After a year of uncertainties in which that L word —layoff — became mainstream in Corporate India’s lexicon, the employment sentiment among workers is a lot more stable, with optimism about finding jobs, says a survey by Boston Analytics, which tracks consumer sentiment every month.
Overall, the survey of 10,000 people across 15 cities in India presents a mixed bag of sentiments on unemployment, job security and ease of finding another job if the existing job is lost. However, at a personal level, though people felt more insecure in June than in May about their jobs, they do not expect the employment market to become worse.
In fact, the optimism levels in finding other job opportunities in case of a job loss was significantly higher in June than in May, though it still did not touch the April 2009 levels.
After elections that returned a stable government Corporate India appears more optimistic about growth in domestic demand.
“The overall sentiment in the economy and the job market over the next few months is better,” said Shirin Bagga, economist, Boston Analytics India.
In the June survey, 24 per cent of the respondents observed a decrease in unemployment (compared to 12 months ago), an improvement over May’s 21 per cent. On the expectations front, 22 per cent of the respondents expressed hope in unemployment decreasing in the next 12 months, compared to May’s 19 per cent. The optimism score for expected change in unemployment levels increased from 24.7 in May to 29.6 in June.
But the June survey saw a dip in the sense of job security, as compared to 12 months ago, with 52 per cent of the respondents. In May, a lower 48 per cent had expressed this feeling.