Indian job market grew 3% in June: Monster Employment Index

The Indian job market registered marginal year-on-year growth of 3 per cent across industry segments in June, according to a report. According to the data by Monster Employment Index (MEI), banking, financial services and insurance (BFSI), travel and tourism and chemical industries ramped up hiring compared to the same month last year.

Moreover, sustainable finance, green jobs, and hospitality roles also charted an upswing in demand for talent. The Monster Employment Index for June this year stood at 279, as against 271 registered in the year-ago period.

The Index is a broad and comprehensive monthly analysis of online job posting activity conducted by Monster India. In May 2022, the Index stood at 284.

“The Indian job market has continued to grow with newer segments backed by the green revolution coming into play. We see tech-enabled industries garner more growth and innovate through this strenuous period, which is quite encouraging as India moves into a more digital-disruptive phase than ever before,” Monster.com, a Quess company, CEO Sekhar Garisa added.

Garisa further noted that “while concerns over start-up layoffs continue to linger, it is important to note that they represent a very small portion of the overall job pie and several industries today have outperformed their targets to contribute to the larger growth story of our nation.” However, IT-hardware software (down 2 per cent) has noted a marginal dip in hiring activity due to the trend of start-up layoffs, which have hurt the segment over the past few months, according to the report.

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On the contrary, industries such as media and entertainment (down 26 per cent) and engineering, cement, construction, iron/steel (down 20 per cent) have noted a continuous dip in demand for professionals.

According to MEI, metros continued to top the charts in line with previous months indicating post pandemic job recovery.

It found that Mumbai (up 23 per cent) charted maximum growth among metro cities and Coimbatore (up 19 per cent) represented substantial demand among tier II markets.

City-wise numbers

Metros like Hyderabad (up 15 per cent), Delhi-NCR (up 13 per cent) and Ahmedabad (up 11 per cent) also exhibited double digit growth as per the MEI while Chennai was up 8 per cent, Pune (up 9 per cent) and Bengaluru (up 4 per cent).

While most tier II cities have inched closer to pre-pandemic level hiring, the demand has hummed down reflecting current economic conditions and resultant cautious recruiter attitudes, it added.

In experience levels, the demand for top management with over 15 years of experience remained the least impacted in the thick of ongoing downsizing, showcasing maximum growth in hiring at 15 per cent on a year-on-year basis and 3 per cent on a quarterly basis, the report noted.