- Travel & Hospitality, Energy, IT/ITeS, Logistics lead the pack with the highest headcount year-on-year, as per Allsec data. Construction, Consumer Goods, and Manufacturing sectors witness marginal recovery in March 2022
Mumbai, India. April 4, 2022: The Indian job market has witnessed sharp recovery in March, growing by 18.4% year-on-year as the economy returned to normalcy post-Covid third wave.
Even as the job market has seen recovery, the Travel and Hospitality sector, which was the worst affected due to Covid-induced lockdowns over the last two years, has witnessed a robust recovery with a 47.6% growth in payroll headcount in the month, according per payroll distribution data collated by Allsec Technologies, a Quess Corp company. The employment numbers are derived basis in-house data from AllSec Technologies, a comprehensive Business Process Services (BPS) provider who keenly track the employment trends across various sectors.
Travel/Hospitality and Energy sectors lead headcount growth
The overall movement from the previous year has been positive, with several industries showing profound progress in growing headcount. The Travel & Hospitality industry has reflected immense progress with the highest growth in payroll headcount at 47.6% this March as compared to last year. Considering the pandemic strain on this industry, it is encouraging to see this growth in contrast to the 48.7% decline last year (March 2021 vs March 2020). However, a comparison with pre-pandemic numbers indicate that the industry is not quite back to pre-pandemic levels having witnessed a 24.3% de-growth (March 2022 vs March 2020) but is certainly on the way to recovery. The Energy sector followed close behind with 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).
Several industries witness annual growth in March 2022
Following Travel/Hospitality and Logistics, the IT/ITes industry has performed considerably well with a 27% uptick in March 2022 accompanied by Logistics which saw a 27.3% growth. Industries such as Financials (16.6%) and Food & Beverage (12.9%) also showed an optimistic year-on-year trends. While most sectors have recovered from the pandemic, Healthcare (-8.3%) and Ecommerce (-1.5%) have witnessed a marginal drop (March 2022 vs March 2021). Wholesale/Retail Traders (-2.1%) have also seen a drop which can be attributed to lockdowns and restrictions that curbed businesses over the past year through the second and third waves of Covid-19.
Logistics accounts for 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. Industries that witnessed considerable growth include Energy (42%) and E-Commerce (41.8%). The E-commerce and delivery industry has undoubtedly 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. On the other hand, Constructions/Facility Management (-27.8%) saw the highest dip, followed by Travel/Hospitality (-24%), Wholesale/Retail Traders (-23.9%) and Healthcare (-9.4%).
Elaborating on the trends, Ashish Johri, CEO, Allsec Technologies (a Quess Company), said, “We have seen an optimistic recovery pattern across industries this month. It is heartening to see Travel & Hospitality lead the way, along with several other industries which were severely impacted by the pandemic. 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”
