The organized sector in India has created 7,39,064 jobs between January-September 2010 and 3,94,700 more jobs are getting added in the current quarter, reveals the latest results of Ma Foi Randstad Employment Trends Survey (METS).
Ma Foi Randstad, a leading integrated HR services provider in the country, has been conducting the employment trends survey since 2004.
The latest projection for the October-December 2010 period clearly shows that India is almost back in track with the high growth rate it had achieved before the economic crisis. At the beginning of this year METS predicted creation of 1 million new jobs in the year 2010.
The latest METS survey reflects a more-than-anticipated growth in the hiring sector of India with a few sectors such as Healthcare, Real Estate & Construction; Hospitality and IT & ITES leading this momentum.
The latest projection for the October-December 2010 period, and estimates of actual job creation from January-September 2010, for the organized sector was arrived at, after surveying the employment trends in 660 companies across 13 industry sectors in eight major cities – Ahmedabad, Bangalore, Chennai, Delhi, Hyderabad, Kolkata, Mumbai and Pune. These companies were queried about (a) hiring in the first 9 months of the year and (b) hiring intentions over the next 3 months.
The METS findings show that while advanced economies are still going through the process of recovery from global recession, the Indian economy has shown strong signs of comeback and has gained momentum during the first two quarters of the fiscal year.
Speaking on the occasion, K Pandia Rajan, MD, Ma Foi Randstad, said, “We see a strong positive growth in the overall picture of the organized employment in the country, as companies are recruiting more than what was anticipated during the beginning of this year.
“We see that the industries have regained their confidence and the increased momentum in the hiring process clearly signifies that the Indian economy and the sector players are preparing for further growth. We expect aggressive hiring in the coming months and also increase in salary levels.”
Sector-wise Employment Trends:
According to the survey, the employment trend across all sectors – BFSI; IT & ITES; Pharmaceuticals; Healthcare; Trade, including consumer, retail and services; Energy; Transport, Storage and Communication; Real Estate & Construction; Hospitality; Media & Entertainment; Non-Machinery Manufacturing; Manufacturing – Machinery & Equipments; Education, Training & Consulting – are growing at a robust pace, which is expected to continue in the next quarter.
Amongst the sectors covered under the survey, Healthcare; Real Estate & Construction; Hospitality and IT & ITES are among the top most sectors contributing to the country’s increasing employment base. Energy and Transport were relatively moderate performers as compared to other sectors of the economy.
The Healthcare sector has consistently reported the largest employment generation in the year 2010 by generating 2,60,052 jobs. This sector has emerged as one of the most progressive and largest service sectors in the country with an expected GDP spend of 8 per cent by 2012 from 5.5 per cent in 2009. It is believed to be the next big sector.
The sectors like Hospitality, Real Estate & Construction, IT & ITES have also joined the 1 lakh plus jobs pack for the year 2010. Hospitality sector with a total number of 1,65,700 jobs in 2010 has grown tremendously during the last six months. This is due to a combination of factors like increase in foreign tourists arrival, massive investment in hotel infrastructure and open sky policies made by the Government. A large number of approvals for new hotels is also likely to result in substantial job creation in the near future.
Booming Hospitality and Retail sectors, clubbed with increased demand for office space has led to a jump in the Real Estate & Construction sector resulting in a significant increase in the number of jobs. This sector has reported a total number of 1,50,512 jobs in the year 2010.
In spite of being hit hard by recession, IT & ITES sector has bounced back and reported more job creation at 1,16,700 as compared to 97,000 jobs forecast a earlier. Inter-industry shifting of skilled workforce has increased significantly, as a result of growing demand.
The industry sectors like BFSI, Non-Machinery Manufacturing, Media & Entertainment and Education, Training & Consultancy have joined the 50,000 plus jobs pack.
City-wise Employment Trends:
Amongst the cities surveyed, Delhi & NCR has reported greatest employment generation by creating 1,13,897 jobs in the year 2010. This region has created 44,183 jobs during the period of October to December 2010, which is the highest in the year so far. Large scale hiring was in place during the third quarter 2010. Commonwealth Games 2010 was also a significant contributor for the region in terms of hiring activities in the third quarter of 2010.
This was closely followed by Mumbai with 1,07,806 jobs in the year 2010. The hiring situation has improved significantly in the third quarter as compared to the previous two quarters. BFSI, Trade, Real Estate and Hospitality sectors have played a key role in this growth. In the current quarter, hiring situation is expected to be almost stable, though the growth rate may be lower due to the base effect.
Compared to a dull scenario during H1 in Chennai, job creation has improved significantly in Q3 and is growing at a faster rate in Q4. This region is expected to generate 32,087 jobs during the current quarter.
The hiring scenario in the cities like Kolkata, Bangalore and Hyderabad has seen tremendous improvement during the third quarter and was substantially higher than the previous two quarters. All these three metro cities are together adding 26,534 more jobs in the current quarter.
Ahmedabad and Pune have been showing a strong positive movement in hiring consecutively for the third quarter of the year. Both the cities are generating 11,345 new jobs in the current quarter.
Sector-wise Fresher / Experienced Hiring:
The survey shows that BFSI sector is creating the most number of new jobs for the freshers (32.5%) closely followed by Manufacturing of Machineries & Equipments (32.2%) and Healthcare (32.1%).
The leader in hiring of experienced staff is Pharmaceuticals (83.7%) followed by Trade including CRS (76.5%) and Energy (73.6%).
Amongst the cities, New Delhi & NCR leads in job creation for freshers (41.1%), followed by Ahmedabad (39.4%) and Bangalore (36.2%). For the experienced employees, Chennai is leading the job creation market with 74.1% closely followed by Kolkata at 73.7% and Mumbai at 70.9%.
The structured analysis of METS was administered by India’s leading economic research firm Indicus Analytics, which is headquartered in Delhi.
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