Hiring outlook expected to be stable in Q3 2021: Survey
The sectors that will lead the job market are likely to be the transportation and utilities followed by the services sector
Mumbai: As India continues to maintain the momentum of its economic activities, hiring plans are likely to become stable during the July-September 2021 quarter mainly led by transportation and utilities and the services sector, according to a survey.
Hiring plans are more or less expected to be stable for the upcoming three months, according to the ‘ManpowerGroup Employment Outlook Survey’ released on Tuesday by ManpowerGroup India.
The sectors that will lead the job market are likely to be the transportation and utilities followed by the services sector, it noted.
While hiring intentions weaken in four of the seven sectors when compared with the previous quarter. The seven sectors are mining, construction, finance, insurance, real estate sector, public administration and education.
The ManpowerGroup Employment Outlook Survey was done among 1,303 employers across the country. The survey further showed that the strongest hiring pace is recorded in the medium-sized organisations, followed by the large-sized organisations with a seasonally adjusted outlook of over 8% and over 6%, respectively.
From a region perspective, the survey found that north and south indicate similar outlook at over 6%. Hiring prospects weaken by four percentage points in the west when compared with the previous quarter and decline 2 percentage points in the north, it stated. Elsewhere, hiring sentiment remained relatively stable in both east and south, it noted.
“The second wave of the pandemic has been ruthless. However, India has shown buoyancy and determination to recover by maintaining the momentum of its economic activities,” ManpowerGroup India Group Managing Director Sandeep Gulati said.
The Ministry of Electronics and IT invited players to bid for the second round of large-scale electronics manufacturing under the production-linked incentive (PLI) scheme, he noted.
“They further announced a key scheme for establishing display fabrication units in India. Parliament approved a bill to increase FDI in the insurance sector,” he added.
Gulati also said production-linked incentives of Rs 2 lakh crore have also been approved by the Cabinet to be disbursed over 5 years to create jobs and boost production. “All these measures will enhance and accelerate the growth trajectory.” He further opined that the demand for skilled workforce has been stable since the beginning of the year.
“Demand for sales, service and delivery personnel is on the rise as consumer confidence is returning owing to the vaccination drive,” he added.
Meanwhile, the survey further revealed that about half of the respondents (46%) said they did not know when they were likely to resume regular hiring.
Only 3% of those interviewed reported not expecting to go back to pre-pandemic levels of hiring, it added. For those who expected an increase in hiring, 54% stated they would hire by June 2021, while 40% of survey respondents expected to have their workforce to resume duties from home full-time, it said.
About 38% of the respondents wanted to have either flexible or condensed work hours for their employees, the survey showed.
Some of the concern for most organisations surveyed about remote working revolved around worker wellbeing, company culture, productivity and innovation, it stated. The biggest concern, 51% said, was whether their employees will be able to collaborate efficiently, it added.