In the aftermath of the pandemic, corporate India has shown strong signs of resilience as it experiences a 14 percent increase in job opportunities in Q3 2021 compared to Q3 2020, as identified by global recruitment firm, Michael Page. This surge in hiring is led by the Engineering and Manufacturing as well as the Technology sectors.
While Engineering and Manufacturing have seen a significant rise in employment, Technology is a close second with a 58 percent increase in job opportunities. Non-IT sectors such as legal and human resources also witnessed a substantial increase in job opportunities as employment rose at 35 percent and 25 percent respectively in Q3 2021 as compared to Q3 2020. This buoyancy in hiring reflects the increase in economic activity and mass vaccination drive carried out by the government in the last few months following the ebbing of the second COVID-19 wave.
While the country’s recruiting sentiment has improved after the second wave of COVID-19 in April 2021, Quarter 3 saw an overall decline of 21 percent as compared to Quarter 2 2021. The Engineering & Manufacturing sector led hiring in Q3 2021 with an increase of 20 percent in employment. Highest employment opportunities were seen in Marketing roles followed by Technology.
At the beginning of the pandemic, Marketing roles started declining as companies began functioning with limited resources and lean teams. However, as businesses restarted operations June 2021 onwards, there was a need for organisations to fill this gap leading to a surge in demand for marketing professionals. IT job opportunities also saw an uptick as a result of the hiring frenzy witnessed by India's start-up ecosystem.
Nicolas Dumoulin, Managing Director, Michael Page India said, “The current quarter has seen a 14 percent increase in hiring. But looking at the larger picture, we are seeing an increase by over 50 percent growth in job closures as compared to last year. The mega boost is the result of the post pandemic surge where hiring decisions are being made at a faster pace as there's a portion of backlog hiring that needs to be made up for. This began in the February to March of 2021, when hiring became a lot more aggressive and has only increased quarter on quarter from January to September 2021.
“The appetite of companies to hire has grown due to an increase in investment and low debt levels. Globalisation and automation are steadily transforming India’s labour market, putting a premium on the right skills and adaptability. Hiring volume and velocity remain positive and more action is projected in the months ahead.”
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