June 8, 2022
The job market continues to show a growth trajectory for the second consecutive month of FY23
The rise was mainly contributed by BFSI (banking, financial services, and insurance), telecom, and the import and export sectors
BFSI grew by 38%
The import and export sectors witnessed a rise in job postings by 47%
Demand for jobs witnessed a benchmark 9% year-on-year (yoy) increase in May, according to the Monster Employment Index, a monthly analysis conducted by Monster India.
With this increase, the job market continues to show a growth trajectory for the second consecutive month of FY23.
Growing Sectors
As per the report, the rise was mainly contributed by BFSI, telecom, and the import and export sectors. According to experts, the anticipated launch of 5G technology and the post-pandemic recovery of several business segments across the country have enabled positive hiring scales.
Job postings in BFSI grew by 38%, driven by the new wave of digitisation, cashless payments, and digital money. The import and export sectors witnessed a rise in job postings by 47% due to supply chains back in activity, the highest-ever increase recorded over the FY21 for this segment.
Travel and tourism, which has undergone a growth of 29%, has almost doubled over last month’s 15% increase and has exhibited a full recovery surpassing marginal and even negative escalation patterns from last year.
Sectors such as office equipment and automation grew by 101%, with workplaces reopening offices and directing employees to work full-time. With the economy coming back to pre-Covid levels, the real estate sector grew by 25%.
Retail grew by 11% and continued to hire with moderate growth this month.
City-specific data
In terms of job opportunities, Hyderabad and the Delhi-NCR region saw annual growth of 16%, followed by Chennai at 15%, Pune at 13%, Ahmedabad at 15%, Bangalore at 9%, and Kolkata at 6%.
As per the report, the BFSI industry saw major hiring activity across key metro cities with the highest spike in Pune and the Delhi-NCR region. Annual demand growth of 2 to 12% in Tier-II job markets across Baroda, Chandigarh, Jaipur, and Kolkata, continued to drive optimistic employment patterns in May 2022.
Also, Tier-II cities are well on their road to post-pandemic recovery, while tier I cities continue to fuel growth.
Coimbatore witnessed a growth of 27% and has surpassed growth numbers by top metro cities in India. Mumbai followed it with a growth rate of 26%.