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| Firms to hire 27% less in 3 months: Report |
| BS Reporter / New Delhi Dec 11, 2008, 00:35 IST |
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In its weakest-ever hiring outlook for India Inc, global staffing services firm Manpower has indicated that only 19 per cent employers have positive recruitment plans in the next three months.
This is lower by 24 percentage points sequentially quarter on quarter and 27 percentage points year on year, according to the firm's survey for the first quarter of calendar year 2009. Manpower’s ‘net employment outlook’ 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 over the next quarter.
Employers in India now report the second strongest hiring intentions globally, next to Peru, which has reported a net employment outlook of 24 per cent.
Naresh Malhan, managing director, Manpower India, said: “Employers in all the seven industry sectors and four regions have reported considerable decline in anticipated hiring activity for the first quarter of the new year, reporting the weakest outlook observed in India since the survey began in Q3 FY 05.”
Malhan added: “But the employment scenario in the country is not as gloomy as the rest of the world and according to the survey, India will be one of the actively hiring nations for Q1 09.”
The survey notes that employers in the services sector and the mining and construction sector are expecting the most active hiring environment in the coming quarter with a ‘net employment outlook’ of 23 per cent.
Wholesale and retail trade employers reported the least optimistic hiring intentions with a net employment outlook of 11 per cent. Opportunities for job seekers seem bleakest in the wholesale and retail trade sector, which has reported a decline of 32 percentage points since last year.
Regionwise, employers in all four regions in India anticipate positive hiring activity over the next three months though all indicate a sharp decline in hiring intentions. Hiring intentions are strongest in East India, with a net employment outlook of 20 per cent. The weakest hiring intentions are reported by employers in West and North India, each reporting an outlook of 18 per cent.
"The amount of damage done to the world economy is still uncertain. It will be another four-six months, by the time we get to know when the recovery start will start. It will get worse before it gets better. Considering the current situation, it is unlikely to improve in the next few quarters," concluded Malhan.
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