White collar hiring down 6% YoY in October, shows Monster Employment Index
The Monster Employment Index (MEI) registered a 6% drop in hiring activity in October 2022 vis-à-vis a year ago. Month-on-month job postings also noted a 5% decline prompted by fears of recession in the developed economies
Source | economictimes.indiatimes.com | Rica Bhattacharyya, ET Bureau
White collar employment opportunities in banking, financial services and insurance (BFSI) and telecom sectors continue to stay on an upward hiring incline at a time when recruiters in majority of the other sectors have adopted a cautious approach amid the ongoing global economic contraction, according to data from leading talent management platform Monster.com
The Monster Employment Index (MEI) registered a 6% drop in hiring activity in October 2022 vis-à-vis a year ago. Month-on-month job postings also noted a 5% decline prompted by fears of recession in the developed economies.
However, jobs in automation showcased a significant increase (+34%) in hiring activity with companies maximising efficiency and productivity through tech. Similarly, industries such as BFSI and telecom did well, with technology driving innovation and growth in both sectors. While artificial intelligence and blockchain are transforming the BFSI sector, the onset of 5G is transforming the growth of telecom.