Tech hiring is expected to slow over the next two quarters and may take at least six to nine months to see some growth in hiring. However, certain segments in the technology space, particularly related to digitization and technologies enabling 5G services, will see an increase in hiring. Segments like Banking & Finance and Consumer Goods could see growth in hiring, while the Travel & Hospitality segment will take some time to see full-fledged hiring activity. These were the observations made by Ajit Isaac, Founder and Non-Executive Chairman of Quess Corp Limited, during an event announcing the rebranding of job platform Monster infoundit.in in Asia Pacific and the Middle East.
He said although growth-stage startup funding has slowed, angel funding for new startups has seen healthy growth. “Although there could be some impact from the global recession on the Indian economy, it will not be as severe compared to other economies such as the UK and Japan. The Indian rupee has fallen much less than the dollar compared to the other currencies, which itself signifies the resilience of the Indian economy. Our energy use has increased and there have been healthy GST surveys proving we are a strong economy,” Isaac told THE WEEK.
He said undeclared work will remain but companies are becoming much more vigilant.
Mohandas Pai, former Infosys CFO, said at the event that the Indian economy is in good shape and India has attracted US$85 billion in FDI in 2021; This year it is expected to receive around $100 billion in foreign direct investment. “Our banking system is in excellent shape. NPAs have fallen and bank profitability has risen. In addition, private sector investment spending is increasing. By December 2026 India will be a $5 trillion economy (also depending on the rupee-dollar exchange rate) and by 2032 it could be $10 trillion. Growth is mainly driven by consumption and investment,” Pai said.
Pai pointed out that economic growth is much faster in southern India compared to the north, even though fertility rates in the country as a whole have declined. “The birth rate will fall in India because the fertility rate for India is 2.0. Karnataka is 1.7 (birth rate) and the entire south has a fertility rate of 1.7 compared to Bihar which is 3 and UP which is 2.4. The population is growing in the north, but not in the south.”
As part of the new transformation, the job portal Monster is now available in Asia Pacific and the Middle East as foundit. be known. The platform will be equipped with technical capabilities to offer personalized recommendations, community-led engagement and an intuitive user interface that will make the recruitment process more efficient.
In 2018, Quess Corp had acquired Monster Worldwide’s APAC and Middle East businesses as a strategic investment to strengthen its staffing services portfolio and was in India, Singapore, Malaysia, Philippines, Hong Kong, Vietnam, Thailand, Indonesia, UAE and Saudi -Arabia active Arabia. In 2021, Monster raised Rs 137.5 billion in a funding round led by investors Akash Bhanshali of Volrado Venture Partners and Mohandas Pai of Meridian Investments to fuel its product-focused offerings and market expansion. On the new platform, job seekers can look forward to personalized job search and enablement solutions.
foundit.in’s customized search results feature also helps candidates receive results and recommendations tailored to their educational background, work experience and validated skills. Other features include a community-led mentoring marketplace, skill validation through assessments, a mobile-first interface, personalized recommendations, and self-improvement tools like continuing education courses.