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Indian job market registered 15% YoY growth in hiring demand in April

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The Economic Times
09th May, 2022 11:47 IST

The surge in economic activity led to a continued growth in hiring activity in April. The Indian job market registered a 15% year-on-year growth in hiring demand in April and 4% month-on-month led by positive business sentiment, according to the Monster Employment Index (MEI).

The job market saw recovery across several sectors that were impacted by the pandemic, showcasing the highest growth in the month of April, the survey showed.

Sectors such as production & manufacturing, travel & tourism, import and export, have also shown marked improvement with the first double-digit annual growth in two years, reports MEI. While leadership roles with experience of over 16 years exhibited steepest growth of 29% amongst all experience levels, inter-mediate and mid senior level roles showed growth of 24% and 22%, respectively. Fresher roles or entry level roles too showed stable high teen growth.

“The future of the job market is looking healthier by the day. With India achieving a new milestone of touching 100 unicorns, it is only a matter of time before these disruptive companies create further employment across sectors,” said Sekhar Garisa, CEO - Monster.com, a Quess company.

“The emergence of fintech, edtech, and D2C brands has definitely helped stimulate economic recovery at a much faster rate than traditional companies.”

The Monster Employment Index is a 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.

Banking, financial services and insurance (BFSI) continued to remain the fastest job recovering sector with a 54% annual growth rate followed by retail that grew 47% annually and then production and manufacturing industry at 35%.

The re-opening of brick-and-mortar stores have resulted in a sharp rise in the retail job market. Easing of Covid-19 curbs have resulted in consumers frequenting recreational centres such as malls, creating a demand for retail talent. Growth was witnessed in import and export (up 29%) and travel and tourism (up 15%) sectors. Real estate, which exhibited a continuous dip in Y-o-Y hiring demand since April 19, saw a dramatic recovery of 26% on the back of improved consumer sentiments who are now enthused by an upward looking market.

Mumbai (up 29%) led all the monitored cities on a yearly basis, followed by Coimbatore (up 25%), Chennai (up 21%), Bangalore and Hyderabad (up 20% each). Rest all metro cities Delhi-NCR, Kolkata and Pune continued to reflect a positive year-on-year growth trend in the range of 6 to 18%.

While production and manufacturing and the BFSI industry saw a significant jump for another consecutive month in all metros, jobs rebounded for almost all the functions in Tier-1 cities.

Following the reverse migration of workers to Tier-2 markets, and the newer trend of work moving to talent has also created job opportunities in emerging cities and towns. Baroda (up 15%) exhibited a significant increase in hiring demand, followed by Kochi and Kolkata (up 8%) and Jaipur (up 3%). Though Chandigarh showed muted growth in April from the year-ago level, the overall city-wise data shows the perceptible signs of upcoming growth stories for job creation in these cities.

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