Hiring activity in India Inc continued to remain stable in January with no changes when compared to the previous month, according to a job analysis report by Monster.com.
The employment index has been stable since November 2020, as hiring activity remained consistent with a neutral trend in the last quarter. However, there has been a year-on-year decline of 18% as of January 2021 compared to the previous year due to the impact of the pandemic, according to Monster Employment Index.
The report indicates that job postings in some industries have improved, with some doing even better than the pre-Covid levels when compared to January 2020.
The industries that have witnessed maximum growth in job postings compared to the previous month are home appliances (9%), agro-based industries (7%), IT - hardware, software (6%), banking/ financial Services, insurance (6%), and chemicals/ plastic/ rubber, paints, fertilizer/ pesticides (5%).
Among the industries, Agro-based and Media and Entertainment grew by 15% and 2%, respectively, in January 2021 compared to the same time last year.
Telecom/ ISP job postings have become stable, indicating a 0% change compared to January 2020. However, Telecom roles have witnessed a 13% increase in postings in the last three months, the report said.
Jobs in the IT industry- Hardware, Software, reflected significant demand in January with a 6% month-on-month growth in job postings, seen mostly in Bangalore, Chennai, and Hyderabad.
Further, Home Appliances industry posted a 9% growth in postings in January 2021, compared to December 2020. While the job postings for the Home Appliances industry are at -18% decline year-on-year in January 2021, it has improved compared to the previous index (December 2021 vs. December 2020) which was at -25%.
“While shifts in the job market have their ups and downs, with some sectors faring better than others, segments such as IT and Telecom, alongside Agro-based industries and media & entertainment, continue to do well,” said Sekhar Garisa, CEO - Monster.com.
The travel and tourism industry has been the worst hit at 64% (Y-o-Y), however, with the lift in restrictions, travel and tourism, and automotive/ancillaries/tyres have witnessed an increase of 2% in job postings.
oil/gas/petroleum, power (-40%), and BPO/ITES (-40%) have also witnessed a steep year-on-year decline in January 2021.
When compared to December 2020, job postings in Bangalore (3%), Pune (2%), and Hyderabad (1%) witnessed growth, and job postings in Chennai have remained the same in January 2021. Job postings in the top three locations of Bangalore (-2%), Pune (-10%), and Hyderabad (-5%) have also witnessed the least year-on-year impact. Bangalore and Pune have significantly bounced back.
Although there is a dip in hiring demand in almost all the cities, few industries have showcased a notable growth in specific locations. IT - hardware, software witnessed an uptrend in Chennai (10%), Hyderabad (9%), and Bangalore (8%). Among functions, software, hardware, telecom reflects a surge in demand for professionals in the same cities, Bangalore (11%), Hyderabad (9%), and Chennai (6%).
Other major cities such as Delhi-NCR and Mumbai have witnessed a slight month-on-month decline of -1% and -2%. Ahmedabad (-27%), Baroda (-32%), and Kolkata (-37%) have seen the maximum drop compared to the previous year.
Functions of top management level professionals witnessed growth of 11% Y-o-Y in job postings
Functions such as legal (4%), software, hardware, telecom (3%) and senior management (2%), and finance and accounts (2%) witnessed the most month-on-month growth in job postings.