How to plan your career in the changing job market in India

With the on and off changes in the financial sector today, massive shifts have been a common sight in the job market of late.

The recession period never really moved out of the Indian job market, and even today, there is a huge scarcity in new jobs.
Those who hold secure jobs as of now are also worried about the status of their employment, especially in the coming months and year.

With so much going on, it is important to understand that while no job market can guarantee you a steady income or job security, there are ways in which you can be prepared for when the job market is ready for you.

5 keys to planning your career in the changing job market

Keep the following pointers in mind to stay ahead of the game and better your chances in the job market.

1. Know what will work:

• The key to be prepared is to look around, do your research and find out what will work in the changing market. If you are worried about losing a job, or if you are looking for a new one, you first have to be aware of the changes that the economy is going through.
• As more and more roles become redundant, the skills you acquired earlier may not work in your favour at all. This means that you might have to set yourself up for a complete overhaul.

2. Acquire a new skill, have a plan B:

• As the needs of the market change, so does the worth of your knowledge and skill. Don’t just stick to what you have done till now or what you have learned in the past. Make time to invest in a new skill and acquire knowledge in a field you feel can work for you and that is going to grow.
• If what you already know and are good at are not enough to help you get a role in the current economy, your new skills can surely act as your plan B, your safety option.

3. Look at the right industry:

• Understand that not all industries will hire as much as others, so it is important that you know where to look for and where to apply your skills and time. One industry that is definitely set to increase the number of profiles it hires for is the ecommerce sector. As the after-effects of demonetization, a lot of new merchants have also switched from the traditional form of doing business to ecommerce platforms.
• Even though this means that certain previous roles get redundant, it also opens up new roles in the digital business space. At the moment, a lot of ecommerce establishments are also making big of the entire cashless mode of payment.

4. Finance and banking sectors will grow:

• In addition to the ecommerce industry, the finance and banking sector as a whole are also set to come up with more hiring opportunities. Banks as well as brokerage firms are putting emphasis on digital banking as well as investing more in financial research teams. This means that these opportunities will see new profiles opening up soon. With mobile wallets and e-payment modes gaining more popularity, the options are promising.
• While the IT sector did bear the brunt of the no hire phase, with most software roles becoming redundant in the recent past, the situation looks to be improving. As the non-dependence on cash is now becoming something that people are getting used to and more comfortable with, the IT sector is back to getting back its groove and open up new roles.

5. Start-ups:

• With the PM’s initiative to encourage start-ups did not see the kind of results that were expected, things are set to get better. Paying taxes and declaring your assets is something that has been made compulsory by the Modi government, government funding through unpaid tax dues will now boost the start-up dream.
• Also, the demonetisation move is being looked upon as a positive step in the international market, and more and more investors are showing an interest in investing.