Hiring demand up 9% in May led by telecom, BFSI, import and export sectors

Industries such as telecom, BFSI and import/export have exhibited optimistic job trends contributing to the overall annual growth in job posting activity, according to the Monster Employment Index (MEI).

Job demand continued to be on a growth trajectory in May, witnessing a 9% rise year-on-year, mainly supported by telecom, banking, financial services and insurance and import and export sectors, a report said on Tuesday.

The job market continued to show growth for the second consecutive month of FY23 with a benchmark year-on-year recovery of 9% in May, according to the Monster Employment Index (MEI).

However, the index levelled down by 4% month-on-month reflecting cautious recruiter sentiments in May amid worries over high inflation driving up costs due to the current socio-economic scenario globally, it noted.

"The beginning of FY23 has shown positive hiring scales given the anticipated 5G roll-out and the recovery of several business segments across the country. So far, the Indian job market is faring well despite the current sentiment on sobered hiring," said Sekhar Garisa, CEO of Monster.com, a Quess company.

Recruiters have not scaled down their ambitions to hire talent and there is most definitely unmet demand in the market today, he stated.

"In terms of the job outlook, businesses will continue to grow, and we see this demand reflected in segments such as import and export, telecom, travel and hospitality and BFSI (Banking, Financial Services and Insurance), which continue to grow on the back of growing digitisation efforts," he added.

Industries such as telecom, BFSI and import/export have exhibited optimistic job trends contributing to the overall annual growth in job posting activity, it said.