Monthly uptick of 3% in hiring activity over January 2022
Vinay Umarji |
Last Updated at March 10, 2022 17:30 IST
According to the Monster Employment Index, the job analysis report by Monster.com, a Quess Company, hiring activity significantly increased in the past six months with a two per cent incline, while February 2022 saw a monthly uptick of three per cent in hiring activity versus January 2022.
February 2022 saw BPO/ITES showcasing a strong 11 per cent growth owing to the increased adoption of digitization across industries, according to the index. Following BPO/ITeS were demand for roles in shipping/marine as well as production and manufacturing at nine per cent each amid announcement of the Maritime Vision 2030 and renewed focus on employment generation and expansion through the PLI scheme.
On the other hand, a year-on-year (YoY) comparison for the month of February 2022 showed that industries such as automation/office equipment grew at 103 per cent as the economy opened up, followed by BFSI (27 per cent) and printing/packaging (23 per cent). Moreover, top management roles continue to lead annual hiring demand across experience levels.
Overall, hiring demand saw an incline in 21 out of 27 industries monitored by the Index on a YoY basis even as, at 27 per cent, BFSI remained one of the strongest sectors by the way of long-term growth due to the increase in banking transactions and consequent investments in new age tech.
City-wise, all 13 cities monitored by the index saw a positive uptick in job postings with Delhi (13 per cent) leading the charge followed closely by Mumbai (eight per cent), Ahmedabad (seven per cent), Chennai (seven per cent), Hyderabad (six per cent), Coimbatore (six per cent), Bangalore (six per cent) and Jaipur (six per cent).
While the previous month witnessed significant dips in hiring fearing shutdowns and restrictions, revival of hiring across cities included the likes of Kolkata and Baroda. Both the cities underwent a significant revival as compared to the previous month posting a five per cent increase in hiring demand for February 2022 versus January 2022.
In terms of roles and functions, entry level professionals (0-3 years) witnessed a steady incline of two per cent in hiring activity while that for intermediate level professionals (4-6 years) charted the highest growth at three per cent.
Data from the index indicated that demand for top management roles (over 15 years) saw a YoY growth of 42 per cent as companies continue to seek senior level professionals who can tide companies through instability in February 2022. On the other hand, demand for mid-senior professionals (7-10 years) registered an uptick of 25 per cent, followed by 22 per cent for intermediate level (4-6 years) and 14 per cent for senior (11-15 years) level professionals.
Commenting on the findings of the index, Sekhar Garisa, CEO – Monster.com, a Quess company said that the Indian economy had successfully overcome the impact of the third wave of the pandemic with several industries and all cities showing recovery patterns, especially in travel and education in February 2022. “The cities too have witnessed an upward trend in the demand for jobs and with the gradual opening of the economy, this is likely to continue,” said Garisa.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.