Hiring demand saw 6 pc YoY growth in March 2022: Monster Employment Index

With economic activity recovering post the COVID-19 pandemic, hiring demand witnessed a 6 percent year-on-year growth in the month of March 2022, according to the Monster Employment Index (MEI).

Even as a marginal dip of 2.4 percent was witnessed in month-on-month hiring activity, owing to appraisal season, the Index remained positive from an annual perspective as recruitment activity continued across a broad range of sectors, the report states.

According to the report, March 2022 saw an online recruitment activity exceeding the year-ago level in 11 out of the 13 cities monitored by the index. All metros registered a double-digit growth on an annual basis.

Mumbai (up 21 percent) led all the monitored cities for the first time on a yearly basis followed by Coimbatore (up 20 percent), Chennai and Hyderabad (up 16 percent each). E-recruitment activity in Bengaluru (up 15 percent) charted a positive trend but weakened from previous months. While Pune recorded 12 percent growth, Kolkata and Delhi-NCR registered a growth of 13 percent each.

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Hiring demand in March 2022 was driven by banking/financial services and insurance which showed remarkable improvement (up 37 percent) followed by Telecom/ISP (up 17 percent) and Production and Manufacturing (up 16 percent). Additionally, jobs rebounded for Hospitality and Travel (up 11 percent) personnel after a long time and experienced significantly improved demand levels annually.

However, engineering, cement, construction, and iron/ steel (down 20 percent) continued to witness a year-on-year decline in the series since April 2020, registering the sharpest deceleration among sectors. The pace of the growth moderated further for Media & Entertainment (down 16 per cent) and FMCG, Food & Packaged Food (down 13 per cent) industry and slide down in March 2022 annually, according to MEI data.

Commenting on job trends for the month of March 2022, Sekhar Garisa, CEO - Monster, a Quess company said,

“Two years into the pandemic, it is heartening to see that the Indian economy has overcome setbacks and challenges with hiring momentum exceeding pre-Covid levels by 6 percent this year compared to 2020. Sectors such as Banking and Telecom have undoubtedly contributed to the overall revitalisation of employment generation in the country.”

In terms of functions, IT-Hardware and software, HR and Admin along with Finance and Accounts job roles marked a double-digit growth in all metros. More and more organisations have hired top management level employees (up 34 percent) followed by mid-senior level (up 22 percent), intermediate level (up 20 percent) and senior-level (up 13 percent). Entry-level jobs witnessed a growth of 8 percent on the back of campus hiring steeping in the Jan-Feb-march quarter.