Hiring In Mumbai Led All The Monitored Cities: Report

As economic activities continue to surge, the job market is witnessing recovery across several sectors that were impacted by the pandemic, showcasing the highest growth in the month of April, reports the Monster Employment Index (MEI). According to data reviewed in the month of April 2022, India has registered an overall growth of 15 per cent year-on-year and 4 per cent month-on-month in hiring demand as a result of increased positive business sentiment. 

Sectors such as production & manufacturing, travel & tourism, and import and export, have also shown marked improvement with the first double-digit annual growth in two years, reports MEI. While Leadership roles with experience of over 16 years exhibited the steepest growth of 29 per cent amongst all experience levels, inter-mediate and mid-senior-level roles showed growth of 24 per cent and 22 per cent respectively. Fresher roles or entry-level roles too showed stable high teen growth. 

The retail sector shows remarkable recovery with double-digit growth, a first since the pandemic retraction 

The banking, Financial Services, and Insurance sector (BFSI) continues to remain the fastest job recovering sector with a 54 per cent annual growth rate followed by retail which grew 47 per cent annually and then the production and manufacturing industry at 35 per cent. 

While BFSI continued to witness a boom in job opportunities, the re-opening of brick-and-mortar stores has resulted in a sharp rise in the retail job market. Easing of COVID-19 curbs have resulted in consumers frequenting recreational centres such as malls, creating a demand for retail talent Following improvement in supply chain disruptions and global mobility resuming, growth has been witnessed in Import and Export (up 29 per cent) and Travel and Tourism (up 15 per cent) sectors as well. This apart, the upcoming 5G rollout also seems to have spurred demand in the Telecom/ISP industries (up 33 per cent). In fact, Real Estate, which exhibited a continuous dip in Y-o-Y hiring demand since April 19, saw a dramatic recovery of 26 per cent on the back of improved consumer sentiments who are now enthused by an upward-looking market. 

However, Media & Entertainment still observed fewer job opportunities since last year. Although a marginal dip has been registered in Engineering, Cement, Construction, and Iron/ steel (down 1 per cent), the industry has seen a revival in job activity this month, according to MEI data. 

Tier 1 markets continue to post robust growth in the hiring spectrum. Mumbai (up 29 per cent) again led all the monitored cities on a yearly basis, while Pune reflected a positive year-on-year growth trend in the range of 6 to 18 per cent. 

On the other hand, demand for Finance and Accounts (+49 per cent) professionals registered the maximum growth. Online demand for Finance and Accounts (up 49 per cent) professionals registered the maximum growth year-on-year among all occupation groups. Likewise, the demand for HR & Admin (up 36 per cent) and Software, Hardware, and Telecom (up 25 per cent) functions continues to trend on a robust and positive growth path. Each of these sectors has been charting successive positive growth annually for almost one year. 

Hiring demand spiked for Customer Service (up 8 per cent) professionals, which had recorded a subsequent annual decline in hiring activity since October 20. After a continuous decline in hiring in the last quarter, occupations like Marketing & Communications (up 13 per cent) and Engineering/ Production (up 16 per cent) are back on track with double-digit annual growth. Additionally, Jobs rebounded for Hospitality & Travel (up 16 per cent), Legal (up 10 per cent) and Healthcare (up 6 per cent) roles. 

A restrained year-on-year growth in the range of 1 to 4 per cent has been observed in professions like Arts/Creative, Sales & Business Development, Purchase/ Logistics/ Supply Chain. 

The Monster Employment Index is a monthly analysis of online job posting activity conducted by Monster India. Based on a real-time review of millions of employer job opportunities culled from a large, representative selection of online career outlets, between April 1-30, 2022.