New Jobs in May: Creation of new jobs is very important for any economy. A shocking news has come regarding the hiring trend in India. Foundit’s report has revealed that there has been a decrease of about 7 percent in new hiring in May compared to last year. Foundit is a talent platform that has worked in many parts of Asia and the Middle East. According to the report published in Business Standard, even though there has been a decrease of 7 percent in new recruitments as compared to last year, but the number of jobs in small towns has registered an increase. An increase in hiring has been recorded in Tier-2 cities of the country like Ahmedabad, Jaipur.
Why the hiring decreased
It has also been learned from this report that a 4 per cent decline has been registered in industries in the country month-wise. The main reason behind this decline is the economic slowdown. Due to the possibility of global recession, many companies of the country have laid off employees on a large scale. Along with this, to cut down on their expenses, many companies have reduced or stopped the process of new hiring for some time. In such a situation, it is affecting the figures of new recruitments in the country.
Hiring increased in these sectors
Even though there has been a decrease in hiring in the month of May as compared to last year, but there are some areas in which new recruitments have registered an increase. After tracking a total of 13 sectors, it has been found that HR & Admin is one of the three sectors where a total increase of 8 per cent in recruitment has been recorded in May. Apart from this, an increase in new recruitments has also been recorded in sales and business development and travel and tourism. The marine industry has also registered a growth of 45 percent as compared to last year.
Hiring decreased the most in these areas
On the other hand, the month of May has not been good for the banking and financial sector. There has been a decrease of 10 per cent in total hiring in this sector as compared to last year. The banking and financial sector has been worst affected due to the slowdown in the global economy, rising inflation, rising interest rates and supply chain disruptions.
The least hiring happened in these cities
It has been revealed from this report that where a huge decline of 24 per cent has been recorded in hiring in cities like Bengaluru. On the other hand, maximum number of people have got new jobs in Ahmedabad. Apart from this, a decline in hiring has also been seen in Chandigarh, Kolkata, Baroda and Kochi. Compared to last year, Baroda has seen a decrease of 7 percent, Coimbatore and Kochi 2 percent in hiring. And in Kolkata, this figure is around 16 percent.
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