Hiring demand up 9 pc in May: Report
   Date :08-Jun-2022

Hiring demand 
Business Bureau
JOB demand continued to be on a growth trajectory in May, witnessing a 9 per cent rise year-on-year, mainly supported by telecom, banking, financial services and insurance and import and export sectors, a report said on Tuesday.
The job market continued to show growth for the second consecutive month of FY23 with a benchmark year-on-year recovery of 9 per cent in May, according to the Monster Employment Index (MEI).
However, the index levelled down by 4 per cent month-on-month reflecting cautious recruiter sentiments in May amid worries over high inflation driving up costs due to the current socio-economic scenario globally, it noted.
“The beginning of FY23 has shown positive hiring scales given the anticipated 5G roll-out 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,” said Sekhar Garisa, CEO of Monster.com, a Quess company.
Recruiters have not scaled down their ambitions to hire talent and there is most definitely unmet demand in the market today, Garisa stated.
“In terms of the job outlook, businesses will continue to grow, and we see this demand reflected in segments such as import and export, telecom, travel and hospitality and BFSI (Banking, Financial Services and Insurance), which continue to grow on the back of growing digitisation efforts,” he added. Industries such as telecom, BFSI and import/export have exhibited optimistic job trends contributing to the overall annual growth in job posting activity, it said.
With the pandemic behind us and supply chains back in place, import and export witnessed a rise in job postings for talent by 47 per cent, the highest-ever increase recorded over the past year for this segment.
Further, cashless payments and digital money, job postings in BFSI (up 38 per cent) stayed steady, followed by telecom/ISP (up 36 per cent) which will witness job amplification on the back of the anticipated 5G roll-out in India. Meanwhile, travel and tourism (up 29 per cent) has exhibited a full recovery surpassing marginal and even negative escalation patterns observed over the last four quarters.