From a bright rose, the colour of hiring in India Inc has turned a sombre grey. What’s more, it is hitting across sectors.
Recruiters who were bullish just a few months ago in gung-ho plans are now turning realistic, with a quarterly survey of employers by international human resource firm Manpower Inc showing a steep drop in the mood.
Obviously, a global meltdown and its local fallout are showing.
“By the end of the third quarter 2009 we will begin to see some clarity amongst headhunters and we expect improvement in hiring outlook to show only by the first quarter of 2010,” Naresh Malhan, managing director at Manpower India told HT.
However, even at a slower pace, India is likely to offer more job opportunities against countries such as China, US, UK and Singapore said the survey, which measures “Net Employment Outlook” by subtracting the percentage of firms that have no plans to hire from the percentage showing a positive inclination.
The NEO of 19 per cent amongst 3,500 human resource professionals surveyed in India, down 24 percentage points from last quarter.
Notably, even sectors such as transportation, manufacturing and public administration are showing steep declines in the hiring mood indicator, in addition to the booming sectors like services, retail, finance, real estate and construction that are seeing a sobering impact.
The sharpest fall in the net hiring outlook from last quarter is seen in sectors like transportation, by about 33 percentage points, followed by retail and manufacturing.
The pace of hiring across Information Technology (IT) and related services sector along with mining and construction sectors is also expected to be much slower with projects getting delayed.
Employers are slowing down hiring, but pink-slip parties are not the order of the day in the country, says a survey.