Indian job market shows sharp recovery in headcount in March, shows Quess data

Indian job market shows sharp recovery in headcount in March, shows Quess data

The Indian job market witnessed a sharp recovery in March as “payroll headcount” grew 18.4% year-on-year amid removal of restrictions and pick-up in economic activity, according to data from AllSec Technologies, a Business Process Services (BPS) provider and a Quess company.
The travel and hospitality sector, which was the worst affected due to Covid-induced lockdowns over the last two years, recorded a robust recovery with a 47.6% growth in payroll headcount in the month, showed the data. This stands in sharp contrast to the 48.7% decline in March 2021 versus March 2020.

“We have seen an optimistic recovery pattern across industries this month…We are confident of seeing a positive trend in the months to come, keeping in mind the government’s push for job creation across sectors as seen in the Budget and the economic revival of the country ,” said Ashish Johri, CEO, Allsec Technologies.

The employment numbers are derived from in-house data from AllSec Technologies from across various industry sectors.
The energy sector saw a 41.5% yearly increase in headcount this year (March 2022 vs March 2021) and has notably surpassed pre-pandemic levels with a 42% growth (March 2022 vs March 2020).

The IT/ITes industry has performed quite well with a 27% uptick in March accompanied by logistics which saw a 27.3% growth. Industries such as financials (16.6%) and food & beverage (12.9%) also showed optimistic year-on-year trends.

The logistics sector accounted for the highest growth compared to pre-pandemic numbers. As compared to pre-pandemic levels (March 2022 vs March 2020), triple digit growth was noted in the logistics (178.3%) sector on account of Budget accommodations encouraging integrated logistics and multi-modal connectivity, showed the survey. Industries that witnessed considerable growth include energy (42%) and e-commerce (41.8%). The e-commerce and delivery industry has witnessed transformative growth in light of lockdowns and curbs on retail outlets over the several waves of the pandemic. IT/ITes (29.4%) and food & beverage (19%) also performed well.

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