Jobs are back as slump eases

Jobs are back and India Inc is witnessing an upsurge in hiring trend, thanks to the improving economic climate.

However, experts say it is too early to say the situation has returned to ‘normalcy’.

“We see the movement across the sectors and it looks like the worst is over. The current scenario cannot be considered normal, but it is better than bad,” executive search firm GlobalHunt India professional leader Sunil Goel said.

If everything goes fine, then it will take a year to reach a normal situation, he added. In the last two quarters (January–March and April–June), hiring was almost 0–5 per cent across industries but in current quarter, average hiring has increased 5–15 per cent.

Sectors like telecom, infrastructure, life sciences and energy have witnessed a 25–30 per cent rise in hiring in the second quarter against the first quarter of this year.

Meanwhile, IT, retail, banking, consulting and FMCG have seen a 8-10 per cent rise in hiring in the September quarter, over the previous quarter. “With the economy showing signs of recovery, there is cautious optimism in the job market and going forward, the coming quarters are expected to be better,” an industry expert said.

Companies have started executing their new business plans and are expanding. At least, people are not losing their jobs and at the same time there are alternate opportunities available for career progression, experts said.

Meanwhile, a survey by leading job portal naukri.com has revealed that India Inc’s hiring activity picked up 8 per cent in June and a further 1.3 per cent in July.

Besides, the latest employment outlook survey by global staffing services firm Manpower substantiates the bullishness in the job market, with as much as 25 per cent of the employers declaring an intention to recruit people in the next three months of this year.

The survey said job seekers in finance, insurance, real estate, services, wholesale and retail trade, public administration and education, and construction segments can expect a favourable hiring environment.

“The next quarter looks good for those people who lost their jobs during the slowdown. They will always be preferred to college students” Goel added.

The optimism in the job market is also visible in the United States. According to a survey by global career transition and coaching firm OI Partners, American firms are looking to re-hire employees they laid off, mainly in finance and manufacturing.