E-recruitment declines 5% in Aug as cos cautious due to global crisis

E-recruitment activities in India fell by 5 per cent in August compared to same month last year as cos are cautious following challenges posed by inflation and slow growth of economies such as US

E-recruitment activities in India fell by 5 per cent in August compared to the same month last year as companies are cautious following challenges posed by inflation and the slow growth of other major economies such as the US, a report said on Friday.

Sequentially also, the e-recruitment activities witnessed a 3 per cent decline in August, foundit's (formerly Monster APAC and ME) 'foundit Insights Tracker (fit)' revealed.

"While hiring has slowed down overall in several sectors in the country, our nation's economy maintains its resilience amidst global uncertainties. A large contributing factor to this stability is the government's emphasis on nurturing sectors such as shipping, finance, and travel," foundit, a Quess company, CEO Sekhar Garisa said.

Simultaneously, states are actively bolstering their digital infrastructure to empower tier II and III cities, he stated.

"In conjunction with an increase in festive recruitment, the collective effort is expected to improve the job scenario. Notably, India Inc is increasingly pursuing fresh talent, with the tracker registering a significant 7 per cent year-on-year surge in fresher hiring. The newcomers of today are adaptable to the evolving technological landscape, strengthening our workforces forward momentum," he added.

The foundit insights tracker (fit) is a comprehensive monthly analysis of online job posting activity based on a real-time review of job listings on online career platforms.

Meanwhile, the report further revealed that the home appliances industry continues to struggle, with a 26 per cent drop in online job posting activity, followed by media and entertainment (18 per cent) and IT - hardware, and software (17 per cent).

While the Y-o-Y data in the IT industry showed a downward trend, month-on-month data offered a more encouraging story with signs of steady improvement, it noted.

Within the entertainment sector, the drop can be attributed to the intensifying free streaming competition on the OTT market as well as fewer people visiting movie theatres compared to the year before, it added.

On a year-on-year basis, the shipping (58 per cent) industry showed the maximum growth in job postings, followed by travel and tourism (44 per cent) and advertising, market research and public relations (22 per cent), said the report.

The notable growth in the Indian shipping industry can be attributed to robust export expansion, particularly in engineering goods, petroleum products, gems and jewellery, and chemicals, it stated.

This growth is further fueled by significant improvements in dwell time and turnaround time, positioning the Indian shipping sector favourably in comparison to its global counterparts.

The retail sector also witnessed a rise in e-recruitment activity by 21 per cent this August with the onset of the festive season, it said.

It is also heartening to observe a notable 17 per cent increase in job listings within the NGO or social services sector, said the report.

This surge can be attributed to the growing philanthropic initiatives among India Inc's leadership, the augmented CSR investments made by corporations, and the integration of technology into social innovation practices, it added.

When it came to cities, among tier II cities, Kolkata (7 per cent), Ahmedabad (5 per cent), Baroda (4 per cent), Jaipur (4 per cent) and Kochi (3 per cent) exhibited a positive growth in job activity in August.

As the employment environment in India evolves, tier II cities are becoming important hubs for luring top talent due to the rising popularity of remote work practices, improved upskilling opportunities and the rise of different industrial sectors in these areas, the report noted.

However, a majority of metro cities noted a marginal decline in hiring activity as Bangalore saw a 16 per cent dip, Hyderabad noted a 14 per cent drop in job postings, followed by Mumbai at 9 per cent and Chennai at 8 per cent, added the report.