Employment Index jumps 11% in June quarter; BFSI drives growth: Report

Kolkata topped with the highest growth in online recruitment with 40%

Led by the banking, insurance and financial services sector, online hiring grew 11% in the June quarter over a year ago, a Monster.Com report said today.

"The implementation of Goods and Service Tax (GST) is a progressive step and is likely to have an encouraging impact on the job market nudging the overall growth," Monster.Com APAC & Middle-East Managing Director Sanjay Modi said.

Monster Employment Index, a gauge of the country's online job demand rose to 263 in three months ended June 2017 from 237 in the year-ago period.

India is on the brink of major transformation owing to several economic reforms and digital disruption over the last few months, Modi said.

"The Monster Employment Index for June has captured this sentiment reporting 11% year-on-year growth. It was majorly driven by banking, financial services and insurance sector making Mumbai (up 15%) the only metro to have exhibited a double-digit annual growth," he added.

In terms of sectors, banking/financial services, insurance led long-term growth chart with a 44% year-on-year growth followed by home appliances (34%) and consumer goods/FMCG, food and packaged food industry (33%).

Among cities, Kolkata topped with the highest growth in online recruitment, up 40%, followed by Baroda (36%), Ahmedabad (20%) and Mumbai (15%).

Chennai saw the steepest decline, down 12%, while Delhi-NCR matched the year-ago level.

"The short-term growth parameters also indicated reduced demand in Delhi-NCR; down one percent month-on-month, down six percent in three-month and down two percent in six-month," the report noted.