News: Private sector to create 7 lakh jobs in 2020: Survey


Private sector to create 7 lakh jobs in 2020: Survey

As per the findings of & Employment Trend Survey (MSETS) 2020 most employers are optimistic about their hiring plans.
Private sector to create 7 lakh jobs in 2020: Survey

The survey indicates that around 7 lakh new jobs are to be created in 2020, with startups expected to create more jobs in every sector. Further, the overall increase in salaries is projected to be around 8 percent.

In terms of top cities where jobs would be in demand, Bengaluru, Mumbai, Delhi & NCR, Chennai, Kolkata, Hyderabad, Ahmedabad and Pune are leading and expect to generate a total of 5,14,900 jobs. Rest of the jobs are expected to be in Tier-II and Tier–III cities & CEO Rajesh Kumar shared, “Tier II and Tier III cities are able to create more jobs compared to metros due to companies moving their setup gradually from metros to these cities to keep cost control. In 2020, technology or technical skills are more in demand compared to other skills.”

If we take a sector outlook, in 2020, retail and e-commerce sector will lead the table and is expected to generate 1,12,000 jobs followed by IT & ITeS (1,05,500), FMCG (87,500), Manufacturing (68,900), BFSI (59,700) and Healthcare (98,300). 

While the jobs are expected to be created in great numbers, salaries and bonuses in the country are projected to see single-digit hike. 

"Increments have been conservative at 8 percent and bonuses have been 10 percent, attributable to the prevailing market sentiment. The increment and bonus percentages have increased by 1 percent points across levels compared to last year, with most impact at top management level," said Kumar.

While the year 2019 witnessed several layoffs and the overall economy experienced a slowdown, the findings of the survey indicate a more positive outlook for the year 2020. The demand for skilled workforce has always been there among employers, however, the struggle has been to find the right talent pool and attract them. How fast the employers are able to fill these expected number of jobs to be created would be interesting to follow. 

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Topics: Recruitment, #Jobs

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