NEW DELHI: Even as festive season approaches, hiring has seen a 1% dip month-on-month amidst fears of global recession, inflation and macroeconomic headwinds, according to a report released on Monday.
As per the Monster Employment Index report, IT (-6%) continues to make hiring corrections with several organisations laying off employees post excessive appointments from the past year.
“With hiring in Indian IT stabilizing, professionals across Software, Hardware, Telecom (-3%) have been less in demand. Other functions such as Engineering/ Production (-16%), Purchase/ Logistics/ Supply Chain (-14%) and Healthcare (-12%) recorded the highest annual decline in July’22 from the year ago level,” said the report.
The Media & Entertainment (-25%) industry also registered a significant slowdown. Some other Industries including Engineering, Cement, Construction, Iron/ Steel (-24%) and Shipping/ Marine (-21%) also witnessed a considerable dip in demand for professionals.
Some of the sectors that saw an upswing in hiring include Production and Manufacturing (+14%) BPO/ITES (+10%), Real Estate (+10%) and Travel and Tourism (+8%). The retail sector posted a 10% jump on festive hiring WHile the chemical industry saw highest growth of 32% in hiring activity, The BFSI industry posted an upswing of 25%.
In terms of geographies, Hyderabad (+8%), Delhi-NCR (+6%), Chennai (+4%) did well, followed by Pune (+4%) and Kochi (+1%), whereas Jaipur (-1%), Baroda (-2%), Bangalore (-2%) noted a marginal dip. Kolkata (-11%) continued on a downtown trajectory by posting an 11% decline in job posting activity.