- The MEI benchmark recorded 9% yoy growth in May. However, the job demand levelled down by 4% month-on-month indicating a cautious tone from recruiters in the month under review as multi-year high inflation drives up costs due to the latest socio-economic scenario globally.
Hiring in India continues to pick up momentum as demand witnesses a 9% rise in May 2022 compared to the same month a year ago, driven by telecom, banking, financial services & insurance, and import and export sectors. The latest data from Monster Employment Index (MEI) stated job market continued to show growth for the second consecutive month of FY23.
The MEI benchmark recorded 9% yoy growth in May. However, the job demand levelled down by 4% month-on-month indicating a cautious tone from recruiters in the month under review as multi-year high inflation drives up costs due to the latest socio-economic scenario globally.
Sekhar Garisa, CEO of Monster.com, a Quess company said, “The beginning of FY23 has shown positive hiring scales given the anticipated 5G roll-out and the recovery of several business segments across the country. So far, the Indian job market is faring well despite the current sentiment on sobered hiring,” as per PTI report.
Garisa stated that recruiters have not scaled down their ambitions to hire talent and there is most definitely unmet demand in the market today.
He added that in terms of the job outlook, businesses will continue to grow, and “we see this demand reflected in segments such as import and export, telecom, travel and hospitality and BFSI (Banking, Financial Services, and Insurance), which continue to grow on the back of growing digitisation efforts.”
Notably, sectors like telecom, BFSI, and import/export have witnessed optimistic job trends contributing to the overall annual growth in job posting activity. Furthermore, import and export recorded a rise in job postings for talent by 47% which is the highest ever increase witnessed over the past year for this segment.
Job postings in BSFI stood steady with a rise of 38%, followed by telecom/ISP soaring 36%. The telecom sector is expected to witness further job amplification on the anticipated 5G roll-out in India.
Also, job postings in travel and tourism recovered from the negative escalation patterns observed over the last four quarters and climbed by 29% in May. Meanwhile, retail continued to hire with moderate growth this month at 11%.
Media and entertainment sector continued to witness a drop in job opportunities with a dip of 19% yoy in May. Job postings in this sector have been on the downside since September last year – hinting that long way toward post-pandemic recovery.
However, despite minor improvement last month, online recruitment activity dipped in engineering, cement, construction, iron, and steel by 9% in May. Job postings in shipping and marine slid down 4% which was also a first annual dip from a year-ago level.
In city-wise performance, hiring demand in Coimbatore topped the chart once again with a growth of 27%, outperforming top metro cities in the country. Mumbai recorded a 26% growth in job postings, while Delhi-NCR and Hyderabad jumped by 16% yoy.
Other cities like Chennai logs 15% yoy growth, Pune up 13%, Ahmedabad up 15%, Bangalore up 9%, and Kolkata up 6%% in May on a year-on-year basis.
The MEI exceeded the year-ago level by 15% in April 2022. Notably, this month, 25 of the 27 industry sectors monitored by the Index exhibited an improved online demand trend.
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