As the saying goes, what goes up must come down and vice-versa, Indian employment scenario too is shaping up a lot better than the last year. While hiring is still being done with a lot of caution, there’s a lot more positivity and optimism in the current state-of-affairs.
The jitters that came along with the last recession in the job-market have at last been shaken off and the employment outlook certainly is getting better with world economy bouncing back. More so, in the case of Indian job market.
According to the latest TeamLease’s Employment Outlook Report, the Net Employment Outlook for the quarter January – March 2010 has gone up by 1 index point to 47% from the last one. The survey covers India’s organized sector providing representation across various sectors including Manufacturing, Engineering, Financial Services, IT, ITES, Infrastructure, Retail, Media, FMCG, Telecom, Healthcare & Pharma. Among these, Infrastructure (with 69 points) has the highest index points followed by IT (with 59 points) in their employment which is reflective of their hiring trend. So for all those seeking jobs in the IT or the Infrastructure sectors, things couldn’t have been better!
Needless to say, there is a demand in other sectors too which are largely city-specific. So while in Bangalore it is the Financial Services sector leading the employment growth followed by Health and Telecom, Mumbai and Delhi are being led by IT industry followed by Infrastructure. For Hyderabad, Infrastructure, Health and ITES are the biggest contributors to Employment growth and for Pune it is IT and ITES. In Kolkata it is Infrastructure followed by Health leading the way while Retail, Media & FMCG followed by Health are the biggest contributors for Ahmedabad. Chennai, on the other hand has Healthcare as the biggest contributor to Employment growth.
Among cities, there is an increase in Employment Outlook index points in most cities with Pune ranking the highest with an increase of 50 points while it dropped the most for Delhi by 24 points. Speaking of these cities, compared to the previous quarter, there is an upward hiring trend in the Metros while in rural areas it continues to remain steady. The survey also indicates that there is a decrease in the intention to hire at all Managerial levels and an increase in the intention to hire in Marketing and Customer Service functions.
Clearly, the hiring sentiments have improved this quarter, in line with the Industry’s positive outlook. Industry experts believe that there would be a leap of faith during this current quarter and trends will not just hold out but will get bolder, resulting in higher employment gains. That said, employers are continuing to be cautious and are placing stronger emphasis on skill-gap and employability.
Another interesting trend that has emerged through the survey is the attrition rate. During the past three months, Kolkata, Hyderabad, Delhi and Bangalore cities were having the highest attrition rates at 10%, 8%, 7% and 7% respectively; while the other cities were having comparatively lower attrition rates. Ahmedabad on the other hand, has the lowest attrition rate in last 3 months as well as in the last 1 year. Interesting, isn’t it?
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