IBEF: October 26, 2021
According to the latest report by Michael Page India, India Inc is considering a 14% employment rise in the third quarter of 2021 compared to the same quarter last year. As the economy is in a recovery mode, there will be a rise in job opportunities as well.
This rise in job opportunities, in Q3 2021 vs Q3 2020, is headed by sectors like engineering, manufacturing and technology.
“The current quarter has witnessed a 14% rise in hiring. But seeing at the bigger picture, we are seeing an growth by over 50% growth in job closures as compared to last year,” said Mr. Nicolas Dumoulin, Managing Director, Michael Page India.
“The jumbo boost is the effect of the post pandemic rise where hiring decisions are being made at a faster pace as there's a section of backlog hiring that requires to be made up for,” he stated. This started in February-March 2021, when hiring became extra aggressive. “This has only improved quarter on quarter from January to September 2021,” Mr. Dumoulin stated.
Though engineering and manufacturing have seen a substantial rise in employment, technology is a close second with a 58% growth in job opportunities. Non-IT sectors such as legal and human resources are also observing a considerable growth in job opportunities as employment has risen by 35% and 25% respectively in Q3 2021 as compared to Q3 2020. “This optimism in hiring indicates the rise in economic activity and mass vaccination drive in the last few months following the ebbing of the second COVID-19 wave,” according to Michael Page report.
As the country’s hiring outlook has expanded after the second wave of COVID-19 in April 2021, the third quarter witnessed an overall decline of 21% as compared to the second quarter 2021. The engineering and manufacturing sectors led hiring in Q3 2021 with an increase of 20% in employment.
The maximum employment opportunities were noticed in marketing roles followed by technology. At the start of the pandemic, marketing roles started dwindling as firms began functioning with limited resources and lean teams.
Still, as businesses resumed operations June 2021 onwards, there was a demand for organisations to fill this gap leading to a surge in demand for marketing professionals. IT job opportunities also witnessed a rise as a result of the hiring frenzy saw by India's start-up ecosystem, according to the report.
“Globalisation and automation are gradually transforming India’s labour market, pushing a premium on the right skills and adaptability. Hiring volume and velocity continue to stay positive and more action is anticipated in the coming months,” Mr. Dumoulin said.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.