The BFSI industry grew by 25%, continuously propelled by digitalization, payment innovations and increased penetration of financial services. Additionally, with 5G rolling out soon, telecom companies are looking to bolster their workforces with hiring up 15% year-over-year, according to the Monster Employment Index.
July e-hirings stabilized on a year-on-year basis for white-collar sectors, according to the Monster Employment Index (MEI) released on Monday.
However, on a monthly basis, the July index flattened by 1% amid fears of global recession, inflation and macroeconomic headwinds, although several industries driven by digitalization demands and changing consumer sentiment continues to do well, according to the report.
“The BFSI sector grew by 25%, driven continuously by digitalization, payment innovations and increased penetration of financial services. Additionally, with the upcoming rollout of 5G, telecom companies are looking to strengthen their workforce with a 15% year-over-year increase in hiring,” according to Monster Employment Index.
Chemicals/plastics/rubber, paints, fertilizers/pesticides (+32%) and office equipment/automation retained their hiring interest, while retail also saw an improvement in 10% of job demand due to the upcoming holiday season, he added.
Hospitality and travel professionals (6%) also saw somewhat restrained hiring demand each year, according to the report.
However, last week another report said that while across sectors, hotels, restaurants, airlines and the insurance space saw a similar trend, the magnitude varied.
According to the Monster Employment Index, India’s IT sector continued to make hiring corrections (-6%) with several organizations laying off employees after excessive appointments last year.
The media and entertainment industry (-25%) also saw a significant slowdown as consumer habits changed and marketing and advertising spending fell across all sectors. Sectors such as engineering, cement, construction, iron/steel (-24%) and shipping/marine (-21%) have also seen a considerable drop in demand for professionals, indicates the Monster report.
As more companies cut costs and brand spend, the Monster Index suggests that roles in marketing and communications (-3%) and sales and business development (-7%) have recorded marginal declines.
According to Sekhar Garisa, CEO of Monster.com, a Quess company, “Retail and manufacturing are doing very well with rising consumer spending and, of course, booming party hiring which is only expected to grow. The supply chain sector has also survived several bottlenecks due to the pandemic and is finally opening up and accelerating its recruitment processes.”