Only 10% are now unsure about returning to normalcy from the hiring perspective which was a massive 42% last quarter.
Workforce gains are anticipated in all the seven industry sectors in the upcoming quarter. (Representative image)
A gradual improvement in the hiring plans by the companies is expected in the first three months of 2021. Sectors which will lead the job market are likely to be finance, insurance, real estate and manufacturing, according to the employment outlook survey carried out by ManpowerGroup India.
Nearly 65% of the 1,518 employers surveyed across India indicate that they may return to pre-Covid-19 hiring within the next nine months as compared to 44% in the last quarter indicating a waft of optimism and the overall market recovery. Only 10% are now unsure about returning to normalcy from the hiring perspective which was a massive 42% last quarter.
The employment trends in Q1 2021 are expected to be on the rise with a net employment outlook of +5%. The strongest hiring pace is recorded in the small-sized organisations followed by the large and medium-sized organisations. From a region perspective, East indicates a more positive outlook followed by West.
Sandeep Gulati, group managing director, ManpowerGroup India said, “Corporate India is showing healthy signs of recovery and overall positive sentiment is gripping the market. Many of the deep-rooted structural factors that have sustained the Indian economy over the years like geopolitical stability, diversified economy, demography, etc, are likely to play a pivotal role in the new normal. Besides, the government measures and attention to policies spurring private sector, encouraging competitiveness and self-dependence (Atmanirbhar) are likely influencers too.”
Workforce gains are anticipated in all the seven industry sectors in the upcoming quarter. Finance, insurance and real estate employers report the strongest hiring intentions with a net employment outlook of +11% followed by the manufacturing sector at +8%. Payroll gains are also forecast in two sectors with outlooks of +6% in the mining and construction sector and services sector while transportation & utility sector and wholesale and retail trade sector indicate gains of +3% each.
A regional comparison of the trends shows Employers in all four regions expect to increase payrolls during the next three months. The strongest labour market is expected in the East, where the net employment outlook is +11%. This is followed by West, with an outlook of +8%, and in both the South and the North, with an outlook of +6% in both territories.
FE had reported on December 21 that with recruitment having rebounded from July and continuing into November, HR consultants predict hiring in 2021 will higher by a good 20-30%.