5G roll out, arrival of festive boost for job demand

After months of hiring fluctuations, the upcoming 5 G roll out and arrival of the festive season has boosted India's job demand, according to the global talent management platform Monster.com.

The growing digitisation and the much-anticipated 5 G services roll out of July 1 to July 30 prompted the scaling up of hiring by up to 15 per cent on a yearly basis, according to the Monster Employment Index MEI for July 1 to July 30, a sector that retained a keenness to hire on an upswing.

The retail sector has seen an increase in job demand by 10 per cent on account of the upcoming festive season, according to the report.

There is growing demand for talent across segments as Tier 2 cities are now frontrunners in hiring with Coimbatore and Ahmedabad.

Pune posted a 66 per cent increase in employment opportunities in the BFSI Banking, Financial Services and Insurance industry, consolidating its place as India's fastest-growing fintech hub. The BFSI industry posted a demand up of 25 per cent, which was driven by digitization, payment innovations and increased penetration of financial services.

In July, the white-collar environment has stabilised on an annual basis, it said. The index cited positive year-on-year growth in Mumbai last month, with Mumbai up 20 per cent registering the highest growth among metropolitan cities.

Many industries driven by demands of digital technology and changing consumer sentiments continue to do well, while the index flattened by 1 per cent month-on-month amidst fears of global recession, inflation and macroeconomic headwinds.

After months of uncertainty, the Indian job market has stabilised with the hiring demand holding up in July, as anticipated, said Sekhar Garisa, CEO-Monstery.com, a Quess company. This is good news at a time when most countries are tightening their belts in fear of an upcoming recession. The report highlighted the need for leaders to tide companies through the fear of growing economic conditions because of the encouraging 18 per cent incline in hiring activity.

Marketing and communications, sales and business development and marketing and communications roles have suffered marginal dips, as more companies cut costs and reduced branding spending.

In July, production, purchase, logistics, supply chain and healthcare recorded the highest annual decline from the year-ago level.

The chemicals industry, including plastic, rubber, paints, fertilizer, pesticides, saw a maximum annual growth of 32 per cent, due to the growing investments in the chemical sector.