New Delhi:Online hiring activity registered a 7% year-on-year growth in May, primarily led by robust hiring sentiment in the production and manufacturing sector, says a report.
The Monster Employment Index for May stood at 276, while in the corresponding period last year it stood at 258. On a month-on-month basis however, online hiring activity registered a decline of 7.38% in May.
“India retained its spot as the fastest growing major economy in the March quarter with GDP 7.7% on the back of robust performance by the manufacturing sector, also reflected in the sector’s positive recruitment growth numbers,” said Abhijeet Mukherjee, CEO, Monster.com—APAC and Gulf.
As per the report, production and manufacturing sector registered the steepest year-on-year growth at 56% for the second consecutive month amongst the other sectors analysed.
Retail sector also saw significant hiring momentum (up 39% on a year-on-year basis) and the growth momentum also paced up 28 percentage points between April and May this year.
“The retail sector is seeing phenomenal e-recruitment opportunities. This mirrors the addition of retail capacity at global companies as well as recent mergers which has led to an overall growth of the sector,” Mukherjee said.
In the telecom/ISP sector, the year-on-year growth momentum eased from 28% in April 2018 to 21% in May 2018.
“Telecom sector is treading with caution as recent developments have resulted in layoffs and job losses. Hopefully, the new telecom policy will provide a shot in the arm to support stabilisation of the sector. City-wise, both metros and non-metros are witnessing an eased pace of online recruitment activity,” Mukherjee added.
Online hiring activity in May as against the previous month slowed in all major metro cities. Year-on-year, Mumbai registered a decline of 6 percentage points from 15% growth in April to 9% growth in May, the report said.
Bangalore registered 3% growth this month down from a growth of 6% in April while recruitment activity in Delhi-NCR matched the year-ago level, it added.