Job market gets a boost inJune as economy opens up

CHENNAI: Phased unlocking and resumption of commercial activities boosted hiring sentiments in June as new job requirements rose around 15%-20% on an average month-on-month after a lull in May, and almost doubled compared to June 2020, as war for talent in the technology sector and hectic ramp up of teams in healthcare and pharmaceuticals accelerated the growth.
However contact services sectors including travel, hospitality, and conventional retail are still recovering, with the expectation of return of buoyancy for the rest of the year if the pace of vaccination continues and the pandemic is contained.
TimesJobs’ monthly RecruiteX index showed that the healthcare and pharmaceuticals sector posted maximum talent demand to ramp up resources in the industry in preparation of tackling a third wave of Covid-19. These witnessed a maximum growth of 18% in talent demand in June compared to May. On an overall basis, June recorded 5% MoM and 11% YoY growth in talent demand, as per RecruiteX. Manufacturing, IT/Telecom, BFSI, and petrochemicals are other gainers as the economy limps back to normalcy. Jobs portal in its monthly JobSpeak Index noted that hiring trends grew by 15% in June vis-a-vis May, going up to 2,359 in June from 2,047 in May.
“The strong recovery of the hiring sector at 15% in June, close on the heels of a decline in May, is encouraging. Hiring in the IT sector has seen a 5% sequential month-on-month growth and more than 52% increase from June 2019,” Pawan Goyal, chief business officer, said. Tech hiring has remained relatively insular to the pandemic thanks to digitization push. On a YoY basis, hiring in the tech sector grew 163% in June. Hiring has also picked up in Insurance (+87%), Banking/Financial Services (74%), and Pharma/Biotech (+38%), Naukri’s data shows.
Staffing firm Xpheno noted a 32% rise in hiring action in June over May 2021. “With over 2,70,000 active white collar jobs, June has emerged as the second top month for 2021 after the 2,90,000 active openings registered in March 2021,” the firm said. The growth in active job openings in June was powered by the IT services sector with a 37% growth over May.
“The technology sector was the top contributor at 81% of the job count in June. Right now, there is a huge supply-demand friction in the industry due to rising digitisation and because the IT services, IT products, global captives and startups are all dipping into the same tech talent pool,” Kamal Karanth, founder of Xpheno, said. A significant proportion of new roles posted across industries involves a fair bit of technology element, Sashi Kumar, MD, Indeed India, said. BFSI, e-commerce, IT, and healthcare have robust requirements but sectors such as travel/hospitality and beauty/wellness are down around 52% and 60% respectively, he added.

Next Post

The UK May Open To Vaccinated U.S. Tourists Within Weeks

Mon Jul 12 , 2021
Share The Article Last Updated 13 mins ago The United Kingdom may open for vaccinated U.S-based travelers by the end of the summer according to reports.  The news comes as the United Kingdom announced that fully vaccinated British travelers coming from ‘amber list’ countries won’t face having to quarantine when […]