (up 6 per cent) saw an incline in hiring activity on the back of the digital revolution with AI, automation, blockchain, and drone tech serving as key drivers in the space. The success of agriculture 4.0, much like Industry 4.0, depends on the efficient use of tech to tackle challenges that haunt the segment as a whole.

As per the Index, industries such as BFSI (up 20 per cent), Chemicals (up 14 per cent), Real Estate (9 per cent), Telecom/ISP (9 per cent), and Travel (up 3 per cent) continue to do well. Retail (up 5 per cent) too has fared well with a rise in hiring activity in light of the ongoing festive season.

Interestingly, NGO, social services has seen a considerable spike in hiring activity, while import/export hiring rose given the spike in merchandise import over the month of August.

On the other hand, shipping/marine (down 24 per cent), media and entertainment (down 19 per cent), and engineering, cement, construction (down 18 per cent) continued to chart maximum annual decline in hiring activity indicating lowered demand for professionals in these segments, claims the report.

Meanwhile the IT industry saw a hiring dip due to ongoing start-up layoffs, great resignations, and variable pay-out trends in the sector, BPO/ITES saw a similar dip which could be attributed to reduced hiring across metro cities.

Surprisingly, education sector also noted a fall given the decline in hiring across the edtech industry. Sectors such as home appliances (down 17 per cent), garments, textiles (down 10 per cent), and production, manufacturing (down 3 per cent) exhibited negative growth patterns. While this indicates falling demand for white collar jobs, festive hiring sentiments remain high and tend to see more demand across temp, blue collar, and gig roles.

The report claims that 6 out of 13 cities monitored by the Index showcased positive job demand with Coimbatore (up 13 per cent) charting maximum growth. Mumbai (up 11 per cent) was the strongest annual gainer among major metro-markets while Ahmedabad (up 9 per cent) reflected a relatively encouraging trend driven by major sectors like retail, BFSI and advertising.

Hyderabad (up 3 per cent) witnessed positive annual growth while hiring in Delhi-NCR and Pune stayed status-quo in August 2022. Chennai (down 4 per cent), Kochi (down 2 per cent), Jaipur (down 2 per cent) saw a marginal dip in recruitment activity, Bangalore (down 8 per cent), Chandigarh (down 8 per cent), Baroda (down 10 per cent) and Kolkata (down 11 per cent) registered a substantial annual fall owing to stagnant hiring across several industries.

In line with the rising demand for talent in the BFSI industry, professionals in finance and accounts (up 27 per cent) exhibited maximum annual growth in the month of August 2022, similar to past trends. HR and admin (up 15 per cent) and hospitality and travel (up 3 per cent) roles continue to be in high demand as well indicating a greater need for professionals in respective sectors. Interestingly, Arts and creative (up 6 per cent) which reflected a constant dip in the last months, recorded an all-time high on account of increased demand for creatives such as graphic and interior designers.

While engineering/ production (down 20 per cent) continued to exhibit the steepest annual decline among all monitored functions, customer service (down 15 per cent) and purchase/ logistics/ supply chain (down 13 per cent) also saw a huge dip in August. Sales and business development (down 10 per cent), marketing and communications (down 8 per cent), software, hardware, telecom (down 7 per cent) professionals saw consequent annual decline.

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