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Job demand stays flat in July amidst fears of global recession: Report

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Growth in job postings remained flat at 1 per cent in July amidst fears of global recession and inflation, several sectors saw improvement due to digitisation and changing consumer sentiments, according to a report.

Industries such as Banking, Financial Services and Insurance (BFSI), chemicals/ plastic/rubber, paints, fertilisers/pesticides and office equipment/automation retained keenness to hire, while the telecom sector was on upswing on account of growing digitisation and the much anticipated rollout of 5G services, according to the Monster Employment Index (MEI).

Retail has also seen improved job demand on account of the upcoming festive season, it added.

The Monster Employment Index is a comprehensive monthly analysis of online job posting activity conducted by Monster India.

The report further revealed that tier-II cities are now frontrunners in hiring with Coimbatore and Ahmedabad, indicating growing demand for talent across segments.

Pune posted an astonishing 66 per cent incline in employment opportunities in the BFSI industry, firmly consolidating its place as the fastest growing fintech hub in India.

Across experience levels, it said, the demand for top management exhibited an encouraging 18 per cent incline in hiring activity showcasing the need for leaders to tide companies through fears of growing unstable economic conditions.

“After months of uncertainty, the Indian job market has stabilised with hiring demand holding up with a flattened 1 per cent month-on-month in July amidst fears of global recession. This is good news at a time when most countries are tightening their belts in fears of an upcoming recession,”, a Quess company, CEO Sekhar Garisa said.

Retail and manufacturing are doing very well with consumer spending on the rise and of course, festive hiring is in full swing, which is only expected to grow further, he noted.

“The supply chain sector has also survived several bottlenecks due to the pandemic and is finally opening up and ramping up their recruitment processes. The demand for skilled candidates in India is continuously growing and in the post pandemic market, acquiring new skills certainly holds a lot of value.

“For candidates today, being tech adaptive is key irrespective of the segment with every industry adopting digital transformation to stay relevant with the global market,” he added.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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