As economic activities continue to increase, the labor market is recovering in several sectors that have been affected by the pandemic, showing the strongest growth in the month of April. India saw overall growth of 15% year-on-year and 4% month-on-month in hiring demand due to increased positive business sentiment.
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, according to a Monster India report. While leadership roles with 16+ years of experience showed the strongest growth of 29% among all experience levels, middle and mid-level roles showed growth of 24% and 22% respectively . Newer roles or entry-level roles have also shown high and stable growth among teenagers.
The retail sector is showing a remarkable recovery with double-digit growth, a first since the decline of the pandemic. BFSI continues to remain the sector with the fastest job recovery with an annual growth rate of 54%, followed by retail which grew by 47% annually, then the production and manufacturing industry. 35% manufacturing.
Sekhar Garisa, CEO – Monster.com, a Quess company, said, “The future of the job market looks healthier by the day. As India reaches another milestone by touching 100 unicorns, this is only a matter of time before these disruptive companies create new jobs across all sectors.The emergence of fintech, edtech and D2C brands has certainly helped drive economic recovery at a much faster rate than traditional companies. In the coming months, it will be interesting to see the emergence of new positions that did not exist before and the demand for skills previously unknown to Third Industrial Revolution workers. retail is a testament to its resilience and potential as a significant contributor to our GDP Technology-driven innovation across all sectors also ensure continued demand for technology roles across industries as we consumers increasingly embrace a digital lifestyle. »
While BFSI continued to witness a boom in employment opportunities, the reopening of physical stores led to a surge in the retail job market. The easing of Covid-19 restrictions has led consumers to frequent leisure centers such as shopping malls, creating demand for talent in the retail and tourism sectors (up 15%) as well. That aside, the upcoming 5G rollout also appears to have boosted demand in the telecom/ISP sectors (up 33%). In fact, real estate, which has shown a continued year-on-year decline in hiring demand since April 19, has seen a dramatic 26% recovery on improving consumer sentiment, which is now excited about a rising market.
However, Media & Entertainment (down 17%) still saw fewer job openings since last year. Although a marginal decline was recorded in engineering, cement, construction and iron/steel (down 1%), the industry saw a recovery in employment activity this month- ci, according to MEI data.
Hiring continues to improve in Tier II markets; Tier-I continues to show robust growth. Mumbai (up 29%) again topped all cities monitored on a yearly basis, followed by Coimbatore (up 25%), Chennai (up 21%), Bangalore and Hyderabad (up 20% each). Rest all metropolitan cities Delhi-NCR, Kolkata and Pune continued to reflect a positive year-on-year growth trend in the range of 6-18%.
While production and manufacturing and BFSI industry saw a significant jump for another consecutive month in all metros, jobs rebounded for almost all functions in Tier 1 cities. Following the reverse migration of workers towards tier 2 markets and the new labor trend towards talent, employment opportunities have also been created in emerging cities and towns. Baroda (up 15%) showed a significant increase in hiring demand, followed by Kochi and Kolkata (up 8%) and Jaipur (up 3%). Although Chandigarh showed moderate growth in April 22 compared to the level of a year ago, the aggregate data by city shows the discernible signs of growth stories to come for job creation in these cities.
Demand for finance and accounting professionals (+49%) recorded maximum growth
Online demand for finance and accounting professionals (up 49%) saw the highest year-over-year growth among all occupational groups. Similarly, demand for HR and administration functions (up 36%) and software, hardware and telecoms (up 25%) continues to follow a robust and positive growth trajectory. Each of these sectors has shown successive positive growth every year for nearly a year.
Limited year-over-year growth in the 1-4% range was seen in occupations such as arts/creative, sales and business development, purchasing/logistics/ Supply Chain.
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