Service sector becomes highest employment generator, hiring gains momentum in 2022!

In a recent survey that the service sector has emerged to be the highest employment generator this year. The market exhibited a 5-7% YoY growth in hiring with hiring standing at around 16% last year. In 2022, flex mode, white collar, and blue-collar workforce were onboarded actively across service sectors. It was followed by FMCG and manufacturing sectors experiencing a spike of around 3-5% this year as compared to 2021.

The report further states that overall hiring gained momentum in 2022 exhibiting 25% YoY growth, especially during the first three quarters. Hiring through digital solutions, the emergence of the gig economy, and work flexibility were the major trends witnessed this year.

Delhi-NCR, Bangalore, and Chennai generated the maximum number of jobs as hiring stood at 25% in these cities. Kolkata followed next at 15% and Hyderabad at 10%. All these regions have exhibited a significant increase in overall employment across every sector. The survey also shares that the male-to-female employment ratio improved considerably this year at 58:42 from 62:38 in 2021.

Highlighting the flip side, the survey states a dip of around 34-38% in hiring activities was observed in the last quarter of FY22. Further projecting the market’s scenario of 2023, the report states that hiring is expected to continue across sectors. Real estate, banking, Renewable Energy, healthcare and IT will be actively hiring in the coming year at around 15%. Employment in the automobile sector and FMCG industry is expected to grow at nearly 12% and 10% respectively.

The ongoing layoff trend is to be continued in 2023, majorly the layoffs have been experienced in the last quarter of 2022. They are inflicting a significant impact on other sectors especially tech and social networking companies. The continuance of this layoff trend in 2023 and its subsequent impact on the hiring sector cannot be ruled out. However, we are hopeful that we shall successfully overcome these challenges

Community Manager.