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Decline in layoffs calms Indian job market

January 22, 2014 17:53 IST

Decline in layoffs calms Indian job market

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India's professional job market has calmed a bit over the past year as company layoffs have declined almost by half, and organisations planning to hire candidates in the next quarter are expected to rise to 39 per cent, says a survey.

The companies currently hiring in India is 38 per cent, which is a two per cent drop year-on-year and down on predictions made in June 2013.

However, the firms' shedding staff has also fallen, decreasing by half.

This indicates a more measured approach to recruitment from Indian businesses, as firms look to develop the managerial and professional talent they already have on their books, showed the survey by Antal International Network, Antal Global Snapshot.

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Image: A labourer works amid rolls of underground telephone cable pipes on the side of a road in Mumbai.
Photographs: Danish Siddiqui/Reuters

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In 'Antal Global Snapshot' survey, Antal International asked over 10,500 companies in major markets across the world whether they were currently hiring or firing at professional and managerial level and if they were planning on doing so in the next three months.

The luxury goods sector along with logistics, shipping and freight industries have reported the highest percentage of current hiring as nearly all of those questioned reported they were currently taking on staff in these fields.

Demand in these areas is expected to remain at this level in the next quarter, it said.

Other sectors that are faring well in terms of current hiring include law, SSC or BPO and education and banking.

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Image: An electrician installs power cables outside the Indian Parliament building in New Delhi.
Photographs: Anindito Mukherjee/Reuters

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The electronic sector shows the biggest jump in predicted hiring in the next quarter. Currently 29 per cent of businesses are taking on staff and this is expected to jump to 71 per cent in the coming months, it added.

"We feel hiring activity will increase over the next quarter" Antal International Network Managing Partner Joseph Devasia said.

The upcoming elections and positivity in the global economic developments presently indicate that core sector areas will see increased hiring activity, he said.

"Telecom and Real Estate seem to be struggling to hold on to talent, while consumer led businesses show a lot of promise on the hiring front.

“Overall 2014, does seem to be more promising than 2013," he added.


Image: Workers suspended on ropes clean the glass facade of a commercial complex in Chennai.
Photographs: Babu/Reuters

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