News: Cautious optimism in hiring as inflation remains high

#Updates

Cautious optimism in hiring as inflation remains high

According to a survey report by the Ministry of Labor and Employment, the October – December quarter saw employment in the country increase by 2.26 lakh. At the sectoral level, the maximum increase of 1.09 lakh in employment was witnessed in IT/BPO sector followed by an increase of 0.78 lakh in textiles including apparels, 0.34 lakh in transport, 0.13 lakh in handloom/powerloom and 0.10 lakh in gems & jewelry. The report states that the maximum increase in overall employment by 1.94 lakh was in the direct category of workers as compared to 0.32 lakh in the contract category of workers. The latest Employment Trends Survey from Ma Foi Randstad, also shows that most employers are optimistic about their hiring plans for 2012 and all sectors have indicated positive growth. As per the report, an estimated 16 lakh new jobs could be created in the country’s organized sector. Healthcare, hospitality IT/ITeS, non-machinery manufacturing, and media & entertainment are most optimistic about hiring activities.

Healthcare is projected to generate over 2.73 lakh jobs, followed by hospitality (over 2.30 lakh) and IT/ITeS (more than 2.27 lakh). Among other sectors, manufacturing (non-machinery products such as food and beverages, basic metal, fabricated metal, etc.) is expected to create more than 1.63 lakh jobs, while media & entertainment is expected to generate over 1.62 lakh jobs this year. Real estate & construction is also likely to create over 1.32 lakh jobs in 2012. Inflation and weakening rupee can potentially dampen investor confidence, which may result in cautious hiring in the first quarter. However, the trend might improve in subsequent quarters provided the economy improves.
 

Topics: #Updates, #Jobs, Talent Acquisition

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