When 2019 ended with a low unemployment rate, the next year 2020 was all set to be the year that changed the employment scenario, with better jobs and pay hikes. But the slump post March 2020 has been one of the biggest blows to the global industry with unemployment as high as 14.4%.
As we round into the first quarter of 2021, there is a glimmer of hope. Recent trends in hiring are back on a sound footing with 6 out of 10 companies handing out increments and 55% intending to deliver bonuses to around 4600 employees.
Studies in fact show that Indian companies are hiring on an average even better than the entire Asia Pacific region which is still below 50%. India’s hiring is above 50% which shows better prospects as the year progresses.
After a year of low key conservative approaches to keep afloat, Indian companies are on the lookout for smart hiring, to quickly bridge skills gap which persisted due to a loss of headcount in 2020. Quality professionals are being hired with flexible working hours and from the remotest corners of the country with stress on value generation and skill based. The pandemic has taught the industry to be more humane and not just profit oriented.