According to the Manpower Group Employment Outlook Survey that covered 695 employers across India, India’s job market looks grim with just 5 per cent of companies planning to add more staff in the next three months as corporates gear up for the post-lockdown era with a wait-and-watch policy.
The net employment outlook stood at 5 per cent for the July-September quarter, weakest since the survey began 15 years ago.
The encouraging news, however, is that India features among the top four countries out of 44 nations that projected a positive hiring trend. The other three are Japan, China and Taiwan that have a net employment outlook of 11 per cent, 3 per cent and 3 per cent, respectively, for July to September 2020.
“Corporate India is rationalising its workforce in response to the economic slowdown. It is indeed a wait-and-watch game as organisations are gearing up for the post-lockdown era where they anticipate an upsurge in demand,’ said Sandeep Gulati, Group Managing Director of ManpowerGroup India.
India is optimistic and the government’s stimulus economy package may boost the economic activities across sectors, he said, adding that the government does have its focus on the employment ratio of the country.
Both these elements may bring a fresh ray of hope for the Job seekers before the end of this financial year. Sectors which will lead the job market are likely to be mining and construction, finance, insurance and real estate.
The strongest hiring pace is recorded in the medium-sized organisations followed by the large-sized and small-sized firms, the survey said. From a regional perspective, north and south regions indicate a more positive outlook compared to west and east.