The ongoing global economic contraction has trickled down to India with recruiters adopting a cautious approach to hiring, claims the latest Monster Employment Index (MEI). The MEI has registered a 6 per cent drop in hiring activity in October 2022 vis-à-vis October 2021. However, Automation, BFSI and Telecom register an uptick in hiring with the adoption of the latest technology while jobs in Healthcare and IT decline. The report also says that hiring stabilised in Coimbatore and Ahmedabad while the growth graph slowed down in major metropolitan cities of India.
As per the report, the month-on-month job postings also noted a 5 per cent decline. This can be attributed to changing patterns in the start-up ecosystem, funding winter and fears of an upcoming recession. However, with companies ramping up internal initiatives to facilitate growth and government interventions in promising sectors, hiring projections for the coming months are expected to pick up.
Tier 2 cities report card
Jobs in automation showcased a remarkable increase (+34%) in hiring activity with companies maximising efficiency and productivity through tech. Similarly, industries such as Banking & Finance and Telecom did well, with technology driving innovation and growth in both sectors. Artificial intelligence and Blockchain are transforming the BFSI sector, similarly the onset of 5G is transforming the growth of telecom.
Meanwhile, in Tier 2 cities such as Coimbatore and Ahmedabad posted a marginal incline in job activity on an annual basis whereas demand fell in major metropolitan cities of India.
Commenting on job trends for October 2022, Sekhar Garisa, CEO – Monster.com, a Quess company said, “Technology is no longer an element of differentiation in organisations. It is now imperative for every industry to rapidly digitise and move forward. Sectors such as BFSI and Telecom which have adopted new-age tech are now reaping rewards with increased investments and job creation. While macroeconomic conditions have pushed companies to adopt a watchful approach to hiring, the need for skilled talent is unlikely to ever go away. Hence, it is important that today’s workforce upskill and reskill themselves on an individual and organisational level.”
Telecom and Finance continue on an upward hiring incline
While there has been a noticeable slowdown in hiring among industries following months of robust job demand, key sectors such as Automation, BFSI and Telecom continue to show an increased intent to hire.
The sustained success of the Indian BFSI sector (+12%) has been attributed to a variety of factors including government involvement, access to technologies, and a surge in investor capital. The Fintech ecosystem in particular continues to rival markets worldwide marked by increased digital adoption in the industry, rise in neo banking and penetration in large underserved markets.
The report also claims that the rollout of 5G services has led to a significant uptick (+9%) in the Telecom sector as well. Several players in the telecom market are expanding their digital footprint and are on the lookout for tech talent armed with specialised knowledge.
This demand is majorly driven for skills such as Devops, Full stack, React Native, Cloud, Open Stack, Edge Computing, Robotic Process Automation (RPA), Juniper, Big Data and Python, which account for 72% of the total jobs in the sector. The Garments and Jewellery (+7%) industry also registered an increase in hiring activity followed by Retail (+5%) with increased sales due to the onset of the festive season.
However, industries such as BPO/ITES (-16%) and Media & Entertainment (-24%) continued to demonstrate a declining trend in October 2022 from the year-ago level. IT (-19%) hiring has slowed down facing increased margin pressure, rising costs and inflation. Jobs in Education (-11%) are also on the decline following major upheavals in the Ed-tech industry which is haunted by cost cuts and pressure to show profits. It can be noted here that the period considered for the MEI data is 1st to 31st October, 2022.
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