Jobs will return within a quarter as recovery expected across industries, functions, and cities, as per employment outlook reports released by Monster and ManpowerGroup on Tuesday.
Monster reported the following industry-wise job recovery from the Covid lows: Import/export 15%, logistics/courier/freight/transportation 14%, retail 13%, BPO/ITeS 9%, garment/textile/leather/gem and jewllery 8%.
“We have seen significant growth in job postings over the last few months, foreseeing a positive start to 2021,” said Monster.
Among the industries, as per Monster, retail has indicated a positive growth of 3% year-on-year from November-2019 to November-2020, and as a result, job postings for the retail industry witnessed a spike and have grown 20% in November-2020 compared to October-2020. Banking/Financial Services, Insurance (19%), Home Appliances ((11%), IT - Hardware, Software (9%), and FMCG, Food & Packaged Food (5%) job postings indicated the highest month-on-month growth from October-2020 to November-2020.
According to ManpowerGroup's employment outlook survey conducted across 1518 employers in the country, sectors that will lead the job market in 2021 are the Finance, Insurance, Real Estate, Manufacturing, and Mining, and Construction sectors.
“Nearly 65% of employers reported that they may return to pre-COVID hiring within the next 9 months as compared to 44% in the last quarter indicating a waft of optimism and overall market recovery whereas only 10% are now unsure about returning back to normalcy which was a massive 42% last quarter,'' said the ManpowerGroup.
A regional comparison of the trends showed employers in all four regions are expected to increase payrolls during the next three months. The strongest labor market is expected in the East with a net employment outlook of +11%, followed by the West with an outlook of +8%, while the net employment outlook for both the South and the North is +6%.
