As economic activities continue to surge, the job market is witnessing recovery across several sectors that were impacted by the pandemic, showcasing the highest growth in the month of April, reports the Monster Employment Index (MEI). According to data reviewed in the month of April 2022, India has registered an overall growth of 15 per cent year-on-year and 4% month-on-month in hiring demand as a result of increased positive business sentiment.
After a prolonged setback induced by the humanitarian crisis, sectors such as production and 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 16+ year exhibited steepest growth of 29 per cent amongst all experience levels, inter-mediate and mid senior-level roles showed growth of 24 per cent and 22 per cent respectively. Fresher roles or entry level roles too showed stable high teen growth.
The retail sector shows remarkable recovery with double-digit growth, a first since the pandemic retraction
BFSI continues to remain the fastest job recovering sector with a 54 per cent annual growth rate followed by retail which grew 47 per cent annually and then the production and manufacturing industry at 35 per cent.
While BFSI continued to witness a boom in job opportunities, the re-opening of brick-and-mortar stores has 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 Following improvement in supply chain disruptions and global mobility resuming, growth has been witnessed in Import and Export (up 29 per cent) and Travel and Tourism (up 15 per cent) sectors as well. This apart, the upcoming 5G rollout also seems to have spurred demand in the Telecom/ISP industries (up 33 per cent). In fact, 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.
However, Media & Entertainment (down 17 per cent) still observed fewer job opportunities since last year. Although a marginal dip has been registered in Engineering, Cement, Construction, and Iron/ steel (down 1 per cent), the industry has seen a revival in job activity this month, according to MEI data.
Hiring continues to improve in Tier-2 markets; Tier 1 continue to post robust growth
Mumbai (up 29 per cent) again led all the monitored cities on a yearly basis, followed by Coimbatore (up 25 per cent), Chennai (up 21 per cent), Bangalore and Hyderabad (up 20 per cent 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 per cent.
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 per cent) exhibited a significant increase in hiring demand, followed by Kochi and Kolkata (up 8 per cent) and Jaipur (up 3 per cent). Though Chandigarh showed muted growth in April ’22 from the year-ago level, the overall city-wise data shows the perceptible signs of upcoming growth stories for job creation in these cities. BusinessWorld