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Corporate India sees 7% decline in hiring activity in May, report shows

Corporate India

Corporate India –  According to a survey released on Thursday by Foundit (previously Monster APAC & ME), India Inc.’s hiring activity fell by 7% in May compared to the same month last year.

According to the research, hiring activity has slowed as businesses remain wary about expanding their payrolls owing to persistent macroeconomic uncertainty and global headwinds. Despite the overall reduction, favourable trends were found in tier-2 cities such as Ahmedabad and Jaipur, according to the research.

The survey also indicated that employment activity is dropping across all industries, with a 4% month-over-month (MoM) decline, owing to a variety of circumstances. One of them is India’s economic slowdown, which has caused businesses to curtail spending, including hiring attempts, according to the report.

Corporate India

There is a significant skills gap that has complicated employers’ hiring processes by making it difficult to find qualified candidates, and ongoing technological disruption is changing industries and leading to job changes, impacting hiring activity in general, according to the report.

The research outlines nine industries that have seen an increase in e-recruitment activity over the preceding year. According to Quess, the shipping/marine business has grown by 45 percent year on year, indicating a booming sector fueled by increasing port capacity, sophisticated technical implementation, and environmental sustainability programmes.

The advertising, marketing, and public relations businesses have also recovered significantly, with a 28% increase in recruitment activity. Interestingly, Ahmedabad has emerged as a growing hub for media, advertising, and public relations opportunities. Retail and travel and tourism both increased by 27% over the previous year. Furthermore, the office equipment/automation sector has grown by 4%. The statistics unequivocally demonstrate the enormous opportunities that exist.