Hiring to get a little less hot in New Year
The Indian job market will continue to stay hot in the first quarter of the New Year, although the pace of growth may slow down from that of the existing quarter, reports Ruchi Hajela.business Updated: Dec 11, 2007 22:20 IST
The Indian job market will continue to stay hot in the first quarter of the New Year, although the pace of growth may slow down from that of the existing quarter, reveals a quarterly survey by global employment services company Manpower.
Mining and construction is the hottest in hiring outlook, indicating the real estate and infrastructure activity in the country.
Although 5,163 employers indicate positive hiring intentions with a 'Net Employment Outlook' of over 42 per cent, there has been a 5 percentage point decrease from 47 per cent in the current quarter, Q4 of 2007.
Naresh Malhan, managing director of Manpower Services India, told Hindustan Times that the manufacturing sector showed a 38 per cent hiring outlook, unchanged from the year-ago quarter, though it is 2 percentage points down from the current quarter.
The 'Net Employment Outlook' represents a difference between the percentage of employers who said they expected to increase hiring activity in the next quarter and the share of employers who said they expect a decrease. Almost 43 per cent employers expect an increase in staffing levels in Q1, 2008, one per cent anticipate a decrease, and 45 per cent are expecting no change.
The survey has been conducted for the eleventh quarter in India across seven industries including finance/insurance/real estate, manufacturing, mining and construction, public administration and education, services, transportation & utilities, wholesale and retail trade.
Mining and construction industry has the strongest hiring outlook for Q1, 2008, at more than 49 per cent, up 3 percentage points from the current quarter.
All other industries have shown an overall decrease in percentage in terms of the Net Employment Outlook from the previous quarter with industries like finance, and insurance and real estate indicating the strongest decrease in hiring of nine percentage points.
Both the manufacturing industry and the public administration & education industries show a 38 per cent employment outlook, down from 40 per cent and 43 per cent from the previous quarter, respectively.