There has been a 6 percent drop in hiring activity in October 2022 vis-à-vis October 2021, according to the Monster Employment Index. In addition to this, there has also been a 5 percent decline in the month-on-month job postings as per an Indian Express report.
Experts believe that this decline is due to the changing patterns in the start-up ecosystem, funding winter and fears of an upcoming recession.
However, the automation sector’s hiring activity showed an increase of 34 per cent. Similarly, industries such as Banking and Finance, and Telecom did well, with technology driving innovation and growth in both sectors.
“Artificial intelligence and Blockchain are transforming the BFSI sector, similarly the onset of 5G is transforming the growth of telecom,” the report stated. “
The sustained success of the Indian BFSI sector (+12 percent) has been attributed to a variety of factors including government involvement, access to technologies, and a surge in investor capital.”
Surprisingly, tier 2 cities such as Coimbatore and Ahmedabad posted a marginal incline in job activity, whereas the major metropolitan cities of India saw a decrease in demand.
Among tier 1 cities, hiring remained stable in Mumbai whereas metros such as Bangalore (-11 percent), Kolkata (-14 percent), Delhi-NCR (-2 percent) and Hyderabad (-5 percent) posted a downward trend in recruitment activities.