Trends

Current Job Market Scenario in India

Posted by:   Prakash Kewalramani Date:Jul 20, 2015

Current Job Market Scenario in India

 

The question uppermost in everyone's mind is "how's the job market". We, at JobMantras are asked this question day in and day out.

Our Opinion Poll for the month shows 65% of the respondents are optimistic and feel that the job market in the current quarter is better than in the previous three quarters.
 
The ground-reality is slightly different. Whilst sentiments are positive, the economy is still to shake off its sluggishness. PM Modi's "acche din" have still to arrive. The true indicator of growth is the rise in bank disbursals and increase in order books of infrastructure projects management companies. This is still to happen. Another major sector, real estate, is steeped deep in crisis. So is the situation with manufacturing and auto-both these sectors show indifferent performance.
 
Companies are reporting profit pressures due to indifferent demand and steep increase in prices of raw materials and operating costs. Even the current indifferent stock market reflects the uncertainty in the Indian economy.
 
Expectations are that the economy will slow start cranking itself in the next 3-6 months.
 
Till then, the job market would continue to be on a slow burner. The main sectors currently hiring fervently are ecommerce, KPOs, ITES, IT. Major volume of hiring is at the junior and middle management levels ( sub 20 lakhs ctc). Senior level hiring is there but at a low key and strictly on a need (mostly replacement) basis.
 
A number of surveys have indicated a rise in hiring levels from July-September quarter onwards. Most likely, this too would be at junior and mid levels.
 
A number of organizations have doled out increments after 2-3 years. This is more as an employee retention strategy than an improvement in corporate performance.
 
Most likely, the receipt of increment letters is likely to see a spurt in "intention to seek job change " amongst employees. It remains to be seen whether the Job Market would expand to meet the aspirations of the restless professionals!

 


About the Author:

Prakash KewalramaniPrakash Kewalramani is the promoter of Impact HR Services since 1994 and JobMantras.com since 2015. An engineer from IIT-Delhi and MBA from IIM-Ahmedabad, Mr. Kewalramani has over 17 years experience in Senior Management, Executive Search and Marketing with reputed multinational organisations. Mr. Kewalramani is a past-Chairman of ERA (Executive Recruiters Association) and is the current Chairman, Ethics Committee, ERA. 

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