Expectations of a stable government at the Centre fuelled by Narendra Modi-led BJP’s sweeping victory in the Lok Sabha elections has turned the job market bullish.
Headhunters expect about 20 million vacancies to come up in 2014-2015 mainly in infrastructure, financial services and real estate. “The job market will grow at least by 30% and with Modi in power, the number of vacancies expected are about 15-20 million, far better compared to the previous numbers,” said Udit Mittal, managing director, Unison International, an executive search firm. “Only 3 million jobs were created during UPA’s tenure (from 2004-05 to 2009-10).”
The human resources industry has also indicated positive sentiments in a series of recent surveys based on exit polls.
According to a survey conducted by placement firm ABC Consultants in early May, 85% employers indicated that the total headcount in their firms will rise in 2014-15. Headhonchos.com, a hiring portal for senior professionals, has also said that over 84% employers expect to hire more this fiscal year.
“Manufacturing, infrastructure, information and technology are expected to do very well in Modi’s tenure,” said Mittal.
Recruiters predicted a steady growth in the market in the next six months with a surge likely after September. “There are a lot of pent-up investments, which will now be reviewed and implemented, which will lead to significant demand for hiring professionals in four to six months,” said Rajiv Burman, managing partner, Lighthouse Partners, an executive search firm.
There is good news for skilled labourers as well.
“Considering the labour market model in Gujarat, if the same is implemented, labour law reforms will bring in changes in the wage structure, which will help skilled labour benefit from lowering of contract employment,” said Satya D Sinha, CEO of recruitment firm Mancer Consulting.