Hiring sees 1 per cent dip amidst inflation fear

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. 

Published: 09th August 2022 01:05 PM  |   Last Updated: 09th August 2022 01:06 PM   |  A+A-

Job, hiring

Image used for representational purpose only. ( Express Illustration)

By Express News Service

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.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp