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India saw 6% decline in hiring in Oct amid funding winter: Report
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IANS | 08 Nov, 2022
India saw a 6 per cent drop in hiring activity (year-on-year) in
October, amid changing patterns in the start-up ecosystem, funding
winter and fears of an upcoming recession, a report showed on Tuesday.
Month-on-month job postings also saw a 5 per cent decline in the country.
However,
with companies ramping up internal initiatives to facilitate growth and
government interventions in promising sectors, hiring projections for
the coming months are expected to pick up, according to Monster
Employment Index.
The ongoing global economic contraction has trickled down to India with recruiters adopting a cautious approach to hiring.
Amid
the slow down, jobs in automation showcased an increase (34 per cent)
in hiring activity with companies maximising efficiency and productivity
through tech.
Similarly, industries such as banking and finance
and telecom did well, with technology driving innovation and growth in
both sectors.
Artificial intelligence and Blockchain are
transforming the BFSI sector, while the onset of 5G is transforming the
growth of telecom.
"While macroeconomic conditions have pushed
companies to adopt a watchful approach to hiring, the need for skilled
talent is unlikely to ever go away. Hence, it is important that today's
workforce upskill and reskill themselves on an individual and
organisational level," said Sekhar Garisa, CEO, Monster.com, a Quess
company.
Tier 2 cities such as Coimbatore and Ahmedabad posted a
marginal incline in job activity on an annual basis whereas demand fell
in major metropolitan cities of India.
Among tier 1 cities,
hiring remained stable in Mumbai whereas metros such as Bangalore,
Kolkata, Delhi-NCR and Hyderabad posted a downward trend in recruitment
activities.
Industries such as BPO/ITES and Media and
Entertainment continued to demonstrate a declining hiring trend from the
year-ago level.
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