India Inc. Puts Hiring Plans in the Slow Lane
April 08, 2021
India Inc puts Hiring Plans in the Slow Lane (Other than in IT/ITeS Industry) - Hiring increases across sectors that occurred in the first few months of the year may be slowed by rising COVID cases as a second wave sweeps across several states. Concerns have been spreading among recruiters over the past two to three weeks with companies delaying interviews, search mandates being put on hold, and companies adopting a cautious approach. However, there have been no cancellation of mandates. A combination of factors including the threat of a second wave, potential lockdowns, a slower than expected vaccination campaign, debates on vaccine effectiveness and reports of post inoculation infections led to this slow down, according to Xpheno, a specialist staffing firm.
Microsoft Study: 41% Workers Plan to Quit - According to Microsoft's Work Trend Index, released on March 29, which polled 30,000 people from a variety of companies in 31 countries, a majority of workers feel they are struggling or just surviving in pandemic work conditions, and a large percentage are considering leaving their employer this year. The data found widespread burnout:
- 46% respondents said that were planning to move to a new location this year, a reflection of the greater flexibility that comes with work from home policies
- 41% revealed that they were mulling leaving their jobs
- 54% said they were overworked
- 39% said they were exhausted
The researchers theorized that the struggles and isolation of employees were being overlooked by their managers and company leaders. According to the study, this was particularly higher among employees who were single and early in their careers, women, frontline workers, and new employees. Leaders who said they were doing well were mostly males. 61% said they were thriving. The study also found that time spent on Microsoft Teams meetings has more than doubled and keeps rising. Meetings on average are 10 minutes longer and a typical user is spending 45% more time on chats, with 42% after work hours.
Gig Economy could Create 24 million Jobs by 2025 - India's gig economy is set to triple in the next 3-4 years to 24 million jobs in the non-farm sector, from the existing 8 million, according to a report by BCG and Michael and Susan Dell Foundation. This number could soar to 90 million in 8-10 years, contributing about $ 250 billion worth in transactions, leading to a 1.25% increase in India's GDP. India's gig economy is still at a nascent stage, but the flexible work force will gradually shift to better paid and more productive work, said the report. The gig economy will comprise both existing jobs that migrate to gig platforms, as well as new jobs that will get created. New employment opportunities will also result from better market transparency, thus bridging the demand-supply gap and creating greater efficiencies in delivery which would result in lower costs and growing demand. Gig workers are also expected to find gig opportunities closer to home, as the gig economy has the potential to help people learn new skills.
HRPI View: Accepting change is the sole constant. The gig economy promises flexibility and improved choices for many women and part time workers.
Key Roles Vacant at IT Firms -
Quite a few large IT service providers are staring at hundreds of vacant positions across key client projects as demand for talent spirals across the IT-BPM industry. IT staffing analysts said the pent-up demand is being driven by a sudden jump in requirement for new projects for service providers and expansion across captive centres in India. This sharp rise in demand for talent is unique to the IT-BPM industry and comes at a time when many large IT companies are winning large deals.