India features among the top four countries in the world projecting a positive hiring trend for the three months of the July-September 2020 period. A recent survey conducted by Manpower Group across 44 countries, employers forecast a bleak hiring trend for the three months of July-September 2020, with a net employment outlook of 5 percent, which is the weakest in 15 years, but overall the second most positive hiring outlook across 44 countries. The other three countries that are currently projecting a positive outlook are Japan, China, and Taiwan.
A survey of 690 employers from across India showed that the mining & construction, finance, insurance and real estate sectors are the ones most likely to lead the job market. The strongest hiring pace will be recorded in the medium-sized enterprises, followed by the large, and small-sized organisations. From a region perspective, the North and South regions indicate a more positive outlook compared to the West and East.
In the mining and construction sector, employers have generally reported strong intentions to boost hiring efforts; with an overall net employment outlook of 12 percent. Respectable payroll gains are also forecast in the two sectors with outlooks of 9 percent in the finance, insurance and real estate sector and 6 percent in the public administration and education sector, the transportation and utilities sector and the wholesale and retail trade sector.
As a result of COVID-19, some of the most heavily impacted sectors are the service and manufacturing sectors, with dedicated hiring intentions of 4 and 2 percent respectively. This when compared to the previous quarter has a noteworthy decline of 9 and 7 percentage points, respectively.
A regional comparison of the trends show a stronger outlook in the North and South with net employment outlook of 5 percent, whereas West and East anticipate slower pace with the new employment outlook of 3 percent.