News: Job offers dry up as economy faces the heat

Talent Acquisition

Job offers dry up as economy faces the heat

A sharp deceleration in hiring by companies in the first quarter of this financial year has pushed the job market to an 18-month low, according to senior executives from Manpower India, Randstad, TeamLease, GlobalHunt and Futurestep, all leading hiring and staffing consultants. But the worst is yet to come, they warn, forecasting that hiring could shrink by another 2-5% next quarter. Some companies have started revising their manpower requirements downwards, they add. A crippling combination of factors ranging from the rupee's fall, global economic turmoil, a volatile stock market, policy paralysis, poor growth numbers and lack of investments has conspired to weaken corporate sentiment this quarter, leading to poor hiring. According to Sanjay Pandit, MD, Manpower India, "Hiring demand from clients has come down by as much as 30 percent when compared to 2011."

A sharp deceleration in hiring by companies in the first quarter of this financial year has pushed the job market to an 18-month low, according to senior executives from Manpower India, Randstad, TeamLease, GlobalHunt and Futurestep, all leading hiring and staffing consultants. But the worst is yet to come, they warn, forecasting that hiring could shrink by another 2-5% next quarter. Some companies have started revising their manpower requirements downwards, they add. A crippling combination of factors ranging from the rupee's fall, global economic turmoil, a volatile stock market, policy paralysis, poor growth numbers and lack of investments has conspired to weaken corporate sentiment this quarter, leading to poor hiring. According to Sanjay Pandit, MD, Manpower India, "Hiring demand from clients has come down by as much as 30 percent when compared to 2011."

Source: The Economic Times

Read full story

Topics: Talent Acquisition, #Updates, #Jobs

Did you find this story helpful?

Author


QUICK POLL

Post-COVID, which aspect of work will technology impact the most?

2 months free subscription
q_auto,f_auto/v1599122279/mag-september-2020.png

Subscribe to all new People Matters HR Magazine

.

Subscribe
And Save 59% plus Two months free

Subscribe now

Are we too remote for our employees?

Participate and get your free pulse report.

Participate Now