Job postings witness an annual drop of 4% in September: Report

According to a report released by Monster.com on Tuesday, job postings dropped on an annual basis in September but slightly increased when compared to August of this year. In comparison to September 2021, there was a decrease in job postings across a number of industries, including media and entertainment, home appliances, shipping and marine, IT, and BPO/ITES.

According to the Monster Employment Index (MEI) for September 2022, hiring activity decreased 4% on an annual basis but increased 1% month over month.

However, with the ongoing festive season and continued digitisation across sectors, recruitment activity is expected to rise considerably in the coming months, it added.

The report claims that employment in sectors like media and entertainment (down 19%) and home appliances (down 19%) experienced sharp declines as a result of controlled corporate spending and declining consumer demand.

The shipping and marine industry has also witnessed an 18 per cent decline.

As employers deal with rising attrition and shifting workplace attitudes, Indian IT (down 11%) and BPO/ITES (down 7%) remain cautious with on-boarding activities, according to the report.

The Monster Employment Index provides a monthly analysis of online job posting activities on the Monster India portal.

The report also stated that the deployment of 5G services has led to a positive trend in hiring in the telecom industry (up 13%), as major players roll out their digital services in new cities, increase the capacity of their data centres, and fill specialised positions.

Hiring during the holiday season this year was somewhat better than in years past. The trend is also reflected in global consumer purchasing patterns, which has resulted in a significant 28% increase in hiring in the import/export sector.

In particular, metro areas saw a 20% hiring growth in the banking, financial services, and insurance (BFSI) sector, while travel and tourism saw a 9% increase in hiring.

Monster.com CEO Sekhar Garisa said, "With the launch of 5G by the government, job market projections are looking optimistic, especially for telecom as we pave the way to Digital India. The path ahead paints a picture of tech-focused job roles, hence, skilling is of paramount importance for an employable India."

(With inputs from PTI)