The labor market saw a recovery in several sectors that were affected by the pandemic, showing the strongest growth in the month of April, the survey showed.
Sectors such as production and manufacturing, travel and tourism, import and export, have also shown marked improvement with the first double-digit annual growth in two years, MEI reports. While leadership roles with 16+ years of experience saw the largest growth of 29% across all experience levels, mid-level and upper-middle roles showed growth of 24% and 22%, respectively. Newer roles or entry-level roles also showed high stable adolescent growth.
“The future of the labor market looks healthier every day. With India achieving a new milestone of touching 100 unicorns, it is only a matter of time before these disruptive companies create more jobs across all sectors,” said Sekhar Garisa, CEO of Monster.com, a Quess company.
“The emergence of fintech, edtech and D2C brands has definitely helped spur economic recovery at a much faster rate than traditional businesses.”
The Monster Job Index is a monthly analysis of online job posting activity by Monster India. Based on a real-time review of millions of employer job opportunities curated from a large, representative selection of online career outlets, Monster’s Employment Index presents a snapshot of employers’ online recruiting activity around the world. the country.
Banking, financial services and insurance (BFSI) continued to be the fastest growing sector to recover jobs with a 54% annual growth rate, followed by retail trade which grew 47% annually and then production and manufacturing industry with a 35%.
The reopening of physical stores has resulted in a sharp rise in the retail job market. The easing of restrictions due to COVID-19 has resulted in consumers frequenting recreational venues such as malls, creating a demand for retail talent. Growth was seen in the import and export (up 29%) and travel and tourism (up 15%) sectors. The real estate sector, which has seen a continuous drop in year-on-year hiring demand since April 19, saw a dramatic 26% recovery on the back of improving consumer confidence, who are now excited about a market looking up .
Mumbai (up 29%) led all cities tracked annually, followed by Coimbatore (up 25%), Chennai (up 21%), Bangalore and Hyderabad (up 20% each). Rest of all metropolitan cities Delhi-NCR, Kolkata and Pune continued to reflect a positive year-on-year growth trend in the range of 6-18%.
While production and manufacturing and the BFSI industry saw a significant jump for another month in a row in all metro areas, jobs rebounded for almost all functions in Tier 1 cities.
Following the reverse migration of workers to Tier 2 markets and the new trend of labor shifting towards talent has also created job opportunities in emerging cities and towns. Baroda (up 15%) saw a significant increase in recruitment demand, followed by Kochi and Kolkata (up 8%) and Jaipur (up 3%). Although Chandigarh showed moderate growth in April from the previous year’s level, overall city data shows perceptible signs of upcoming growth stories for job creation in these cities.