New Delhi: The worldwide job market has witnessed a drastic change following disruptions related to COVID-19. Many companies have deferred hiring decisions. However, a report has said that recruitment will continue this year, albeit at a slower pace. However, recruitment will initially be restricted to certain sectors.
Report says hiring will continue
The report has been brought out by executive search organisation ‘GlobalHunt’. It says that though hiring process has lost its pace, but certain industries are still in demand. Though these industries the job crunch can certainly be tackled.
Industries badly hit by COVID-19 crisis
Some industries like aviation, travel and hospitality, automobile, retail shopping and manufacturing have come to a standstill. This has been due to the ongoing lockdown in India. The demand as well as supply chain have been completely disrupted.
However, for some sectors COVID-19 disruptions have proved to be an emerging market.
Emerging markets
The report prepared by ‘GlobalHunt’ is titled ‘Recruitment in times of COVID-19’. It says that life sciences & healthcare industry will see a rise in demand for talent. These sectors need to enhance their capacities in varied skills through hire and train model.
Besides, telecommunications industry has already witnessed an immediate upscale. This is because mass transition towards work-from-home has emerged. Moreover, e-commerce sector will grow as users who were not part of the online buying system will also come on board. Digital payment tools and gateways will see a brighter future until people gain confidence to go out for purchases.
However, the report also said that due to COVID-19 there will be significant impact on salary and increments.
Salary and increments
Prior to COVID-19 outbreak, while changing a job, around 30 to 50 per cent salary increment was offered. However, now it will go down to 15 to 25 per cent due to less job opportunities. Besides, candidates may get hired on last drawn salary or lesser, the report said.
Besides, in the post lockdown scenario, digital interaction will continue, as there could be restricted physical mobility. Virtual onboarding and induction will gain momentum. Also, organisations will become more compatible in providing work-from-home option to a candidate.
Not all hope lost
“People have to be flexible in accepting the jobs that are best available for them. There will be some layoffs, there will be salary cuts, they have to accept limited days of working, but the cycle will come back in 1-2 quarters,” ‘GlobalHunt India’ MD Sunil Goel said.
“Post lockdown there will be an impact. But based on the impact there will be a correction, and there will be a revival also. This complete shutdown is not there for the whole industry,” added Goel.
Agencies