The job market continues to show growth for the second consecutive month of financial year 2022-2023, with a benchmark year-on-year recovery of 9% in May 2022. However, amid worries over high inflation driving up costs due to the current socio-economic scenario globally, the Monster Employment Index was down by 4% month-on-month reflecting cautious recruiter sentiments this month.
Industries such as telecom, BFSI, and import/export exhibited optimistic job trends contributing to the overall annual growth in job posting activity. Also, hiring picked up in tier-2 cities, indicating post-pandemic recovery, while tier- 1 cities continued to fuel growth.
Commenting on job trends for the month of May 2022, Sekhar Garisa, CEO – Monster.com, a Quess company said, “The beginning of FY23 has shown positive hiring scales given the anticipated 5G rollout and the recovery of several business segments across the country. So far, the Indian job market is faring well despite the current sentiment on sobered hiring. Recruiters have not scaled down their ambitions to hire talent and there is most definitely unmet demand in the market today.”
In terms of the job outlook, demand is up in segments such as import/export, telecom, travel & hospitality and BFSI, which continue to grow on the back of growing digitalisation efforts.
Job postings in import/export segment witnessed a rise by 47%, the highest ever increase recorded over the past year. Furthermore, in line with the new wave of digitisation, cashless payments and digital money, job postings in BFSI up at 38% stayed steady, followed closely by Telecom/ISP, which was up 36% and is expected to witness further job amplification on the back of the anticipated 5G rollout in India.
Travel and tourism saw hiring rose by 29%, exhibiting a full recovery beating declines seen over the last four quarters. On a month-on-month basis the growth in hiring in this segment has almost doubled. With offices ramping up to return to work full-time and the economy falling back to pre-Covid norms, sectors such as office equipment/automation has seen a rise of 101%, and real estate is up 25%. Retail at 11% growth continued to hire with moderate growth in May.
However, hiring in media and entertainment continued to remain sluggish—a downward trend since September 2021, with a dip of 19%. Online recruitment activity contracted in engineering, cement, construction, iron/steel, which fell by 9%. Shipping/marine sector also witnessed a decline of 4%—a first annual dip from a year ago level.