In March, the job market went up by 18.4% year over year as the COVID situation stabilised and the economy progressively returned to normalcy. The travel and hospitality, as well as the energy industries, contributed to the development.
According to a survey by Allsec Technologies, the travel and hospitality sector has experienced a strong recovery, with payroll headcount up 47.6% in March 2022 compared to the previous year. During the pandemic, this was the hardest hit industry.
However, a comparison with pre-pandemic data shows that the travel and hospitality sector has not yet recovered to pre-pandemic levels, with a 24.3% decline in March 2022 compared to March 2020. Still, it is in recovery, according to the report.
Meanwhile, the energy sector saw a 41.5% increase in headcount this year compared to March 2021. With a 42% increase in March this year compared to March 2020, it has reached pre-pandemic levels. With a 27% increase, the IT sector is still third. Logistics, on the other hand, grew by 27.3%.
The research is based on data collected in-house by Allsec Technologies, a comprehensive Business Process Services (BPS) provider that tracks employment trends in various industries.
“We have seen an optimistic recovery pattern across industries this month. It is heartening to see travel and 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,” Allsec Technologies (a Quess Company) CEO Ashish Johri said.