E-recruitment activities decline marginally by 1% in Dec 2022, shows report

E-recruitment activities witnessed a marginal decline of 1 per cent year-on-year in December 2022 as companies have become cautious amid global economic uncertainty, according to a report.

However, the month-on-month (MoM) job trajectory for e-recruitment in December saw an increase of 2 per cent, according to foundit Insights Tracker (FIT).

It has been a roller coaster year for the Indian economy amid increasing global headwinds, and the government's efforts to arrest inflation held the economy in good stead amid geopolitical tensions, rising inflation and disturbances in the global supply chain, foundit (previously Monster APAC and ME), a Quess company unit, CEO Sekhar Garisa said.

 

"This month's data emphasises that while companies are becoming slightly cautious with economic uncertainty, we expect hiring in sectors such as telecom and banking and finance to do well. We are also optimistic that the Union Budget 2023, will enable substantial job creation in most sectors," he added.

FIT is a monthly e-recruitment tracker and the report is based on data on the foundit platform from December 1-31, 2022.

Meanwhile, according to the data, the Advertising, Market Research (MR), and Public Relations (PR) industry registered 9 per cent growth year-on-year as well as 13 per cent month-on-month, driven by the increase in marketing efforts and adoption of Artificial intelligence (AI).

The Index reported that the Telecom sector saw a 9 per cent year-on-year in white-collar hiring due to the adoption of 5G.

In December 2022, almost 70,000 jobs were generated, focusing on professionals with skills in enhancing network infrastructure and security, it stated.

The growth of 5G networks will also diversify hiring from the telecom sector to the healthcare, retail and automotive industries, it noted.

Despite a muted month-on-month performance, the banking and financial services and insurance (BFSI) sector experienced 7 per cent growth year-on-year due to the thriving FinTech industry, robust credit growth and increased financial inclusivity in the country, said the report.

In addition, the report stated that the insurance sector is also growing due to a structural shift from Indians' traditional preference for real estate and gold to financial products for savings.