Monster Employment Index: Favourable Growth in Hiring Demand Across all Industries
Monster Employment Index, the most reliable and comprehensive job analysis report by Monster.com, a Quess Company, has published its findings for June 2021, providing insights into the job market across industries, cities, and functions.
Despite the second wave of the pandemic and subsequent lockdowns, the last six months reflect a 6% growth in job postings across various sectors. Data from the index indicates that compared to May 2021, June 2021 witnessed a notable overall monthly growth of 4%. Overall job postings have also improved by 7% year-on-year (June 2021 v/s June 2020), indicating an optimistic outlook for the coming months.
June 2021 continued to show a favourable outlook for job recovery with the easing of lockdowns across the country, compared to the previous month of May 2021. The Telecom/ ISP industry witnessed a remarkable year-on-year growth (39%), alongside IT- Hardware, Software (32%), and Logistic, Courier/ Freight/ Transportation (29%) industries that followed close behind. Further, the hiring of entry-level job seekers in June 2021 has shown significant growth of 6% month-on-month (June 2021 v/s May 2021).
Hiring activities in metropolitan cities such as Bangalore (50%), Pune (28%), Hyderabad (22%), and Chennai (22%) indicate strong growth in recruitment activity as compared to the previous year (June 2021 v/s June 2020), the demand for professionals in Software, Hardware, Telecom functions showed an uptrend of 35% year-on-year as of June 2021 compared to June 2020, on account of increasing digitization and e-recruitment activities.
Job postings across all industries indicate positive month-on-month growth
With the ease of lockdown restrictions, all 27 industries monitored by the Index witnessed positive month-on-month growth. The industries such as Import/Export (25%), Production and Manufacturing (14%), Shipping/Marine (11%), and Healthcare, Bio Technology & Life Sciences, Pharmaceuticals (10%) have shown the highest growth month-on-month (June 2021 v/s May 2021).
Other industries performing well compared to the previous month include Banking/ Financial Services, Insurance Telecom/ISP, Real Estate, and Media & Entertainment. Notably, Travel and Tourism (3%) industries showed a positive uptick compared to previous months, implying an optimistic prospect to recovery. Further, Agro-based industries, FMCG, Food & Packaged Food, and Printing/Packaging industries showed 1% growth in hiring (June 2021 v/s May 2021).
A year-on-year comparison shows hiring in industries such as Telecom/ISP (39%), IT- Hardware, Software (32%), and Logistic, Courier/ Freight/ Transportation (29%) showed notable growth in recruitment activity (June 2021 v/s June 2020). However, industries that were severely impacted by the second wave of the pandemic continue to witness an annual decline in job postings. In this regard, Travel and Tourism (-42%), Education (-27%) and Oil/ Gas/ Petroleum, Power (-18%) showed a year-on-year (June 2021 v/s June 2020) dip in job postings.
Metropolitan cities observe robust hiring activities year-on-year as of June 2021
A yearly comparison (June 2021 v/s June 2020) indicates flourishing demand for talent in metropolitan cities such as Bangalore (50%), Pune (28%), Hyderabad (22%), Chennai (22%), Mumbai (7%), and Delhi (4%). Compared to June 2020, hiring across tier-2 cities such as Baroda (-23%), Jaipur (-18%), Kolkata (-15%), Coimbatore (-3%), and Kochi (-1%) witnessed a dip, except for Chandigarh that observed a surge at 7%.
As of June 2021, job postings at Baroda (9%), Chandigarh (6%), Pune (6%), and Coimbatore (6%) indicated the highest month-on-month uptick as compared to May 2021. Bangalore (2%), Kochi (1%), and Hyderabad (1%) showed muted growth as of June 2021 (June 2021 v/s May 2021). The overall uptick in job postings shows a positive trend of rampant recovery from the second wave of the pandemic.
Software, Hardware, Telecom witnesses significant year-on-year increase in hiring motivated by digitisation and emerging technologies
On a year-on-year (June 2021 vs. June 2020) basis, Software, Hardware, Telecom (35%), Senior Management (18%), Engineering/ Production (4%), Finance & Accounts (2%), and Purchase/ Logistics/ Supply Chain (2%) industries saw a rise in hiring activity. Customer Service (-33%), Healthcare (-21%), Sales & Business Development (-16%), Hospitality & Travel (-16%) and Marketing & Communications (-3%) functions, however, indicated steep yearly declines in hiring.
Functions such as Finance & Accounts (11%), Healthcare (10%), and HR & Admin (8%) witnessed a positive uptick in job postings month-on-month (June 2021 v/s May 2021). This growth in hiring can be attributed to financial technology expansions, increasing use of digital payments, expanding vaccination efforts, and the increase in hiring activity for talent acquisition. Other functions that showed an uptick in demand for talent include Customer Care (6%), Hospitality (5%), Marketing (5%), and Sales & Business Development (5%).
Job postings for entry-level profiles witness highest month-on-month growth in June 2021
Recruitment activity across all job levels witnessed optimistic month-on-month (June 2021 v/s May 2021) growth. It’s positive to note that hiring for entry-level jobs (0-3 years) has seen the highest month-on-month growth at 6%, as compared to the previous months. Top management professionals (over 16 years), Senior professionals (11-15 years), Mid-Senior professionals (7-10 years), and Intermediate roles (4-6 years) saw an increase of 4%, 2%, 5%, and 5% month-on-month respectively.
Demand for Top Management level professionals continued to grow significantly, as high as 73% year-on-year (June 2021 vs. June 2020). Job postings for Senior level (16%), Mid-Senior level (20%), and Intermediate level (16%) roles also witnessed considerable growth. However, job roles for entry-level profiles have declined by 8% compared to the same time period last year (June 2021 v/s June 2020).
Sekhar Garisa, CEO – Monster.com said, “It is encouraging to see a positive growth in hiring activity across industries in the month of June, as the country begins to recover from the second wave of the pandemic. With vaccination drives underway actively and sectoral revival in progress across industries supported by government schemes, the Indian recruitment space is certainly faring with more stability and grit. Hiring activities in metropolitan cities have also exhibited promising numbers as compared to last year, reinstating that the economy is on the mend.
We have also recently launched T.R.I.U.M.P.H, an initiative to boost diverse and inclusive practices among employers and enable them to build strong and efficient workforces. Through this we not only hope to inspire candidates and enable them to discover opportunities as well as help companies connect with the right talent by broadening their recruitment lens.”