Good times may soon be back for jobseekers in the country. The latest quarterly Employment Outlook Survey of the ManpowerGroup, a global leader in workforce solutions, points out that the hiring trend is the most optimistic in India.
Some 41% of employers surveyed in India said they will likely hire in the fourth quarter (October-December) of this calendar year, up from 26% in July-September this year and 19% in October-December of last year.
No other country surveyed has such robust hiring plans. Taiwan is second on the list with 37% of employers committed to hiring, while Italy is at the bottom (-13%, suggesting weakest opportunities for jobseekers).
“India’s hiring process is expected to rebound decisively following four consecutive quarters of relatively lacklustre forecasts,” said the survey that covered 5,059 employers across India and 65,000 employers across 42 countries.
Sectors that are likely to see an uptick in hiring include IT, wholesale and retail, e-commerce, mining and construction, finance, insurance and real estate. Employers in north India seem to be the most optimistic, followed by their counterparts in the west, the south and the east, in that order.
Human resources (HR) firms believe that a recovery is in sight, but ruled out a steep and sudden one. Kris Lakshmikant, CEO of Headhunters India, says the job market has almost hit rock-bottom and, so, the only way is up. “The recovery is going to be gradual. Developed economies such as the US and Europe are recovering. As a result, sectors such as IT and export-oriented ones will get a boost.”
AG Rao, group MD of ManpowerGroup India, believed that hiring has resumed, but companies are going to be cautious.“Companies are going to ever-greater lengths to identify candidates who have the right mix of skills. Jobseekers need to have industry knowledge with practical intelligence.”
HR firms said larger firms that were not filling up vacant positions till now have already started recruiting, suggesting that the cycle of recovery may have started.
However, other HR consultants are not so optimistic. Yogesh Saigal of Talisman Advisors said what is discernible now is replacement hiring, not growth-oriented recruitment. “Talent acquisition has taken a backseat. Talk of a recovery appears a bit premature.”