Positive upward development continues in job market, exhibits Monster Employment Index

The job market continued to point out an upward development in December, based on the latest Monster Employment Index, a job evaluation report by Monster.com, a Quess firm. The knowledge signifies that the employment index has remained constant in December with no modifications regarding the earlier month. However, owing to the pandemic and its influence throughout numerous job sectors, the general index has dropped considerably by 15% as in comparison with the earlier 12 months (December 2019).

In comparability to December 2019, job postings have improved publish the pandemic with some industries returning to pre-Covid ranges. Telecom, Agro-based Industries, and Media & Entertainment have witnessed substantial progress. Telecom grew by 7%, agro-based industries by 6%, and media & leisure by 4% respectively. Along with them, industries akin to chemical substances, commerce, and telecom proceed to do nicely.

Sekhar Garisa, CEO – Monster.com mentioned, “We continue to see recovery in the job market, as there has been an uptick in the number of job postings across various sectors and functions, despite the challenges.”

“While the impact of the pandemic and recovery has been different for each sector, we are optimistic about the coming quarter given the various governments and industrial boosts towards economic recovery. Further, the positive developments towards the vaccine discovery add to the hope that we will see more and more industries opening up and coming out of the pandemic led slump,” he added.

Tier 2 markets noticed progress within the variety of job postings in December in comparison with a month in the past, based on the latest, Monster Employment Index.

Job postings in Jaipur (4%), Coimbatore (4%), Chennai (3%), and Pune (3%) witnessed progress. Postings in Bangalore, Kolkata, and Baroda remained impartial with no shifts in comparison with the earlier month. Chandigarh (-2%), Kochi (-3%) witnessed a decline throughout this era. However, job postings in Mumbai have grown by 1% in comparison with November 2020, while postings for Baroda and Kolkata stays the identical. This signifies the scope for enchancment within the coming months.

While all main cities have seen a decline in comparison with 2019, Bangalore (-1%), Hyderabad (-2%), and Chandigarh (-5%) have recovered to virtually pre-COVID ranges, as of December 2020. Mumbai (-23%), Baroda (-24%), Kolkata (-35%) have seen the utmost drop in comparison with Dec 2019.

As per the report, industries that have witnessed most progress in job postings in comparison with the earlier month are chemical substances/plastic/rubber, paints, fertilizer/pesticides (15%), import/export (15%), telecom/ISP (12%), and printing/packaging (11%). Agro-based industries; clothes/textiles/leather-based, gems & jewellery; and healthcare, biotechnology and life sciences, prescribed drugs have additionally witnessed month-on-month progress of seven% respectively.

Owing to the reopening of the financial system industries akin to Production and Manufacturing, Oil/Gas/Petroleum, Power, and Travel & Tourism have proven enchancment publish the pandemic influence. In comparability to November, Oil/ Gas/ Petroleum, Power has grown by 5%, Production and Manufacturing have grown by 1% and Travel and Tourism is down solely by -5%.

Whereas Production and Manufacturing (-35%), Oil/Gas/Petroleum, Power (-38%), and Travel & Tourism (-64%) are probably the most impacted, having seen the very best 12 months on 12 months decline in comparison with the other sectors as a result of pandemic.

Functions like software program, {hardware}, telecom, artistic, and humanities have accomplished higher in 2020 than in 2019

With office areas reopening, capabilities akin to senior administration (+6%), and HR & Admin (4%) noticed progress in job postings. Whereas, Hospitality & Travel (-12%), Finance & Accounts (-4%), Legal (-6%) proceed to face challenges with the bottom progress throughout capabilities, in comparison with November 2020. The capabilities are indicating enchancment month-on-month, with job postings for Customer Service rising by 1%, Finance, and Accounts down solely by 4%, and Hospitality & Travel down by 12%.

As a ray of hope, job postings for capabilities akin to Software, Hardware, Telecom (1%), and Arts/Creative (+4%) have seen progress in December 2020 in comparison with the earlier 12 months, Dec-2019. While Finance & Accounts (-30%), Customer Service (-34%), Hospitality & Travel (-41%) witnessed the largest decline in comparison with final 12 months.

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