'Hiring demand up 9% in May led by telecom, BFSI, import-export sectors'
- IBEF
- June 8, 2022
According to the Monster Employment Index (MEI), job demand grew by 9% YoY in May, fueled mostly by the telecom, banking, financial services, and insurance sectors, as well as the import and export industries.
With a benchmark YoY recovery of 9% in May, the job market continued to grow for the second month in a row in FY23. However, the index fell 4% MoM in May, suggesting cautious recruiter views amid concerns about high inflation driving up expenses as a result of the current global socio-economic situation.
With the pandemic behind us and supply chains in place, import and export saw a 47% surge in job posts for talent, the highest growth in this area in the previous year.
Furthermore, in keeping with the new wave of digitalisation, cashless payments, and digital money, job postings in the BFSI sector (up 38%) remained stable, followed by telecom/ISP (up 36%), which would see significant employment amplification on the back of India's projected 5G roll-out.
Meanwhile, travel and tourism (up 29%) has nearly doubled in growth from the previous month (April), when it recovered at 15% YoY.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
Partners
