BFSI, retail sectors boost hiring demand in April

Reopening of stores gave big push to hiring sentiment

Mumbai, May 9: Improving business sentiment has boosted the overall hiring demand which witnessed a 15 per cent yearon-year growth in April, led by banking, financial services and insurance sector as well as recovery in the retail sector, a report said on Monday.

India has registered an overall growth of 15 per cent year-on-year and 4 per cent month-on-month in hiring demand as a result of increased positive business sentiment, said the Monster Employment Index (MEI) — a monthly analysis of online job posting activity carried out by Monster India.

After a prolonged setback induced by the humanitarian crisis, sectors such as production and manufacturing, travel and tourism, import and export, have also shown marked improvement with the first double-digit

annual growth in the last two years, reports MEI.

Retail sector showed remarkable recovery with double-digit growth, a first since the Covid-19 pandemic started receding, the report noted.

Banking, Financial Services and Insurance (BFSI) continued to remain the fastest recovering sector with a 54 per cent annual growth in hiring, followed by retail that grew 47 per cent annually and then production and

manufacturing industry with 35 per cent rise, it said.

While BFSI sector continued to witness a boom in job opportunities, the reopening of brick-andmortar stores have resulted in a sharp rise in the retail job market, said the report. Easing of Covidrelated curbs have resulted in consumers frequenting recreational centres such as malls, creating a demand for retail talent, MEI said.

Following improvement in supply chain disruptions and global mobility resuming, job growth has been witnessed in import and export (up 29 per cent) and travel and tourism (up 15 per cent) sectors as well, it added. Besides, the report said that the upcoming 5G roll-out also seems to have spurred demand for jobs in the telecom/internet service industry (up 33 per cent).

Real estate, which exhibited a continuous dip in year-on-year hiring demand since April 2019, saw a dramatic recovery of 26 per cent on the back of improved consumer sentiments amid upward looking market, it observed.

However, media and entertainment industry observed fewer job opportunities (down 17 per cent) since last year, it noted.

The construction-related industries have seen a revival in job activity this month.