January 24, 2020
Compared to other sectors like automobile, textiles etc which saw a much subdued trend in employment in 2019, 8 of the 19 major sectors are set to increase numbers in double digits. Sectors like logistics and education alone are expected to contribute around 14% more employment in October-March 2019-2020, with a passing dip in this period, which doesn't worry industry experts.
In addition, blue collar jobs are set to increase by 3% in functional areas.
In spite of a global outlook which predicted a 2-3% dip in employment in markets around the world in 2019, India is set to witness a 7% increase in total job creation across all sectors.
Europe saw the most significant drop in net employment outlook, followed by Africa and North America & South America.
The Middle East showed no change and APAC which reported an increase of 1% weathered global headwinds and stayed strong, the report shows.
Sectors that are expected to witness decrease in hiring include manufacturing, engineering and infrastructure, construction and real estate, financial services, retail, BPO/ITeS, Telecommunications, travel and hospitality, FMCG and agriculture and agrochemicals.
Though the lowering of the GDP growth projection seems to have dampened the net employment outlook in some of the sectors, the job creation across sectors is on a growth trajectory.
Trends in IT Sector
According to the Team Lease bi-annual outlook report conducted for hiring and employment. The highlights for the IT sector include:
• IT sector to see hiring and compensation increased in 2020
• Growth in hiring freshers and juniors by 10% in IT sector
• First half of 2020 to witness creation of over 40K job opportunities.
• Leading cities will be Mumbai, Bangalore, Pune and Delhi nearly 23K IT jobs
• Sustained growth in this sector which stands at $13 trillion
The IT sector has been fuelled by strong government backing by the introduction of reforms at the national level, adopting AI in the mainstream and the strengthening ease of doing business for start-ups. Metro cities stand to captivate maximum professional - due to existing infrastructure and facilities, but cities like Chandigarh, Indore and Kolkata too will share an increase in creation of jobs.
These IT jobs are not limited to only a few sectors-implemented across manufacturing, services - a key component of the Indian economy - with greater application in agriculture, telecommunications, real estate and KPOs which are set to increase hiring for tech and tech-based roles. Over the latter half of FY19, IT sector saw a total hiring of over 4.1 million jobseekers.
TeamLease Employment Outlook analyses functional and environmental aspects across 19 sectors and 14 geographies to provide an in-depth insight into the hiring sentiments.
It surveyed 744 enterprises of various sizes (small, medium and large) in India and 76 employers across the globe to evaluate employment outlook trends.