Employment Index jumps 11% in June; BFSI drives growth: Monster
The Monster Employment Index is a broad monthly analysis of online job posting activity in India conducted by Monster India
The Monster Employment Index saw an 11 percent jump in June 2017 on a year-on-year basis reflecting a pickup in online recruitment activities. The banking, financial services and insurance (BFSI) sector saw a 44 percent rise followed by home appliances sector at 34 percent and fast moving consumer goods (FMCG) at 33 percent.
In terms of the cities, Kolkata (up 40 percent) continued to lead long-term growth followed by Baroda (up 36 percent). Online hiring activity in Delhi-NCR matched the year-ago level.
Sanjay Modi, Managing Director, Monster.com, APAC & Middle-East said, “The implementation of Goods and Service Tax (GST) is a progressive step and is likely to have an encouraging impact on the job market nudging the overall growth.”
Of the 27 industry sectors monitored by the Index, 20 sectors saw increased demand on-the-year. BFSI’s rate of growth paced up from 39 percent in May 2017. The sector has been witnessing progressive growth on an annual basis since April 2017. In the past three months between March and June, there has been a 21 percent growth in hiring in the sector.
The IT sector — Hardware, Software — (up 13 percent) has remained unruffled in the past few months, according to the index. The BPO/ITES (down seven percent), on the other hand, saw online demand ease below the corresponding period last year — first negative growth since April 2014. The decline in demand is reflected on all other parameters as well; down six percent (month-on-month), down nine percent (three-month) and down eight percent (six-month).
Among other sectors, engineering, cement, construction, iron/steel registered a two percent year-on-year growth following low demand in April (down one percent) and May (down three percent) 2017. But, the real estate (down three percent) sector continued to exhibit weak hiring demand.
The retail sector recorded steep month-on-month growth — up at 12 percent up from -20 percent in May 2017; the most notable increase among all monitored sectors. The year-on-year growth rate also recovered from -14 percent in May to negative one percent in June 2017.
Recruitment in e-commerce sector witnessed an eight percent growth between June 2016 and 2017. Month-on-month, demand increased by one percent and exceeded the three-month and six-month level by nine percent and 11 percent, respectively.
Launched in May 2010 with data collected since October 2009, the Monster Employment Index is a broad monthly analysis of online job posting activity in India conducted by Monster India. Based on a real-time review of millions of employer job opportunities, culled from a representative selection of online career outlets, including Monster India, the Monster Employment Index presents a snapshot of employer online recruitment activity nationwide.