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Tuesday, February 27, 2024

Highest hiring demand in Mumbai with most jobs in tech, finance sectors

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Mumbai continues to be the larges job market in the country. The city has the highest hiring demand, with the majority of jobs in the technology and finance sectors, a survey has shown.

With economic activity exhibiting a remarkable rebound from COVID’s grasp, hiring demand increased by 6% year on year in March 2022, according to the Monster Employment Index (MEI).

According to the Index, Mumbai remains the largest job market, closely followed by Coimbatore. Mumbai, flush with investor cash, also maintains its position as the financial capital, with various fin-tech businesses establishing bases and increasing recruiting in the sector.

According to the Index, Bengaluru and Pune are developing as secondary centres for Fintech start-ups, with some entrepreneurs looking to tap into the markets’ untapped tech expertise. Mumbai (up 21%) led all monitored cities for the first time on a yearly basis, followed by Coimbatore (up 20%), Chennai, and Hyderabad (up 16 per cent each), according to the index.

Furthermore, e-recruitment activity in Bengaluru (up 15%) showed a good trend, but it was weaker than in prior months. While Pune experienced 12% increase, Kolkata and Delhi-NCR experienced 13% growth apiece.

Even though month-on-month hiring activity fell by 2.4% due to the appraisal season, the Index remained positive on an annual basis as hiring activity persisted across a wide variety of industries.

Concerning the sector-specific hiring increase, the index indicates that demand in March 2022 was driven by banking/financial services and insurance, which showed exceptional progress (up 37%), followed by telecom/ISP (up 17%), and production and manufacturing (up 7%). (up 16 per cent).

Furthermore, following a lengthy period of stagnation, jobs in hospitality and travel (up 11% year on year) have begun to recover, with notably increased demand levels. However, engineering, cement, construction, and iron/steel (down 20%) have continued to see year-on-year declines in the series since April 2020, indicating the worst slowdown among sectors.

According to MEI data, the rate of growth in the Media & Entertainment (down 16%) and FMCG, Food & Packaged Food (down 13%) industries has slowed further and will continue to decline in March 2022.

Roles in technology, finance, and human resources remain in great demand. In terms of Functions, IT-Hardware & Software, HR & Admin, and Finance & Accounts job positions all increased by double digits across all metros.

More organizations are hiring top management level personnel (34% increase), followed by mid-senior level (22% increase), intermediate level (20% increase), and senior-level (3% increase) (up 13 per cent). Entry-level jobs increased by 8% in the JFM quarter, owing to a surge in campus hiring.

Financial statement, wealth management, investment banking, and cyber-security professions in BFSI have experienced an upsurge in job vacancies. In terms of technology occupations, the advent of the Metaverse and its possible uses has spawned a plethora of new career opportunities in a variety of skill areas.

While brands and enterprises continue to value creativity and human-centered design with tech-enabled applications, the index predicts that job roles such as Design Architects, Software Designers, System Validation Engineers, 3D Artists, AR/VR Maintenance and Support, and Design/Graphics Engineer will be in high demand in the coming months.


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