Hiring slows but India Inc looking for ‘efficient leaders’ to beat global blues: Report

Monster.com’s monthly report comes just a day after JPMorgan Chase & Co Chief Executive Officer Jamie Dimon said “serious” headwinds are likely to push the US and global economies into a recession by the middle of next year.

Commenting on job trends for September, Sekhar Garisa, CEO, Monster.com, said, companies have lately opted to take a sustainable approach towards hiring, but the momentum is expected to pick up with growing public consumption and the swift scaling up of public infrastructure.

Job market projection seems optimistic for the telecom sector following the launch of 5G.  Telecom e-hiring in September grew 13 percent year-on-year as key players ramped up recruitment with increased digitisation plans, the report said.

Seasonal hiring was also on the rise, especially across tier II cities, on the back of festivals. Garisa said, “The festive season builds great revenue in sectors such as retail, e-commerce, travel, manufacturing, import and export and creates a holistic job market for the quarter in these industries.”

Thanks to festive demand, sectors such as apparel, textiles, and jewellery (up 11 percent), production and manufacturing (up 5 percent), and retail (up 5 percent) have shown job growth, according to the report.

Meanwhile, the media and entertainment and home appliances industries witnessed the steepest annual decline in hiring at 19 percent each. The domestic appliances saw a downturn, with  reduced consumer demand and higher steel prices, the report said.

Monster.com added that the shipping/marine (-18 percent) sector lingered at the same level, showing a negative trend in September from the year-ago level.

Healthcare, biotechnology and life sciences, pharmaceuticals (-9 percent), education (-7 percent), IT- Hardware, Software (-11 percent) and BPO/ITES (-7 percent) sectors saw a subsequent decline, the report pointed out.