The Indian job market showed 3% recruitment growth across industry segments, reflecting optimistic annual trends for the white collar market this June, highlights the Monster Employment Index (MEI).
While the Index flattened by 2% month-on-month amidst global uncertainties and startup layoffs, a number of segments continued to hire with growing numbers on the back of the Green Revolution in India.
Industries such as BFSI, Chemical/Fertilizers, Travel & Tourism, Production/Manufacturing have exhibited positive job trends contributing to the overall annual growth in recruitment activity with sustainable finance, green jobs, and hospitality roles charting tremendous upswing in demand for talent. Across cities, metros continued to top the charts in line with previous months indicating post pandemic job recovery.
Across experience levels, the demand for top management with over 15 years of experience remained the least impacted in the thick of ongoing downsizing, showcasing maximum growth in hiring at 15% on a year-on-year basis and 3% on a quarterly basis.
Commenting on job trends for the month of June 2022, Sekhar Garisa, CEO – Monster.com, a Quess company said, “The Indian job market has continued to grow at a considerable pace with newer segments backed by the green revolution coming into play. We see tech-enabled industries garner more growth and innovate through this strenuous period, which is quite encouraging as India moves into a more digital-disruptive phase than ever before. While concerns over startup layoffs continue to linger, it is important to note that they represent a very small portion of the overall job pie and several industries today have outperformed their targets to contribute to the larger growth story of our nation.”
Chemical Industry emerges as one of the top three segments showcasing maximum hiring demand
On a sectoral basis, BFSI charted maximum demand for professionals with 28% rise in job postings as compared to the previous year, with heightening digital consumerism and the need for digital transformation backing this growth.
Additionally, with developments in the Indian Chemical industry, the Chemicals/ Plastic/ Rubber, Paints, Fertilizer/ Pesticides (up 24%) industry also saw a rise in momentum driven by increased demand for green jobs. This segment, which is estimated to attract investments worth 8 lakh crore by 2025, has witnessed increasing tech innovation and use of chemicals in industrial operations and manufacturing, widening its demand for a wider range of skills and experience. Furthermore, Travel & Tourism (up 25%) continues to beat pandemic slumps on account of restriction free travel across the country.
This apart, other segments showing optimistic patterns include Real Estate (up 17%) which has witnessed a market boom led by tech breakthroughs, Production and Manufacturing (up 16%), Import/ Export (up 14%), BPO/ITES (up 12%), Telecom/ISP (up 12%), and Retail (up 1%) which has grown marginally.
IT- Hardware, Software (down 2%) has noted a marginal dip in hiring activity due to the trend of startup layoffs which have hurt the segment over the past few months. On the contrary, industries such as Media & Entertainment (down 26%) and Engineering, Cement, Construction, Iron/ Steel (down 20%) have noted a continuous dip in demand for professionals. These segments, which have not quite inched pre-pandemic levels of hiring, are followed by Shipping/ Marine (down 10%), Healthcare, BioTechnology & Life Sciences, Pharmaceuticals (down 4%), and Education (down 4%).
Hiring for white collar professionals continues to surge across metros
10 out of 13 cities monitored by the Index showcased positive job demand in the month of June 2022, with Mumbai (up 23%) charting maximum growth among metro cities and Coimbatore (up 19%) representing substantial demand among Tier-2 markets. Metros Hyderabad (up 15%), Delhi-NCR (up 13%), and Ahmedabad (up 11%) also exhibited double digit growth as per the MEI along with Chennai (up 8%) Pune (up 9%) and Bangalore (up 4%)
On the other hand, Kolkata (down 2%) noted a marginal dip in hiring this June, following Chandigarh (down 5%) and Jaipur (down 3%) which saw reduced job posting activity. While most Tier-2 cities have inched closer to pre-pandemic level hiring, the demand has hummed down reflecting current economic conditions and resultant cautious recruiter attitudes.
HR & Admin roles more in demand as companies aim to improve L&D, employee engagement activities
As per Monster.com, recruiters today are increasingly on the hunt for professionals in Finance & Accounts (up 34%) owing to the continuous hiring in the Indian BFSI segment over the past year. Interestingly, as companies realign hybrid work models, the role of HR & Admin (up 19%) professionals has witnessed a spike in June 2022. More and more companies today are fighting rising attrition with improved employee experiences and upskilling ventures for their workforce. To fulfil these goals, an efficient HR team is paramount in today’s dynamic workspace.
Moreover, with the rise in travel across the country and improved holiday planning, job roles for Hospitality & Travel (up 18%) continue to flourish from the year-ago level. Other functional areas that are doing well include Software, Hardware, Telecom (up 6%), Customer Service (up 3%) and Marketing & Communications (up 2%) as companies continue to improve their marketing and sales efforts.
Online hiring for executives in Engineering/ Production (down 12%), Purchase/ Logistics/ Supply Chain (down 10%) and Healthcare (down 8%) however registered the steepest annual decline, corresponding to the performance of these segments on an industry basis.