Hiring sees y-o-y growth in March, attrition rates may continue to go up

Hiring demand has witnessed the highest year-on-year growth of 6% in March 2022, according to the Monster Employment Index(MEI) released on Tuesday. 

Published: 20th April 2022 07:52 AM  |   Last Updated: 20th April 2022 07:52 AM   |  A+A-

Image for representational purpose only. (File Photo)

Image for representational purpose only. (File Photo)

Express News Service

NEW DELHI:  Hiring demand has witnessed the highest year-on-year growth of 6% in March 2022, according to the Monster Employment Index(MEI) released on Tuesday. Attrition has also been on the rise and could be one of the reasons for the dynamism in the hiring activity.

Even as a marginal dip of 2.4% 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.

Online recruitment activity exceeded the year-ago level in March in 11 out of the 13 cities monitored by the index, with all metros registering a double-digit growth on an annual basis. The hiring demand was driven by Banking/Financial Services and Insurance (up 37%) followed by Telecom/ISP (up 17%) and Production and Manufacturing (up 16%).

The report shows more and more organisations have hired top management level employees (up 34%) followed by mid-senior level (up 22%), intermediate level (up 20%) and senior-level (up 13%). Entry-level jobs also witnessed a growth of 8% on the back of campus hiring.

Rising attrition rate
At the same time, another report by Michael Page India showed 86% of employees will be looking for new career prospects over the next six months. The report, with data-backed insights drawn from a survey of 3,069 respondents, says that across all industries, levels of seniority, and age groups, a clear majority has indicated this major talent migration will continue. 

While salaries, bonuses, and rewards are still top attraction motivators, the survey shows a big swing towards non-monetary motivators. According to  the report, a significant 61% of respondents in India were willing to accept a lower salary for better work-life balance, overall well-being, and happiness.

Green jobs gain traction
New Delhi: Asia-Pacific (APAC), as a whole, has seen a 30% growth in hiring for green jobs since 2016, according to LinkedIn’s Global Green Skills Report 2022 released on Tuesday. The most sought-after green skill within APAC today is ‘sustainability’. Sustainability manager (28.6%) is the fastest-growing green job across APAC, with India observing a 16% growth in demand since 2016. ENS


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