India Inc anticipates rise in payrolls in April-June quarter: Survey2 min read . Updated: 09 Mar 2021, 03:18 PM IST
- Sector-wise, workforce gains are expected in all seven industry sectors during the April to June period
NEW DELHI : Corporate India is indicating a rebound in its recruitment plans for the coming three months, and the sectors that are expected to drive the second-quarter job market include public administration and education followed by the services sector, a survey said on Tuesday.
According to the ManpowerGroup Employment Outlook Survey by ManpowerGroup India, hiring is rebounding in Q2 2021 with a net employment outlook of 9 per cent.
"India remains resilient in the job market recovery post the pandemic. The new budget announced also seems to provide the right impetus to opportunities in job creation especially in the public infrastructure, healthcare and BFSI," said Sandeep Gulati, Group Managing Director of ManpowerGroup India.
Gulati, however, noted that “in all probability, the impact of the government spending on employment will be seen in Q3 and Q4, 2021 when the rubber meets the road."
The strongest hiring pace is recorded in the large-sized organisations followed by medium-sized ones with a seasonally adjusted outlook of 10 per cent, which is an improvement of 3 percentage points as compared to the last quarter, the survey of 2,375 employers across India showed.
Sector-wise, workforce gains are expected in all seven industry sectors during the April to June period. The sectors which will lead the job market are likely to be public administration and education followed by the services sector, the survey said.
The weakest labour market is expected in the wholesale and retail trade sector where the outlook is 2 per cent.
Gulati further said the corporate world has witnessed a rapid change in the job ecosystem with a mix of permanent workforce and gig workers as well as a hybrid working model. "Too many moving parts in the quest to find a robust and scalable work set-up in the new normal," he said.
Going ahead, digital transformation will continue to be the key driver for the job market with a preference for those who can collaborate remotely and effectively. "Professionals having an upskilling mindset will stand a better chance over the others," Gulati said.
ManpowerGroup further extended its survey to include the impact of COVID-19, as per which nearly 27 per cent of employers reported that they may return to pre-COVID hiring within June 2021, while 56 per cent stated they will resume by the end of 2021.
Globally, employers expect to add to payrolls in 31 of the 43 countries and territories surveyed by ManpowerGroup for the second quarter of 2021. In 10 countries and territories, employers anticipate a decrease in payrolls, while no change is expected in two.
For the second quarter of 2021, the strongest labour markets are forecast in Taiwan, the US, Australia and Singapore, while employers in Panama, the UK and South Africa anticipate the weakest hiring activity.