With economic activity showing impressive recovery from COVID-19’s grip, hiring demand witnessed a 6 per cent year-on-year growth in the month of March 2022, highlighting the Monster Employment Index (MEI). Even as a marginal dip of 2.4 per cent was witnessed in month-on-month hiring activity, owing to appraisal season, the Index remained positive from an annual perspective as recruitment activity continued across a broad range of sectors.
The period considered for the MEI data is March 1-31, 2022. In March 2022, online recruitment activity exceeded the year-ago level in 11 out of the 13 cities monitored by the index. All metros registered a double-digit growth on an annual basis.
On the other hand, Mumbai continues to be the biggest job market. Mumbai (up 21 per cent) led all the monitored cities for the first time on a yearly basis followed by Coimbatore (up 20 per cent), Chennai and Hyderabad (up 16 per cent each). E-recruitment activity in Bengaluru (up 15 per cent) charted a positive trend but weakened from previous months. While Pune recorded 12 per cent growth, Kolkata and Delhi-NCR registered a growth of 13 per cent each.
Flushed with investor money, Mumbai continues to rule as the financial capital with several fintech companies setting up a base, boosting hiring in the market. Bengaluru and Pune are emerging as the secondary hubs for Fintech start-ups with several entrepreneurs wanting to tap into the latent tech talent available in the markets.
Hiring demand in March 2022 was driven by Banking/Financial Services and Insurance which showed remarkable improvement (up 37 per cent) followed by Telecom/ISP (up 17 per cent) and Production and Manufacturing (up 16 per cent). Additionally, Jobs rebounded for Hospitality & Travel (up 11 per cent) personnel after a long time and experienced significantly improved demand levels annually.
However, engineering, cement, construction, and iron/ steel (down 20 per cent) continued to witness a year-on-year decline in the series since April 2020, registering the sharpest deceleration among sectors. The pace of the growth moderated further for Media & Entertainment (down 16 per cent) and FMCG, Food & Packaged Food (down 13 per cent) industry and slide down in March 2022 annually, according to MEI data.
In terms of Functions, IT-Hardware & software, HR & Admin along with Finance & Accounts job roles marked a double-digit growth in all metros. More and more organisations have hired top management level employees (up 34 per cent) followed by mid-senior level (up 22 per cent), intermediate level (up 20 per cent) and senior level (up 13 per cent). Entry-level jobs witnessed a growth of 8 per cent on the back of campus hiring steeping in the JFM quarter.
In BFSI, roles in the financial statement, wealth management, investment banking and cyber-security have seen increased job openings. In terms of Tech jobs, the emergence of Metaverse and its potential applications has created a lot of career opportunities in new skill areas. While brands and enterprises continue to value creativity and human-centred design with tech-enabled applications, job roles such as Design Architects, Software Designers, System Validation Engineers, 3D Artists, AR/VR Maintenance and Support, and Design/Graphics engineers are expected to be in high demand in the coming months.
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