NEW DELHI: Indian economy may be riding high but the global meltdown has
had an effect on both employment and business outlook in our country.
India's net employment outlook index dipped six points to stand at 74
points
this quarter. Moreover, there is a 9% decrease in the business outlook
index
as well and it stands at 70 points compared to the previous quarter. These
are some of the findings of staffing company TeamLease, in its quarterly
employment outlook re****t.
"With the not so positive pointers in the market right from dollar
depreciation, subprime fiasco followed by US recession and finally the
Indian bourses down, has definitely impacted the employment growth in the
last few months. The IT/ITeS sector is the worst hit; with the US economy
conundrum having an implication on hiring sentiments with a wait and watch
approach in India," says Sampath Shetty, VP, TeamLease Services.
The employment outlook in the telecom sector has gone up but IT and
manufacturing and the engineering sector has moved south, says the re****t.
Among the cities, there is an increase in employment outlook index points
of
Mumbai, Delhi and Pune while Bangalore, Chennai, Hyderabad, Kolkata and
Ahmedabad have seen a dip. As for hiring, while Class-I cities have seen a
growth, metros have seen a dip. In fact, employers have shown a preference
for hiring from Class II, Class III and rural areas as well.
Shetty adds, "The infrastructure deficit in the country has kept the
momentum of FDI influx consistent, which has stimulated humongous job
op****tunities in retail, FMCG, telecom and insurance sectors." In fact, in
this campus season, non IT organisations have been aggressively hiring
largely in the sales and marketing function.
With the not so impressive salary hike in the current appraisal year,
organisations foresee a lot of lateral movements over the next quarter.
No wonder, attrition has been bug bear this quarter. The re****t says, in
the
past three months, attrition rates across Chennai and Bangalore was above
19%.
In fact, Chennai has seen the highest attrition rates compared to other
metros in the past one year. As for hiring requirements by management
levels, there has been a lot of optimism. The intention to hire across all
managerial levels is gradually on the rise, the re****t suggests.
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