Monster.com reports 6% drop in India’s hiring activity
India’s overall hiring activity dipped by six per cent in October as the weak macroeconomic environment caused by recessionary concerns and the prolonged Russia-Ukraine war led companies to pause their recruitment.
According to the latest Monster Employment Index (MEI), the hiring slowdown is primarily seen in the country’s IT space, as the sector recorded a 50% year-on-year drop in active jobs volume last month. This is the tech industry’s lowest rate in three years.
Monster.com CEO Sekhar Garisa attributed the decline to changing patterns in the startup ecosystem, funding winter, and fears of an upcoming recession.
Garisa added that the unstable economy “pushed companies to adopt a watchful approach to hiring.
Aside from tech, the Business Process Outsourcing/ Information Technology Enabled Services (BPO/ITES) sector witnessed a 16% decline in hiring. Meanwhile, media and entertainment jobs fell by 24%, and education jobs dropped by 11%.
On the other hand, jobs in automation jumped to 34% as companies maximize their efficiency and productivity through technology.
A separate hiring activity report by specialist staffing firm Xpheno said that the decline of India’s recruitment activity is sharper at 29% y-o-y to 225,000 jobs in October.
