NEW DELHI: Hiring activity in the banking, financial services, insurance and telecom sectors saw a decline in October last year, according to a report by ‘Monster India’.
The ‘Monster Employment Index’, which tracks hiring in the banking, financial services, insurance and telecommunications sectors, considered ‘white-collar work’, saw a 6 per cent drop in October from a year earlier.
The decline in the index comes after many companies in these sectors are cautious about hiring due to the global economic situation.
Also, compared to the previous month of September, there has been a decline of 5 percent.
In developed countries, fears of an economic recession have increased, which is the main reason for this decline.
However, there has been significant growth in the field of ‘automation’. Employment in this segment has increased by 34 percent.
According to Monster India, the reason for this is that companies are starting to use technology more to increase their productivity and efficiency.
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