CHENNAI: The job market is looking up and companies are upping their intentions to hire more with finance, insurance and manufacturing sectors dominating the pipeline.
HR firm ManpowerGroup’s quarterly net employment outlook (NEO) for the January-March 2021 quarter stood at 5% compared to 3% and 4% in the preceding two quarters, respectively. While hiring prospects improved compared to the previous quarter, they fell by 4 percentage points in comparison with year-ago period during the pre-Covid period.
Net employment outlook refers to employers’ intentions to increase or decrease the number of employees in their workforces during the next quarter.
Nearly 65% of employers surveyed by ManpowerGroup said they “may return to pre-Covid hiring” within nine months as compared to 44% that conveyed similar sentiment in the last quarter. Only 10% of the surveyed enterprises remain unsure about returning to normalcy from a hiring perspective, compared to 42% in the previous quarter.
“Corporate India is showing healthy signs of recovery and an overall positive sentiment is gripping the market. Many of the deep-rooted structural factors that have sustained Indian economy over the years like geopolitical stability, diversified economy, demography, etc, are likely to play a pivotal role in the new normal,” Sandeep Gulati, MD of ManpowerGroup India, said.
Finance, insurance, and manufacturing sector feature among the sectors most optimistic of accelerating hiring plans with the net employment outlook of 11%. Manufacturing enterprises’ employers report encouraging signs for job seekers with an 8% outlook.
While manufacturing reported the most notable increase of 7 percentage points from the previous quarter, the job market is set to be more subdued in the education and transportation sector where hiring prospects weakened by 3 percentage points and 6 percentage points, respectively.
In the next quarter, the strongest pace of hiring may be seen in small organisations followed by large and medium ones.
The ManpowerGroup Employment Outlook survey for January-March 2021 is based on responses from 1,518 employers in India.
Source From : Times Of India