The Indian job market showed 3% recruitment growth across industry segments, reflecting optimistic annual trends for the white collar market this June, highlights the Monster Employment Index (MEI).
While the Index flattened by 2% month-on-month amidst global uncertainties and startup layoffs, a number of segments continued to hire with growing numbers on the back of the Green Revolution in India.
Industries such as BFSI, Chemical/Fertilisers, Travel & Tourism, Production/Manufacturing have exhibited positive job trends contributing to the overall annual growth in recruitment activity with sustainable finance, green jobs, and hospitality roles charting tremendous upswing in demand for talent.
Across cities, metros continued to top the charts in line with previous months indicating post-pandemic job recovery.
Across 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% on a year-on-year basis and 3% on a quarterly basis.
Sectoral findings
On a sectoral basis, BFSI charted maximum demand for professionals with 28% rise in job postings as compared to the previous year, with heightening digital consumerism and the need for digital transformation backing this growth.
Additionally, with developments in the Indian Chemical industry, the Chemicals/ Plastic/ Rubber, Paints, Fertilizer/ Pesticides (up 24%) industry also saw a rise in momentum driven by increased demand for green jobs. This segment, which is estimated to attract investments worth ₹8 lakh crore by 2025, has witnessed increasing tech innovation and use of chemicals in industrial operations and manufacturing, widening its demand for a wider range of skills and experience.
Furthermore, Travel & Tourism (up 25%) continues to beat pandemic slumps on account of restriction-free travel across the country.
This apart, other segments showing optimistic patterns include Real Estate (up 17%) which has witnessed a market boom led by tech breakthroughs, Production and Manufacturing (up 16%), Import/ Export (up 14%), BPO/ITES (up 12%), Telecom/ISP (up 12%), and Retail (up 1%) which has grown marginally.
IT- Hardware, Software (down 2%) has noted a marginal dip in hiring activity due to the trend of startup layoffs which have hurt the segment over the past few months.
On the contrary, industries such as Media & Entertainment (down 26%) and Engineering, Cement, Construction, Iron/ Steel (down 20%) have noted a continuous dip in demand for professionals.
