With festive season nearing, job market expected to rebound in coming quarter
BENGALURU: With the festive season round the corner, the job market is expected to rebound in the coming quarter with positive workforce sentiments, says global talent management platform Monster.com. Last month, recruitment activity flattened 3% across industry segments. However, industries across various sectors are continuing to post positive growth trends as the economy continues to open up post-pandemic.
As per Monster.com, apart from the agro-industry, which posed a positive incline in online hiring activity, segments such as BFSI, retail, real estate, telecom, and travel & tourism have noted an annual growth in e-recruitment activity. Consequently, demand for roles across finance & accounts, HR & admin, and hospitality also saw an incline reflecting consistent demand for skilled talent across these segments.
Sekhar Garisa, CEO, Monster.com, a Quess company, said, “While hiring has slowed down this August due to global economic concerns, we are optimistic that jobs will bounce back in India over the coming quarter with the ongoing festive season.”
He added that retail continues to do well with improved e-commerce sales and rising footfall across stores. Moreover, India continues on its tech adaptive journey with newer technologies and consequently newer skills in demand by recruiters. It is key that workforce upskilling be taken more seriously now than ever for career growth and overall economic progress in the country, Garisa said. Shipping/marine, media & entertainment, and engineering/cement/construction continued to chart maximum annual decline in hiring activity, indicating lower demand for professionals in these segments, it said. While the IT industry (down 8%) saw a hiring dip due to ongoing start-up layoffs, great resignations and variable pay-out trends in the sector.