A survey of over 5000 employers across the country, by the ManpowerGroup— the global workforce solutions company—reveals that the employment outlook is rather optimistic for the last quarter of the year. The job market growth will be led by the public administration & education; wholesale & retail trade, and services sectors. The maximum hiring is predicted in the medium-sized companies, as well as organisations in eastern India.
With the Government focussing on pushing the micro, small and medium enterprises (MSME), a legislation may soon be brought into effect to make sure that MSMEs are paid within 45 days of supplying a product. The Government is also working on policies and schemes designed to promote and facilitate entrepreneurs. Global multilateral lending agencies have been requested to bring down the cost of capital for the MSME sector.
No wonder India is in the fourth position when it comes to strong hiring sentiments, with Japan in the lead.
The Central Government also plans to provide US$ 1 billion to the states for the promotion of the skill- development initiatives. The Country’s higher education sector will rise to US$ 35.03 billion in the next five years. Government and corporations will train and upskill their workforce to bridge the skill gap. The Government will also allow 100 per cent FDI in the education sector.
Jobs seekers who are flexible and possess the right skills will have ample opportunities.
Sectorwise trends
The job market in the country, on the whole, looks encouraging as compared to the last quarter with a seasonally adjusted Net Employment Outlook of over 19 per cent.
Public administration & education employers appear to have the strongest hiring intentions with a net employment outlook of + 27 per cent. The outlook for the wholesale & retail trade sector as well as the services sector is also fairly strong with +25 per cent and +22 per cent respectively. The manufacturing sector as well as the mining and construction sectors will see positive hiring opportunities with the oulook at +16 per cent and +13 per cent. The employment outlook of the transportation & utilities sector stands at +11 per cent.
Regionwise trends
Hiring is set to go up in all four regions in the last quarter of 2019. Employers are expected to expand their workforces, and the net employment outlook in the East stands the strongest, at +38 per cent (29 per cent more than the last quarter) followed by +19 per cent in the South, +18 per cent in the West and +16 per cent in the North.
Global trends
The survey, which covered more than 59,000 employers across 44 countries and territories, attempted to predict labour market activity in the last quarter of 2019. Employers are hopeful of workforce gains in 43 of 44 countries and territories surveyed.
Employers in 15 out of 44 countries and territories are hopeful of stronger hiring prospects, whereas employers in 23 countries expect weaker hiring plans. Six of these 23 expect no change in the situation. Japan reports the strongest hiring sentiment (+26 per cent), followed by Taiwan (+21 per cent), US (+20 per cent), India (+19 per cent) and Greece (+18 per cent). The weakest hiring activity is expected in Spain, the Czech Republic, Argentina, Costa Rica, and Switzerland. China reports the weakest Outlook in two years.
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