With the economy in a recovery mode, there is a surge in job opportunities as well. According to the latest report by Michael Page India, India Inc is seeing a 14% employment rise in the third quarter of 2021 compared to the same quarter last year.
This surge in job opportunities, in Q3 2021 vs Q3 2020, is led by sectors like engineering, manufacturing and technology.
“The current quarter has seen a 14% increase in hiring. But looking at the larger picture, we are seeing an increase by over 50% growth in job closures as compared to last year,” said Nicolas Dumoulin, Managing Director, Michael Page India.
“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,” he said. This began in February-March 2021, when hiring became a lot more aggressive. “This has only increased quarter on quarter from January to September 2021,” Dumoulin said.
While engineering and manufacturing have seen a significant rise in employment, technology is a close second with a 58% increase in job opportunities. Non-IT sectors such as legal and human resources are also witnessing a substantial increase in job opportunities as employment has risen by 35% and 25% 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,” according to Michael Page report.
While the country’s hiring sentiment has improved after the second wave of COVID-19 in April 2021, the third quarter saw an overall decline of 21% as compared to the second quarter 2021. The engineering and manufacturing sectors led hiring in Q3 2021 with an increase of 20% in employment.
The 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, according to the report.
“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,” Dumoulin said.