The improving business climate boosted overall hiring demand, which grew 15% year-on-year in April, driven by the banking, financial services and insurance sector as well as the recovery in the sector retail, according to a report released on Monday.
India saw overall growth of 15% y-o-y and 4% m-o-m in hiring demand due to rising positive business sentiment, the Monster Employment Index said ( MEI) – a monthly analysis of online job posting activity conducted by Monster India.
After a protracted decline induced by the humanitarian crisis, sectors such as production and manufacturing, travel and tourism, import and export, also showed marked improvement with the first double-digit annual growth in two years, reports the MEI.
The retail sector showed a remarkable recovery with double-digit growth, the first since the COVID-19 pandemic began to recede, the report noted.
Banking, financial services and insurance (BFSI) remained the fastest recovering sector with 54% annual growth in hiring, followed by retail which increased by 47% annually, then production and manufacturing with a 35% increase, he said.
While the BFSI sector continued to experience a boom in employment opportunities, the reopening of physical stores led to a surge in the retail job market, according to the report.
The easing of Covid-related restrictions has led consumers to frequent leisure centers such as shopping malls, creating demand for retail talent, MEI said.
Following improved supply chain disruptions and the resumption of global mobility, employment growth was also seen in the import and export sectors (up 29% ) and travel and tourism (up 15%), he added.
In addition, the report indicates that the upcoming rollout of 5G also appears to have boosted demand for jobs in the telecommunications/internet services sector (up 33%).
Real estate, which has shown a steady decline in hiring demand year-over-year since April 2019, has seen a dramatic 26% recovery on improving consumer sentiment in a weak market. rise, he observed.
However, the media and entertainment industry has seen fewer job openings (down 17%) since last year, he noted.
Although a marginal decline was recorded in engineering, cement, construction and iron and steel (down 1%), the industry saw a recovery in employment activity this this month, according to MEI.
According to the data, hiring continued to improve in Tier II markets, while Tier I continued on a robust growth trajectory, he said.
Mumbai again topped all cities monitored on a year-on-year basis with a 29% increase in hiring demand, followed by Coimbatore (up 25%), Chennai (up 21%), Bengaluru and Hyderabad ( up 20% each), the report says.
Other metropolitan cities like Delhi-NCR, Kolkata and Pune continued to show a positive year-on-year growth trend in the range of 6 to 18 percent, he added.
“The future of the job market looks healthier every day. As India reaches another milestone by touching 100 unicorns, it is only a matter of time before these disruptive companies create new jobs across all sectors,” said Sekhar Garisa, CEO of Monster. .com, a Quess company.
The emergence of fintech, edtech and D2C brands have certainly helped drive economic recovery at a much faster pace than traditional businesses, he noted.
“In the coming months, what will be interesting to see is the emergence of new job functions that did not exist before and the demand for previously unknown skills of the third industrial revolution worker.
“The retail sector’s aggressive comeback speaks to its resilience and potential as a significant contributor to our GDP. Technology-driven innovation across industries will also ensure continued demand for technology roles across industries as we consumers increasingly embrace a digital-native lifestyle,” he added.
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