The first quarter of the fiscal year 2018 did not show much sustainable job gains, after the record-breaking solid job rain of 2017 until now. However, employment growth is likely to remain solid for the remainder of 2018. According to ManpowerGroup Employment Outlook Survey, comprising of 5,110 employers, Indian hiring companies plan to propel recruitments, at a steady pace in the third quarter of 2018. Of the many sectors that will facilitate this job-market propulsion, services, wholesale & retail, finance and manufacturing are prime.
The survey revealed a net employment outlook of +17%, with the Services sector and the Wholesale & Retail Trade sector are expected to grow by 20% each, followed by Public Administration and Education at +18%.
As per the survey, the top employers in India are namely, the Wholesale & Retail Trade sector. As better time surfaces, with the government’s move to allow foreign direct investment (FDI), with thriving consumer demand, these sectors should create more jobs down the lane.
The upcoming quarter expects increased payrolls in all the four regions. The labour markets will soar higher in the North and South regions with Net Employment Outlooks of +18%. On the other hand, East and West are expected to have an unfaltering hiring activity, with accounted Outlooks to be at +16%.
Encapsulating it in a nutshell –
North expects a steady hiring, with Net Employment Outlook of +18%. East has favourable recruitment perspective in the window of July-September with Net Employment Outlook of +16. South and West expect positive pay-roll as well as better staffing levels in the upcoming quarter, with Net Employment Outlook of +18% and +14%, respectively.
The survey findings forecast payroll gains across the seven industrial sectors of India, in the upcoming third quarter. The most able-bodied sectors are reported in the Services sector and the Wholesale & Retail Trade sector, with Net Employment Outlooks of +20%.
Apart from this sector, Public Administration & Education sector employers also show buoyant hiring plans with an Outlook of +18%.
Trailing behind are both the Finance, Insurance & Real Estate sector and the Manufacturing sector with Outlooks at +14%. The findings report the weakest labour market as Transportation & Utilities sector employers, with an Outlook of +9%.
To put forth in an adjacency, hiring plans are 4% stronger in the Finance, Insurance and Real Estate Sector as well as Manufacturing sector, standing out better than Q3 2017. Services sector employers report an increase of 3% point when compared to Q3 2017.
Apart from the Wholesale & Retail and Services sector, other major sectors which are anticipated to prove buoyant and generate employment prospects include Manufacturing, Public Administration, and Education. Surly forecast being, the least job generation is likely to be in transportation and utility sector.
An Improving Global Economy
The survey findings have led to huge optimism, venting in from business leviathans across the world. With such job perspective, the global economy expects to grow beyond all odds, with stronger business models and strategies. Automation and digital transformation have been key-note players. With the growth in the Employment levels, job-seekers can have a foot-hold on the boat, as well as have access to life-jackets. As long as employees have a synthesis of technical as well as soft skills, the upcoming quarter is only brighter than ever. Again, the emergence of “new-collar-jobs” will require deep-rooted knowledge as well as certain skills to address the areas such as cloud, security, data science, etc. Hence, bridging skill gaps is the need of the hour, and so is, targeted re-skills.
Note: Throughout this report, we use the term “Net Employment Outlook.” This figure is derived by taking the percentage of employers anticipating total employment to increase and subtracting from this the percentage expecting to see a decrease in employment at their location in the next quarter. The result of this calculation is the Net Employment Outlook.