Job growth to accelerate this fiscal: TeamLease Report

Of the sectors that drove new jobs and salary growth over the past year, the most significant ones are retail, healthcare and pharma, media and entertainment, telecom, e-commerce and start-ups, according to the ‘TeamLease Jobs & Salaries Primer 2017’ report. Job growth is expected to accelerate during the current fiscal

Despite the sudden slow down that the retail sector experienced during Demonitization, the sector continues to attract capital investments owing to its strong market fundamentals. The retail sector will continue to generate employment in millions over the coming 3-5 years. An upward revised growth rate for the evergreen healthcare and pharma sector follows frenetic investment activity. The media and entertainment sector is growing and attracting investments, especially FDIs, at a scorching pace. The growth is fuelling unprecedented job growth right up to 2020.

The telecom sector is expected to generate 4 million direct and indirect jobs over the next 5 years. Employment opportunities are expected to be created due to combination of Government’s efforts to increase penetration in rural areas and the rapid increase in smartphone sale resulting in rising internet usage.

The report also goes on to state that the IT/ITES sector continues to grow and create more jobs, albeit moderated by automation. Power and energy is identified as one of the better growing sector and expected to substantially contribute to job growth is the fiscal 2017-18. The FMCG market is also expected to generate employment of nine million over the next five years.

Rituparna Chakraborty, Co-Founder & Executive Vice President at TeamLease said, “It is heartening to see that major government initiatives are contributing positively towards job creation in sectors like telecom. Trend associated with job creation, skills and salaries, and their relationships are the focus of the analysis of the report. In the current market scenario, these are the attributes that drive critical talent acquisition and retention decisions.” This year’s report identifies ‘optimism’ as the dominating theme for the Indian employment market. Indian job marketplace is transforming and robust owing to fast diminishing salary variance, prized job profiles being rewarded with handsome increments and the expanding avenues for the jobs of tomorrow.

Teamlease’s endevour is to report unified salaries across temporary and permanent hiring markets and relate those to skills across select cities and industries. The current edition of the report adds ‘jobs’ data to the set of insights and report industry specific insights that have led or are leading to job creation.

TeamLease Annual Salary Primer analyses a variety of attributes that govern the dynamics of the employment market – skills, salaries, increments and longevity (which is a measure of the time period for which a profile would stay in a job – the inverse of attrition). The unified salary report covers 17 key industry verticals namely Agriculture & Agrochemicals, Automobile & Allied Industries, Consumer Durables, Power & Energy, FMCG, Manufacturing & Allied Industries, BFSI, Telecommunication, Hospitality, Healthcare & Allied Industries, BPO & Information Technology, ITeS, Retail, Construction & Real Estate and Media& Entertainment, E-commerce and Start-ups and Educational services.