Inflation will not change the way companies hire and pay employees: report
Aug 25, 2022, 17:51 IST
Despite fears of rising inflation globally, Indian jobseekers are not adversely affected as far as their livelihood and expenses are concerned, with six in 10 jobseekers saying they have not been impacted much, a new report showed on Thursday.
Nearly 89 per cent of employers also think that inflation will not change the way companies hire and pay employees, said the quarterly report by leading job site Indeed.
The India job market saw a 29 per cent rise in the April-June period (as compared to a 20 per cent increase in the previous quarter).
Moreover, 37 per cent of all jobseekers looked for a job or a job change during the quarter, as compared to 46 per cent during the previous quarter.
"Sectors such as IT, healthcare, e-commerce will continue to grow and with the advent of 5G, we will see a sharp rise in telcom jobs as well in the next few quarters," said Sashi Kumar, Head of Sales, Indeed India.
As a response to inflation, employers looked at varied engagement modes during the quarter that could help them manage candidate expectations as well as costs such as full time, part time, gig or contractual work.
Jobseekers continue to prefer full time work (63 per cent) as opposed to part-time employment (26 per cent) or gig/contract employment (11 per cent).
However, on the employer side, the difference is less disproportionate with over 19 per cent employers hiring gig workers during the quarter, the report said.
At a 10 per cent salary increment level, which 41 per cent of employers plan to provide to account for inflation, a significant 25 per cent of the jobseekers seem to agree.
One in three IT/ITeS sector jobseekers (33 per cent) would like a 20 per cent increment to compensate for inflation.
Metros dominated hiring among cities with hiring activity in Bengaluru, Mumbai and Chennai exhibited strong growth in hiring as compared to other cities. Chandigarh showed a substantial increase in hiring over the quarter.
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Nearly 89 per cent of employers also think that inflation will not change the way companies hire and pay employees, said the quarterly report by leading job site Indeed.
The India job market saw a 29 per cent rise in the April-June period (as compared to a 20 per cent increase in the previous quarter).
Moreover, 37 per cent of all jobseekers looked for a job or a job change during the quarter, as compared to 46 per cent during the previous quarter.
"Sectors such as IT, healthcare, e-commerce will continue to grow and with the advent of 5G, we will see a sharp rise in telcom jobs as well in the next few quarters," said Sashi Kumar, Head of Sales, Indeed India.
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Jobseekers continue to prefer full time work (63 per cent) as opposed to part-time employment (26 per cent) or gig/contract employment (11 per cent).
However, on the employer side, the difference is less disproportionate with over 19 per cent employers hiring gig workers during the quarter, the report said.
At a 10 per cent salary increment level, which 41 per cent of employers plan to provide to account for inflation, a significant 25 per cent of the jobseekers seem to agree.
One in three IT/ITeS sector jobseekers (33 per cent) would like a 20 per cent increment to compensate for inflation.
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IT/ITeS continued to lead all sectors, with 91 per cent of the employers in the sector hiring during the quarter (83 per cent in the previous quarter).Metros dominated hiring among cities with hiring activity in Bengaluru, Mumbai and Chennai exhibited strong growth in hiring as compared to other cities. Chandigarh showed a substantial increase in hiring over the quarter.
SEE ALSO :
Overseas bond issuances may fall this year on elevated borrowing cost say experts
Tamil Nadu becomes the first state in the country to prepare an official glossary to address LGBTQIA+ community