By Navneet Singh,
India is making a speedy recovery following the pandemic outbreak. The job market especially has been showing a positive trajectory with hiring growing at a rapid pace. As a result, India’s white-collar market is filled with opportunities.
The current Indian job landscape
Two years and three waves later, the Indian job sector is recovering and growing. According to Statista, the rate of hiring intent in India by various companies and corporates is estimated to be 35%. This has increased as compared to the 19% rate of the previous year. This figure indicates a positive trajectory of the job market and that various jobs will be created in the future as well.
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The job market in the country has been uninterrupted by inflation in the first quarter of 2022. There has been a momentous growth in hiring as employers increase hiring by 29% in April-June 2022 which is a 20% jump as compared to the previous quarter. The IT sector leads the race as approximately 91% of employers hire actively during this quarter.
The progressive future of hiring outlook
Various industry leaders have highlighted the trend that the hiring plans for the country this year seem progressive. Nearing the end of this year’s ninth month, India’s hiring outlook remains positive as 54% of companies plan to hire in the next three months.
Rapid digitization induced by Covid-19 is playing an integral role in generating jobs across sectors. As a result, software and technology is one of the booming fields in 2022. According to Statista, the IT and BPM sector contributed 7.4% to the country’s GDP and had an estimated workforce of 4.8 million employees during FY2022. The demand for software developers in the post-pandemic time has surged significantly and approximately, more than 3 lakh jobs will be created by the IT and BPM industry by the end of the financial year 2022.
The healthcare industry has also flourished due to the coronavirus. This growth will continue to pick up pace in the future as well. As per Invest India, the Indian healthcare sector is expected to be valued at $372 billion by 2022. According to NITI Aayog, the booming sector has the potential to generate 27 lakhs between 2017 to 2022. With the industry’s unprecedented growth, it would be appropriate to say that the hiring activities in the sector will also increase to meet the rising demand.
With the Indian real estate market growing, it is projected to be a $1 trillion market by 2030. By the end of this year, approximately 46 million square feet are expected to be delivered to consumers. This implies that the sector needs talent to meet the growth objectives. This growth coupled with the ‘Housing for All scheme’ is expected to generate a plethora of employment opportunities in the future.
Hiring: A feasible solution to deal with the talent shortage
In an attempt to generate employment opportunities in the country, the top four consulting firms- Deloitte, PwC, EY and KPMG together will hire 80,000 employees in the coming months to cater to the industry demand and high attrition rates. The top tech roles in demand would be Devops, Cybersecurity, cloud tech, mobility, data science and analytics. In the non-tech space, business analysts, financial specialists, and business operations consulting will be the in-demand roles.
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However, industries are now realizing that talent shortage is a serious problem as 85% of employers face the challenge of talent crunch. As per PwC report, even 54% of employees are of the view and agree that our country faces the hurdle of talent-skill gap. Employers are trying to deal with this challenge through wage hikes, active recruitment and pacing up automation. However, very few perceive and leverage upskilling as a solution to this problem.
To sum up
The hiring sector is reviving and growing at a significant pace. The market’s outlook for 2022 so far has been positive. New employment opportunities will be created by the end of this year, especially in the IT, real estate, and healthcare sectors. This points out that the future of the hiring scenario seems progressive. However, talent shortage continues to be a hindrance and employers are attempting to overcome this hurdle by recruiting new employees.
(The author is Founder, Avsar, a one stop solution for all talent management needs. Views expressed are personal and do not reflect the official position or policy of the FinancialExpress.com.)