Companies may resume hiring activity by January 2021: Report
Campus hiring is expected to remain subdued, as 27 percent of companies stated they had no plans to resume the activity, while another 39 percent said they are unsure
July 09, 2020 / 01:06 PM IST
Companies have indicated that hiring across the board, with the exception of campus recruitments, will resume by January 2021, a report by Career Net Consulting found.
In fact, 43 percent of companies that halted hiring due to the coronavirus pandemic said that they have already begun "selectively filling" positions that would become active in six months, The Economic Times reported.
"This seems to be a 15-16 month cycle and momentum should touch pre-COVID-19 levels by April 2020, at a lower base due to downsizing over the last six months," Anshuman Das, co-founder of Career Net told the paper.
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Close to 34 percent of Human Resource (HR) and talent acquisition team heads said they would hire this year. However, campus hiring is expected to remain subdued as 27 percent of companies stated they had no plans to resume the activity, while another 39 percent said they are unsure.
"Campus hiring for the year is already deferred and we expect this to be more phased out once organisations re-open," Das added.
In terms of whether employee strength would return to pre-COVID-19 levels, the report was inconclusive as companies – particularly startups, said they would have to consider "recalibrated demand, economics and external fundraising environment" before deciding.
Das pointed out that the slowdown is a “new phenomenon” for relatively young startups when compared to better established ITeS companies. Case in point: Three out of four ITeS firms are honouring offer letters, the report noted.Follow our full COVID-19 coverage here