Opportunities are expected to remain favourable for candidates with the right skills and flexibility
ManpowerGroup Employment Outlook Survey: Employers forecast a steady second-quarter hiring trend. Opportunities are expected to remain favourable for candidates with the right skills and flexibility.
Sectors which are expected to drive the second-quarter job market include Mining & Construction, Wholesale & Retail Trade and Services. According to the ManpowerGroup Employment Outlook Survey released today by ManpowerGroup, the survey of 5153 employers across India indicates steady hiring plans for the upcoming three months. Sectors which will lead the job market are likely to be the Mining & Construction, Wholesale & Retail Trade and Services sectors. Small-sized companies with employee strength (10 – 49) will be hiring more than others. Also, hiring will see a rise in the East and North regions.
Mr Sandeep Gulati, Group Managing Director of ManpowerGroup India said, “Corporate India is all up with its expectations and hopes for 2020. Progress of technology along with more macroeconomic stability and entrepreneur-friendly schemes is certainly going to pamper the hiring sentiments. “While it is too early to predict the potential impact of Covid-19 on global hiring, the reality today is that unemployment remains low in many markets and organizations globally are still struggling to find people with the right skills.
Corporate India’s hiring intention is steady as employers open up to innovative and flexible ways of working, collaborate with the education bodies to ensure a skilled labour pool in the upcoming years. Currently, there is a dearth of talent and companies are ready to pay premium wages for the right talent with the appropriate skills. Employers are also upbeat about upskilling their existing talent strength. Competency mapping, workforce planning, learning, succession and development are some of the favourite topics of discussion nowadays.
Workers want to learn more, work more and earn more. As employers it is our responsibility to keep the momentum up by enhancing growth, additional employment, and maximising the emerging opportunities”, added Mr Gulati.
Sectoral Trends
Over the last few months, there has been a transformation of the employment pattern and the current scenario of employment in India is underway from long-term employment to short-term engagement. Technology is disrupting the entire ecosystem of work and the business landscape. And companies are gradually embracing the change.
Industry 4. technologies are changing workforce trends. Today’s digital workforce is flexible, enabled with powerful AI-driven devices that talk to each other, update automatically and are easy to set up. On the run virtual meetings are now the basic norm of the millennials. Evolution of workplace owes a lot to the technology advancements.
According to our survey, India’s job market, overall, looks steady when compared to the last quarter. Growing demand for super-specialized skills will rule the job market across industries and locations. Rapid technological advancement is touching every corner of business and companies are looking for professionals who are creative thinkers, agile adapters and fast learners. Hiring parameters are, therefore, changing, with increasing demand for higher calibre candidates in the lower age group to fit the job requirements. Those with the right skills and a learning curve will remain relevant in the world of work.
Workforce gains are anticipated in all seven industry sectors during the coming quarter. Mining & Construction employers report the strongest hiring intentions with a Net Employment Outlook of +16%. Respectable payroll gains are also forecast in two sectors with Outlooks of +15% in the Wholesale & Retail Trade sector and +13% in the Services sector. Positive hiring opportunities are expected in the Public Administration and Education sector and the Finance, Insurance & Real Estate sector, where Outlooks stand at +12.58% and +11.74%, and in the Transportation & utility sector with an Outlook of +11.30%.
When compared with the previous quarter, hiring prospects to increase by 10 percentage points in the Mining & Construction sector and are 6 percentage points stronger in the Wholesale & Retail Trade sector. Hiring prospects have generally improved in all the sectors.
India’s Regional Trends
Payrolls are expected to increase in all four regions during the coming quarter. Employers in all four regions expect to add to payrolls during the forthcoming quarter. The strongest labour market is expected in the East, where the Net Employment Outlook stands at +13.48%. Steady workforce gains are also forecast in all the other three regions, North, South and West with Outlooks of +12.44%, +12.3% and +12.7%, respectively.
Global Trends
ManpowerGroup interviewed over 59,000 employers in 44 countries and territories to forecast labour market activity* in the second quarter of 2020. All participants were asked, “How do you anticipate total employment at your location to change in the next three months as compared to the current quarter?”
The ManpowerGroup research for the second quarter of 2020 reveals that employers expect workforce gains in 43 of 44 countries and territories surveyed in the period up to the end of June 2020.
When compared with the previous quarter, employers in 42 out of 43 countries and territories report stronger hiring prospects, while employers in 11 reports weaker hiring plans and no changes are anticipated in 9. In a comparison with the same period last year, hiring intentions strengthen in 15 countries and territories, but weaken in 21 and are unchanged in 7. The strongest hiring sentiment is reported in Croatia (+24%), Greece (+24%), Japan (+24%) and Taiwan (+24%), while the weakest hiring activity is expected in Panama (0%), Hong Kong (+1%), Poland (+2%), and South Africa (+2%).
Payroll gains are anticipated by all 26 employers in Europe, Middle East & Africa (EMEA) region countries surveyed during the next three months. When compared with the first quarter of 2020, hiring prospects improve in 15 countries but weaken in 7. In comparison with the second quarter of 2019, Outlooks also strengthen in 9 countries but decline in 12. The strongest hiring expectations for the coming quarter are reported in Greece (+24%) and Croatia (+24%), while employers in Poland (+2%), and South Africa (+2%) report the weakest hiring plans.
*The survey was conducted between January 6 and January 28 before the global escalation of Covid-19
About the Survey
The ManpowerGroup Employment Outlook Survey is the longest-running, most extensive, forward-looking employment survey in the world, commencing in 1962 and now polling over 59,000 employers in 44 countries and territories to measure their intentions to increase or decrease the number of employees in their workforce during the next quarter. The survey serves as a bellwether of labour market trends and activities and is regularly used to inform the Bank of England’s Inflation Reports, as well as a regular data source for the European Commission, informing its EU Employment Situation and Social Outlook report the Monthly Monitor. ManpowerGroup’s independent survey data is also sourced by financial analysts and economists around the world to help determine the health of labour markets.