India's job market is poised for a minor recovery in the next six months, led by knowledge process outsourcing, financial services, health & pharmaceuticals, said staffing firm TeamLease.
The net employment outlook for the second half of the financial year will see an incremental increase of 2 percentage points due to the rise in government spending and the stable hiring growth exhibited by few sectors and cities, according to TeamLease's "Employment Outlook" report for October 2017–March 2018.
The KPO sector, which includes outsourcing of services for research and information in the fields of business and market research, legal and medical services, training and consultancy, will top the list with a 14.16 percent increase in jobs.
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Six of the 18 industries surveyed have indicated positive hiring sentiments, promising encouraging days for job seekers. Though the gains are mostly incremental, the overall sentiment is positive.
The new wave of artificial intelligence based analytics solutions is creating significant demand for artificial programmers and analytics professionals are being trained more than ever to close the demand and supply gap, said the report. Bangalore, Mumbai, and Hyderabad are contributing significantly to this growth in hiring, it said.
According to the report, the net employment outlook for the coming 6 months (October-March 18) will see an incremental increase of 2 percentage point. The positivity in the outlook is attributed to the increase in government spending and the stable hiring growth exhibited by few of the sectors and cities.
The net employment outlook is the difference between the number of respondents who are inclined to hire and those who are not inclined to hire in the given period. The outlook is expressed as a percentage of the total number of respondents.
However, the combined result is shown to be "significantly diminished" by Pune, Chennai, and Kolkata, making the forecast subdued across most of the sectors and geographies.
In terms of employment outlook by sectors, financial services is expected to be the biggest gainer of this upbeat mood. The industry will see a 11.03 percent job growth.
In fact, RBI's thrust on increasing banking penetration and its decision to give more licenses to private sector players is expected to boost the sector significantly.Employment Outlook Report, HY 2, 2017 - 2018
The other top sectors that will also experience positive hiring intent are health and pharmaceuticals, ecommerce and technology startups, power and energy, media and entertainment, telecommunications and retail.
Other Highlights:
- Hiring sentiment continues to be positive among large businesses
- Small businesses remain pessimistic
- The medium sized businesses are slowly getting back on their feet
- Manufacturing makes a smart recovery, although hiring sentiment in the sector remains slightly negative
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