A recent report by Foundit (formerly Monster APAC & ME) indicates a 7 per cent decline in hiring activity among corporate entities in India during the month of May compared to the same period last year. The subdued hiring trends were attributed to ongoing macroeconomic uncertainties and global headwinds, which prompted companies to exercise caution in expanding their payrolls. However, the report also highlighted positive developments in tier-2 cities like Ahmedabad and Jaipur.
The study further noted that hiring activity across various industries experienced a 4 per cent month-on-month decline. This decline can be attributed to several factors, including India’s economic slowdown, which has led companies to implement cost-cutting measures that include reducing hiring efforts.
The report emphasised the existence of a significant skills gap, further complicating employers’ hiring processes as they struggle to find qualified candidates. Additionally, ongoing technological disruptions across industries have necessitated job changes, thereby impacting hiring activity in general.
Despite the prevailing challenges, the report highlighted pockets of growth that present opportunities for job seekers. Increased hiring was observed in tier-2 cities, and certain industries such as shipping/marine, advertising, MR (market research), PR (public relations), retail, and travel and tourism, showcasing their resilience.
The report also outlined nine sectors that displayed increased e-recruitment activity compared to the previous year. The shipping/marine industry demonstrated the most significant year-on-year growth rate of 45 per cent, driven by increased port capacity, advanced technological implementation, and environmental sustainability initiatives. Advertising, MR, and PR industries also experienced a significant recovery with a 28 per cent increase in recruitment activity.
Moreover, the retail and travel and tourism sectors witnessed growth with a 27 per cent increase compared to the previous year, while the office equipment/automation sector showed modest growth of 4 per cent. The HR & admin roles saw an 8 per cent increase, particularly in the IT industry, indicating potential future employment opportunities.
These findings provide insights into the current state of the job market in India and underscore the importance of adaptability and continuous learning for job seekers in order to navigate the evolving labour landscape successfully.
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