The job market continued to show an upward trend in December, according to the latest Monster Employment Index, a job analysis report by Monster.com, a Quess company. The data indicates that the employment index has remained consistent in December with no changes in regards to the previous month. However, owing to the pandemic and its impact across various job sectors, the overall index has dropped significantly by 15% as compared to the previous year (December 2019).
In comparison to December 2019, job postings have improved post the pandemic with some industries returning to pre-Covid levels. Telecom, Agro-based Industries, and Media & Entertainment have witnessed substantial growth. Telecom grew by 7%, agro-based industries by 6%, and media & entertainment by 4% respectively. Along with them, industries such as chemicals, trade, and telecom continue to do well.
Sekhar Garisa, CEO - Monster.com said, “We continue to see recovery in the job market, as there has been an uptick in the number of job postings across various sectors and functions, despite the challenges.”
“While the impact of the pandemic and recovery has been different for each sector, we are optimistic about the coming quarter given the various governments and industrial boosts towards economic recovery. Further, the positive developments towards the vaccine discovery add to the hope that we will see more and more industries opening up and coming out of the pandemic led slump,” he added.
Tier 2 markets saw growth in the number of job postings in December compared to a month ago, according to the latest, Monster Employment Index.
Job postings in Jaipur (4%), Coimbatore (4%), Chennai (3%), and Pune (3%) witnessed growth. Postings in Bangalore, Kolkata, and Baroda remained neutral with no shifts compared to the previous month. Chandigarh (-2%), Kochi (-3%) witnessed a decline during this period. However, job postings in Mumbai have grown by 1% compared to November 2020, while postings for Baroda and Kolkata remains the same. This indicates the scope for improvement in the coming months.
While all major cities have seen a decline compared to 2019, Bangalore (-1%), Hyderabad (-2%), and Chandigarh (-5%) have recovered to almost pre-COVID levels, as of December 2020. Mumbai (-23%), Baroda (-24%), Kolkata (-35%) have seen the maximum drop compared to Dec 2019.
As per the report, industries that have witnessed maximum growth in job postings compared to the previous month are chemicals/plastic/rubber, paints, fertilizer/pesticides (15%), import/export (15%), telecom/ISP (12%), and printing/packaging (11%). Agro-based industries; garments/textiles/leather, gems & jewelry; and healthcare, biotechnology and life sciences, pharmaceuticals have also witnessed month-on-month growth of 7% respectively.
Owing to the reopening of the economy industries such as Production and Manufacturing, Oil/Gas/Petroleum, Power, and Travel & Tourism have shown improvement post the pandemic impact. In comparison to November, Oil/ Gas/ Petroleum, Power has grown by 5%, Production and Manufacturing have grown by 1% and Travel and Tourism is down only by -5%.
Whereas Production and Manufacturing (-35%), Oil/Gas/Petroleum, Power (-38%), and Travel & Tourism (-64%) are the most impacted, having seen the highest year on year decline compared to the other sectors due to the pandemic.
Functions like software, hardware, telecom, creative, and arts have done better in 2020 than in 2019
With office spaces reopening, functions such as senior management (+6%), and HR & Admin (4%) saw growth in job postings. Whereas, Hospitality & Travel (-12%), Finance & Accounts (-4%), Legal (-6%) continue to face challenges with the lowest growth across functions, compared to November 2020. The functions are indicating improvement month-on-month, with job postings for Customer Service growing by 1%, Finance, and Accounts down only by 4%, and Hospitality & Travel down by 12%.
As a ray of hope, job postings for functions such as Software, Hardware, Telecom (1%), and Arts/Creative (+4%) have seen growth in December 2020 compared to the previous year, Dec-2019. While Finance & Accounts (-30%), Customer Service (-34%), Hospitality & Travel (-41%) witnessed the biggest decline compared to last year.