Low hiring in Indian firms for six months

NEW DELHI, May 16 (APD) - A recent report released by Team Lease suggests that hiring in Indian firms will be low during the next six months.

According to Employment Outlook Report 2017-18 of Team Lease, for the months of April-September, hiring will be reduced by six percentage. Generally, the hiring position from April to September will be 89%, while in October-March period it was 95%.

However, in the Information Technology (IT) sector, there would be a four percent increase in hiring, in spite of an earlier report that stressed that thousands of employees would lose jobs in IT sector.

Speaking to the media, Rituparna Chakraborty, co-founder and executive vice-president of TeamLease said, “While we are losing some people, it’s also a fact that newer roles are expected to get created, and that’s what our employer sentiments in IT suggests. The new opportunities probably can never match the inertia and volume of the heydays of IT; however, they would exist.”

The report highlighted that construction and real estate sector, “would go through another tough economic climate as the goods and services tax (GST) is ushered in.” Hiring would be lower in small business compared to big businesses and entry and mid level professionals will find it hard to get jobs. However, senior-level hiring would go up by five percent.

In Indian cities, job growth in Bengaluru would be the highest at 17.4% and Kolkata, the least at 6.67%. The top three sectors in the cities would be — knowledge process outsourcing at 4%, e-commerce and Internet startups at 3% and financial services will grow by 3%.

The report explained, “Knowledge process outsourcing as a whole is exhibiting robust growth and is set to add close to 150,000 professionals on its payrolls during the coming financial year. The financial services sector will see a five-percentage point increase in hiring sentiment, with a job growth of 10.57%.”

“Pharma businesses are set to scale as significant foreign investments are being planned by large Indian MNC pharma majors. The government’s initiative in improving affordable healthcare will also be key in driving talent,” the report added.

(ASIA PACIFIC DAILY)