Hiring sentiment is expected to decrease over the next few months, according to Teamlease Employment Outlook Report, which saw a decrease of 3% in the net employment outlook to 92%, (October 2018-March 2019) as compared to 95% for the preceding half-year (April-September 2018). Despite the continued, significant, growth in GDP the job market for the forthcoming half year sees slight drop in hiring sentiment., the report said.
The report has surveyed 750 employers and 2500 employees of small, medium and large companies across 19 sectors and 14 cities to understand the hiring sentiments in the country. According to the report, eight out of nineteen sectors surveyed report increase in the Net Employment Outlook, 7 other sectors report drop in their outlook, while one sector reports no change for the October-March, 2018-19 HY. While out of the 14 cities surveyed, the outlook has improved in 4 cities and falls in 4 cities. Across hierarchy mid level hiring increases by 3% while there is a drop in entry level hiring (by 5%), junior level (by 3%) and senior level (by 4%). Moreover, medium-sized businesses will bear the brunt of the prevailing sentiment with a 3% drop while small and large businesses report a 1% increase in sentiment, each.
The report also surveyed 75 employers across the globe, to analyze the global trends for employment outlook. According to which a 2-3% drop was seen in all global markets (except in Europe) in terms of the Net Employment Outlook. Asia- Pacific retains the top spot with the most positive Net Employment Outlook at 59% despite a 3% drop. Europe that was considered a laggard in the previous half has held its outlook at 39% while Africa at 40% and Middle-east at 54% after a reported 3% drop in outlook, each. The Americas reported a 2% drop in their net outlook making the current figure at 42%.
However, India has gained a bigger lead, for this HY, over global markets in terms of the percentage of employers (94%) who report a possible increase in their hiring volume. In India, the Power and Energy sector will be the biggest gainer with 4% increase in the hiring sentiments, over the past half-year, across the employers surveyed. Some of the other top sectors with incremental positive hiring outlook were Financial Services (+3%), Media & Entertainment (+3%), Educational Services (+3%), Healthcare & Pharmaceuticals (+2%), Ecommerce & Tech Start-ups (+2%), Manufacturing, Engineering & Infrastructure (+2%) and Travel & Hospitality (+2%). With 3% drop, Construction & Real Estate, Retail and Telecommunications are the top laggards in the second half of the year, followed by Agriculture & Agrochemicals (-2%), BPO/ITeS (-2%), IT (-2%) and FMCG/D (-1%).
The biannual report has added ”Job Creation” for each of the 19 sectors over the next HY 2018-19 as a new initiative. Power & Energy sector will add 33,100 new jobs, financial services will add another 44,650 new jobs and media & entertainment will add 46,300 new jobs in H2 FY18-19. For the cities surveyed in the report Mumbai will add the highest number of jobs 1.66 lakh following by Delhi (1.55 lakh), Bangalore (1.52 lakh) and Hyderabad (96,000).