Hiring shrinks 6% in Oct amid funding winter
Changing patterns in the startup ecosystem and fears of upcoming recession weighing on: Report
image for illustrative purpose
Amid the slowdown, jobs in automation rose 34% as companies maximising efficiency and productivity through tech. Similarly, banking and finance and telecom did well, with technology driving innovation and growth in both sectors
New Delhi: India saw a six per cent drop in hiring activity (year-on-year) in October, amid changing patterns in the start-up ecosystem, funding winter and fears of an upcoming recession, a report showed on Tuesday. Month-on-month job postings also saw a 5 per cent decline in the country.
However, with companies ramping up internal initiatives to facilitate growth and government interventions in promising sectors, hiring projections for the coming months are expected to pick up, according to Monster Employment Index.
The ongoing global economic contraction has trickled down to India with recruiters adopting a cautious approach to hiring.
Amid the slowdown, jobs in automation showcased an increase (34 per cent) in hiring activity with companies maximising efficiency and productivity through tech.
Similarly, industries such as banking and finance and telecom did well, with technology driving innovation and growth in both sectors.
Artificial intelligence and Blockchain are transforming the BFSI sector, while the onset of 5G is transforming the growth of telecom.
