In October 2022, there was a 6% decrease in hiring compared to October 2021, as reported by the Monster Employment Index. Additionally, month-on-month job postings experienced a 5% decline during the same period.
Analysts attribute this downturn to shifts in the startup landscape, a funding slowdown, and concerns about an impending economic recession. Despite this overall decrease, the automation sector witnessed a notable uptick with a 34% increase in hiring. Notably, the Banking and Finance, as well as Telecom industries, performed well, driven by technological advancements fostering innovation and growth.
The report highlights the transformative impact of artificial intelligence and blockchain in the BFSI sector, while the advent of 5G is identified as a catalyst for growth in the telecom industry. The sustained success of the Indian BFSI sector, marked by a 12% increase, is attributed to factors such as government initiatives, technological accessibility, and a surge in investor capital.
Surprisingly, tier 2 cities like Coimbatore and Ahmedabad experienced a slight increase in job activity, contrasting with major metropolitan areas in India where demand decreased. Among tier 1 cities, Mumbai maintained stable hiring levels, whereas Bangalore (-11%), Kolkata (-14%), Delhi-NCR (-2%), and Hyderabad (-5%) reported a decline in recruitment activities.
