Job prospects are the weakest in 15 years
The ManpowerGroup Employment Outlook Survey for the third quarter 2020 was conducted by interviewing a representative sample of 695 employers in India.
Key Findings
- Net employment outlook collapses to 15 year low (since when the survey began)
- 5% have said they are likely to increase hiring compared to the current COVID quarter, 47% anticipate no change. Given that there was hardly any recruitment in this quarter it implies that half of the organisations will either not recruit or reduce recruitment in the coming quarter
- Most optimistic sectors include – Financial Services, Mining and Construction.
- Survey findings mirror those found in the RBI consumer confidence survey which showed employment and wage growth at historic lows
Hiring prospects will now be fully determined by the pace at which consumption and productions returns back to the levels in February 2020.
About the survey
All participants were asked –
“How do you anticipate total employment at your location to change in the three months to the end of September 2020 as compared to the current quarter?”
Interviewing was carried out during the exceptional circumstances of the COVID-19 outbreak. The survey findings for the third quarter of 2020 are likely to reflect the impact of the global health emergency, and may be notably different to previous quarters