The hiring outlook in India is set to stabilise in the October-December period, showed the ManpowerGroup Outlook Survey.
The net employment outlook stands at +3 percent for the period. This figure is derived by taking the percentage of employers anticipating total employment to increase and subtracting from this the percentage expecting to see a decrease in employment at their location in the next quarter.
The ManpowerGroup Employment Outlook Survey released on September 8 indicates stable hiring plans for the next three months as compared to the last quarter. The survey of 813 employers across India.
Sectors which will lead the job market are likely to be the public administration followed by finance, insurance and real estate and transportation and utilities sectors.
The strongest hiring pace is recorded in the small sized organizations followed by the medium sized and large sized organizations. From a region perspective, the North and East regions indicate a more positive outlook compared to the West and South.
Nearly 44 percent of employers reported that they may return to pre-COVID-19 hiring within the next 9 months whereas 42 percent are unsure about returning back to normalcy from the hiring perspective.
When asked about existing members of the workforce that have been placed on a job retention or furlough scheme, almost half (42 percent) of companies suggest they plan to bring them back with reduced hours, however, a portion (3 percent) indicate these staff will be let go.
Sandeep Gulati, Group Managing Director of ManpowerGroup India, said, “Post the ‘right sizing’ exercise aligning themselves to the current market demands, organizations are now looking at improving productivity, new forms of employee engagement, getting furloughed employees back and implementation of technology that are influencing the employment trends this quarter.
The survey also highlights some of the long-lasting transformative effects that the pandemic has had on the workforce, as it asks employers how it expects their ways of working will change.
Here, 40 percent of employers plan to offer remote work and flexible hours in the post-pandemic workplace, and around 25 percent plan to offer a hybrid model to employees.
However only 2 percent of employers expect to offer more opportunities for their employees to learn and develop new skills alongside more health and well-being benefits (6 percent).
According to the survey, India’s job market is stable at +3 percent. A regional comparison of the trends shows employers in all four regions expect to increase payrolls during the next three months. The strongest labor market is expected in the East, where the Net Employment Outlook is +5 percent.
Globally, ManpowerGroup interviewed over 38,000 employers in 43 countries and territories to anticipate hiring prospects in the fourth quarter of 2020.
Employers in 22 of the 43 countries and territories surveyed by ManpowerGroup expect to add to payrolls in the period up to the end of December 2020.
The strongest labour markets are expected in Taiwan, the United States, Turkey, Japan and Greece, while the weakest hiring intentions are reported in Panama, Costa Rica, South Africa, Colombia and the UK.