Indian Job Market beats COVID Slump after 2 Years which Shows Highest Growth of 6% YoY : Monster Employment Index
With economic activity showing impressive recovery from COVID’s grip, hiring demand witnessed a 6% year-on-year growth in the month of March 2022, highlights the Monster Employment Index (MEI).
Even as a marginal dip of 2.4 percent was witnessed in month-on-month hiring activity, owing to appraisal season, the Index remain positive from an annual perspective as recruitment activity continued across a broad range of sectors.
In the month of March 2022, online recruitment activity exceeded the year-ago level in 11 out of the 13 cities monitored by the index.
All metros register a double-digit growth on an annual basis.
Mumbai continues to be the biggest job market, closely follow by Coimbatore
Mumbai (up 21%) led all the monitored cities for the first time on a yearly basis followed by Coimbatore (up 20%), Chennai and Hyderabad (up 16%).
E-recruitment activity in Bengaluru (up 15%) charted a positive trend but weakened from previous months.
While Pune recorded 12% growth, Kolkata and Delhi-NCR register a growth of 13% each.
TN’s investment in SEZs and intent to grow into a deep tech Startup base has boosted demand for jobs in the two cities that have witnessed the emergence of leading fin-tech and SaaS start-ups.
Flushed with investor money, Mumbai continues to rule as the financial capital with several fin-tech companies setting up base, boosting hiring in the market.
Bengaluru and Pune are emerging as the secondary hubs for Fintech start-ups with several entrepreneurs wanting to tap into the latent tech talent available in the markets.
BFSI leads as the growth driver on back of Fintech and Crypto boom
Hiring demand in March 2022 was driven by Banking/Financial Services and Insurance which showed remarkable improvement (up 37%) followed by Telecom/ISP (up 17%) and Production and Manufacturing (up 16%).
Jobs rebounded for Hospitality & Travel (up 11%) personnel after a long time and experience significantly improve demand levels annually.
However, engineering, cement, construction, and iron/ steel (down 20%) continue to witness a year-on-year decline in the series since April 2020, registering the sharpest deceleration among sectors.
The pace of the growth moderate further for Media & Entertainment (down 16%) and FMCG, Food & Packaged Food (down 13%) industry and slide down in March 2022 annually, according to MEI data.
Tech, finance and HR roles continue to be in high demand
In terms of Functions, IT-Hardware & software, HR & Admin along with Finance & Accounts job roles marked a double-digit growth in all metros.
More and more organisations have hired top management level employees (up 34%) followed by mid-senior level (up 22%), intermediate level (up 20%) and senior-level (up 13%).
Entry-level jobs witnessed a growth of 8% on the back of campus hiring steeping in the JFM quarter.
In BFSI, roles in financial statement, wealth management, investment banking and cyber-security have seen increased job openings.
In terms of Tech jobs, the emergence of Metaverse and its potential applications has created a lot of career opportunities in new skill areas.
While brands and enterprises continue to value creativity and human-centered design with tech-enabled applications, job roles such as Design Architects, Software Designers, System Validation Engineers, 3D Artists, AR/VR Maintenance and Support, and Design/Graphics Engineer are expect to be in high demand in the coming months.
Commenting on job trends for the month of March 2022, Sekhar Garisa, CEO – Monster.com, a Quess company Said :
The Monster Employment Index is a broad and comprehensive monthly analysis of online job posting activity conducted by Monster India.
Based on a real-time review of millions of employer job opportunities culled from a large, representative selection of online career outlets, the Monster Employment Index presents a snapshot of employer online recruitment activity nationwide.
Period for the report
The period consider for the MEI data is 1st to 31st March, 2022.
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