53% Indian Firms Will Fire Employees; Only 5% Firms Will Hire Next Quarter (Survey)
The lockdown imposed due to Corona has now severely impacted the hiring processes in organizations and firms throughout the country.
As revealed by a survey, the hiring plans in India are now in a complete mess, but the country still stands second best, compared to the rest of the 43 countries that were surveyed.
Find out all the details about the upcoming hiring trends in India right here!
695 Employers In India Reveal Employment Outlook; 5% Employers To Hire People
A survey was conducted across 695 employers, who were asked what they felt about the total employment at their firms, and if it would change in the upcoming three years as compared to the current quarter.
Their response revealed by the latest Manpower Employment Outlook Survey was that there will be a steady hiring prospect in the second quarter of 2020. It also says that 5% of the employers are anticipating an increase in the payrolls, whereas, there are 2% employers that are expecting a decrease. Around 47% are of the opinion that there will be no change at all. This makes the resulting Net Employment Outlook is +3%.
Strongest And Weakest Sectors In India In Terms Of Hiring
The strongest hiring will probably be the Mining & Construction sector, where employers are looking at a Net Employment Outlook of +12%. The Finance, Insurance & Real Estate sector employers have predicted a modest situation at their end, with an Outlook of +9%. Whereas, the Public Administration & Education sector, the Transportation & Utilities sector and the Wholesale & Retail Trade sector have reported Outlooks of +6%
However, the intention of hiring will definitely take a turn for the worse in the coming quarter as compared to the last one.
The report has revealed that there will be a huge 9 % reduction in the Services sector. The report also shows that the Outlooks are 7 percentage points weaker in three sectors – the Manufacturing sector, the Public Administration & Education sector, and the Wholesale & Retail Trade sector. In the Mining & Construction sector and the Transportation & Utilities sector, there will be a reduction of 4 percentage points.