India’s formal jobs market seems to be stabilising and hiring is expected to pick up over the next six months, but the recovery seems to be uneven with most opportunities emerging from sectors that were least affected by the Covid-19 lockdown.
Several industries such as education and healthcare are expected to lead the way in fresh recruitments as the spread of Covid-19 and the lockdown have led to a sharp spike in demand, according to a survey of hiring intent by staffing firm TeamLease, which works with more than 3,500 companies.
While the pandemic has forced many firms to downsize, a few industries are also benefiting from the changed realities of the post-pandemic world. The firms that expressed their intent to hire soon include healthcare, online education, e-commerce and packaged consumer goods. However, hiring by airlines, hotels and many manufacturing companies will likely remain anaemic.
TeamLease defines hiring intent as the percentage of hiring managers planning to recruit in the near future and does not indicate the volume of hiring. “The current circumstances don’t lend itself to any comparison with the past when it comes to future of employment. We have to make do for now with the optimism simply around various businesses intent to hire rather than the quantum of hire,” Rituparna Chakraborty co-founder and executive vice-president at TeamLease.
While hiring intent can change in future, the top-ranking sectors in the survey are expected to do the bulk of their hiring in the next six months. As many as 33% of healthcare and pharma hiring managers surveyed said they intend to hire soon. The education sector has also seen a sharp uptick in e-learning solutions, with many looking to upskill, leading to a surge in demand for remote learning solutions across segments. Here, 27% of respondents remain optimistic about hiring new employees. Firms in packaged consumer goods and farm equipment are likely to feel more confident about hiring as demand has either neared the pre-Covid-19 level or have exceeded it.
Even as a demand revival takes hold, intermittent and localised lockdowns have disrupted manufacturing and supply chains. The e-commerce sector ranked No. 3 on hiring intent. It is expected to add a significant number of jobs with 26% of hiring managers responding in affirmative. Likewise, a good monsoon and the government’s increased allocation to rural employment schemes is expected to create a diverse range of jobs in the rural sector. The FMCG sector also features prominently among the top job creators followed by IT, energy and retail sectors.