The verdict is in! Leading job creation reports, hiring activity indices and employment outlook surveys that came out in the last month have all pointed to a similar trend: hiring in 2018 is set to grow. After a turbulent 2017, preceded by uneven phases of lows and highs, the job market seems to be ready to hit the gas this year. This year might finally bring some relief to the average job-seeker in the economy and could provide increased and better opportunities.
Here’s taking a look at some of the prominent reports that made news in the last month:
Hiring to Speed up: ManpowerGroup Employment Outlook Survey
The pace of hiring is expected to pick up in the first quarter of 2018, and adjusted for seasonal variation; the outlook looks a healthy +22%. Conducted among 4,500 employers from diverse industries across the nation, the survey also adds that those looking for jobs might have better opportunities than before. The results of the survey also indicate that workforce addition is expected in all seven industry sectors, and the services sector reported the strongest new employment outlook of +27%. Construction sector (+20%), Real estate, manufacturing and mining (+19%) & Finance and Insurance (15%) also reported healthy outlooks.
Hiring Activity set to Rise: Times Jobs’ RecruiteX Survey
The RecruiteX survey found that compared to last year, market conditions point to a steady and stable upswing in hiring throughout 2018. Despite the overall job market registering a 3% drop in December 2017, the survey says that the marginal rise of 1% talent demand in Oct-Dec 2017 is more indicative of the times ahead. Profession wise, accounting and tax sector (19%), legal and law sector (12%), doctors and medical professionals (6%), human resources (5%) and business management, consultants and freelancers (5%) witnessed a positive talent demand. Regionally, Lucknow (13%), Chandigarh (11%) and Ahmedabad (5%) were some of the top-most cities that witnessed a surge in talent demand. More so, the survey showed that professionals with over 20 years of experience were in demand the most.
Up to 5 lakh Jobs may be added: Staffing Industry Opinion
2018 seems like the year when the economy will finally step into the next gear, as staffing and executive search firms are expecting over 5 lakh jobs to be created in the sectors of manufacturing, energy & utilities, technology, e-commerce, financial services, small & micro businesses, FMCG/durables, pharmaceuticals and healthcare & life sciences. They also predict the return of stability in hiring among different sectors and the rise of manufacturing to prominence again. Campus hiring is also expected to grow in double digits, according to experts.
Online Hiring Up: Monster Employment Index
Online recruitment in December 2017 saw a growth of 13%, which is indicative of a favorable job scenario this year, says the Monster Employment Index. While the results found the overall job market dipped marginally, the report was quick to add that with the economy now emerging from the impact of radical reforms introduced in the last few months, the hiring scenario looks optimistic in 2018. As per the findings of the report, online demand in 19 of the 27 industry sectors was more than that of a year ago, and Home Appliance (68%), Banking/Financial Services and Insurance (38%) witnessed the most positive growth. Furthermore, the cities of Kolkata (+50%), Baroda (+36%) and Jaipur (+32%) saw the maximum annual y-o-y growth. The Delhi-NCR region, however, reported the slowest growth, of 4%, in the online recruitment activity.
With a number of indicators pointing to similar findings, one can assume that there is an undeniable uptick and positive sentiment brewing in the economy. 2018 might just prove to be a great year for job-seekers, organizations and the economy overall, paving the way for stable, sustainable and healthy growth in the future.