E-recruitment in July has stabilised on an annual basis for white collar sectors, according to the Monster Employment Index (MEI) released on Monday.
However, on a month-on-month basis, the July Index flattened by 1 percent amidst fears of global recession, inflation and macroeconomic headwinds, though several industries driven by demands of digitisation and changing consumer sentiments continue to do well, the report said.
“The BFSI industry posted an upswing of 25 percent, continuously propelled by digitisation, payment innovations and increased penetration of financial services. Furthermore, with the upcoming rollout of 5G, telecom companies are looking to beef up their workforce with hiring scaling up 15 percent year on year,” according to Monster Employment Index.
Chemicals/ plastic/rubber, paints, fertilizer/pesticides (+32 percent), and office equipment/automation retained keenness to hire while retail has also seen a 10 percent improvement in job demand on account of the upcoming festive season, it added.
Hospitality and travel (6 percent) professionals also saw a bit restrained hiring demand annually, the report said.
However, last week, another report stated that though among sectors, hotels, restaurants, airlines and insurance space saw a similar trend, the magnitude varied.
Hotels, restaurants and airlines registered a 95 percent YoY jump in hiring followed by the insurance space which hired 65 percent more people last month compared to July 2021, according to a
Naukri.com report released last week.
According to Monster Employment Index, the Indian IT sector continued to make hiring corrections (-6 percent) with several organisations laying off employees post excessive appointments from the past year.
The media and entertainment (-25 percent) industry also registered a significant slowdown with changing consumer habits and reduction in marketing and advertising spending across industries. Industries such as engineering, cement, construction, iron/ steel (-24 percent) and shipping/ marine (-21 percent) also witnessed a considerable dip in demand for professionals, the Monster report states.
With more and more companies cutting costs and reducing branding spends, Monster index suggests roles across marketing and communications (-3 percent) and sales and business development (-7 percent) have noted marginal dips.
According to Sekhar Garisa, CEO — Monster.com, a Quess company, "Retail and Manufacturing are doing very well with consumer spending on the rise and of course, festive hiring in full swing which is only expected to grow further. The supply chain sector has also survived several bottlenecks due to the pandemic and is finally opening up and ramping up their recruitment processes."
