Employees- Looking for a new job?
The answer may distress you like only 5 per cent of Indian companies are planning to hire new employees in the next three for post-lockdown activities.
As per the Manpower Group Employment Outlook Survey, the net employment outlook, stood only at 5 per cent for the July-September quarter, marking it the lowest since the survey began 15 years ago.
The employment rate in India has hit a 17-year low. Employers in manufacturing, services, and wholesale and retail trade are reporting their weakest forecasts on record.
While 5 per cent of employers expected a hike in payrolls, 2 per cent anticipated salary cuts, and 47 cent predicted unchanged salaries in the second quarter.
Meanwhile, the strongest hiring activity is recorded within the medium-sized firms followed by the large-sized and small-sized organizations, the survey added. The survey further highlighted that the employment generation will depend on the demand generation in the new normal.
Glimmer of Hope
employees – Even as the employment outlook seems miserable in India, surprisingly, the country has the most optimistic hiring outlook along with other countries like Japan and Taiwan. Globally, outlooks from employers in Japan and India stood as the strongest. While Singapore shows the weakest employment outlook. As India has gradually started the unlocking process, the number of jobs is also increasing.
According to CMIE, India added nearly 2.1 crore new jobs in May. However, the extent of unemployment in Inda is still at an alarming position at around 24 per cent.
employees – After the migrant laborers lost their jobs overnight, salary cuts and layoffs became a usual phenomenon in corporations. The Purchasing Managers’ Index (PMI) for the manufacturing and services industries also underlined that the employment condition in India is not only at its weakest because of the several lockdowns in previous months but also due to very low sentiment for revival in the upcoming months too.