It's perhaps not the best time to look for a new job
The report indicates that unemployment and cautious hiring will likely continue in India in the coming months
It might not be the best of times to look out for a job, as hiring prospects across most sectors in the coming months will continue to remain uninviting
While many economists predicted toward the end of 2012 that the global economy was well on its path to recovery, market trends indicate that these predictions may be overrated. Driven largely by low margins and slow growth, hiring in most sectors will likely remain static in the coming months.
Compared to other economies, the APAC market has held a relatively stable outlook across the last two years. While growth has not been exponential, the market has continued to show positive growth. This led many to predict that in 2013, hiring activity will pick up in APAC markets, especially in India and China. While these economies are expected to recover at a faster pace as compared to other global markets, the job market will not likely see much positive movement before 2014.
The recruitment and staffing services firm, Kelly Services, recently released their global talent market report, titled, ‘Kelly Services- Global Talent Market Quarterly 2013.’ The report indicates that unemployment and cautious hiring will likely continue in India in the coming months.
Few jobs to choose from
The economic outlook for India is positive in terms of GDP growth rate is better compared to 2012 and therefore it is likely that some sectors will, in fact, see an addition of jobs. The IT/ITES and Pharma and Healthcare sectors will continue to maintain a strong hiring outlook in 2013. The report also reveals that hiring in the E-commerce and the education industry will likely be very strong. While hiring in FMCG, FMGD, and retail will be positive, the other sectors will see a dearth of new job opportunities in the coming months. Manufacturing and the industrial sector will see the least amount of movement in the job market. Overall, the Indian economy will see an addition of only a million new jobs in 2013.
Good prospects for young professionals looking for a corporate career
Although unemployment rates will like rise in 2013, prospects for young graduates in professional careers will likely remain better. The corporate sector will continue to look out for quality talent for entry-level roles. In terms of roles the Kelly Services report suggests that the hiring outlook will be strong for entry-level careers in IT, marketing, and customer service roles. In addition, corporates will strongly be on the lookout to fill senior management positions, as the leadership pipeline deficit likely widen in the coming months.
Skills in high demand
The global dearth of skilled professionals in science, technology, engineering, and mathematics (STEM) will also reflect in India, and organisations will be scampering to fill positions that require these skills. The year will see organisations investing significantly in skilling existing talent for specialized STEM skills. The outlook for freelancers in STEM will be positive, as organisations will be looking to enter into external partnerships for meeting critical requirements.
As jobs are hard to come by, this might be a good time for professionals to acquire new skills and increase their market-worthiness in the coming months, rather than be on the lookout for a new job.