Source: http://www.commodityonline.com/news/No-vacancy-says-India-Inc!-13941-3-1.html
NEW DELHI: Even as the world is grappling with the recession, India is also feeling the pinch with recruitments slumping in the recent months.
According to a report, JobSpeak, by Naukri.com, a job site, the overall job index in October 2008 is 781 as compared to 1,000 in July 2008, a fall of 21.9%.
In normal circumstances, there is a seasonal decline in October which is around 10% as recruitment slows down due to the festive season. However, this year the slowdown in hiring has been sharper affecting new jobs by 21.9%.
The index suggests that companies are scaling down their recruitment plans due to the global financial crisis.
In the report, Hitesh Oberoi, COO and Director, Info Edge (India) Ltd, said, “JobSpeak is a unique initiative to provide our stakeholders and all interested parties an insight into new job creation across locations and sectors in India. In the current economic situation, the index will be a useful guide to asses the job market, existing opportunities and the upcoming sectors.”
JobSpeak indicates the industries that have seen a growth/decline in new jobs. Over the past three months, real estate, banking, finance, IT and retailing show a decline while Telecom, Pharma and Hospitality emerge as attractive options.
Some niche sectors like government, defence and legal have gained attractiveness in recent months.
The index has been calculated based on new jobs added to the site month on month. July 2008 has been taken on a base of 1,000 and August, September and October index is compared with the July data.
Metros saw a dip in the supply of new jobs. Besides the impact of the slowdown, Diwali and Dussehra are popular festivals across India, which impact hiring to a considerable extent.
Metros that are the bulk provider of jobs witnessed a decline in new jobs to the tune of 25% in comparison to the usual 10% in earlier festive seasons.
In the Delhi, new jobs fell sharply after maintaining stability in August and September. The job index for Delhi fell from 1,000 to 786.
Mumbai witnessed a higher setback in the month of October as compared to September and August, the job index fell from 1,000 to 715 in October 2008 as compared to July 2008.
Bangalore, the IT hotspot, has lost new jobs since July, especially in August which saw a decline of close to 20% as compared to September.
Chennai saw a marginal increase in new job creation during September. However, October saw a fall to the tune of 10%. Hyderabad and Pune bore the brunt of the slowdown especially in the IT sector and witnessed a decline of over 15% in new jobs during October.
Jobs in Kolkata were severely affected with October alone witnessing a decline in new jobs by over 32%. Chandigarh, affected to an extent by the IT industry slowdown, saw a slowdown in hiring to the tune of 35% since July.
IT – both the Software and Hardware sector — saw a dip in new jobs by almost 25% since July this year. Banking and financial services have seen a decline of over 32% in October, while construction and engineering have seen a decline in new jobs by almost 22% since July 2008.
Telecom industry, which was looking up in August and September, had seen an increase in jobs, while October witnessed a dip of 17% indexed to July. The fluctuation could be owing to the festive season.
Interestingly, the BPO industry has witnessed a slight bounce back by 10% in October after witnessing a decline in new jobs in August and September. Pharma industry has been comparatively less affected with a fall in the index of less than 15%.
(Source: IndiaPRWire)
NEW DELHI: Even as the world is grappling with the recession, India is also feeling the pinch with recruitments slumping in the recent months.
According to a report, JobSpeak, by Naukri.com, a job site, the overall job index in October 2008 is 781 as compared to 1,000 in July 2008, a fall of 21.9%.
In normal circumstances, there is a seasonal decline in October which is around 10% as recruitment slows down due to the festive season. However, this year the slowdown in hiring has been sharper affecting new jobs by 21.9%.
The index suggests that companies are scaling down their recruitment plans due to the global financial crisis.
In the report, Hitesh Oberoi, COO and Director, Info Edge (India) Ltd, said, “JobSpeak is a unique initiative to provide our stakeholders and all interested parties an insight into new job creation across locations and sectors in India. In the current economic situation, the index will be a useful guide to asses the job market, existing opportunities and the upcoming sectors.”
JobSpeak indicates the industries that have seen a growth/decline in new jobs. Over the past three months, real estate, banking, finance, IT and retailing show a decline while Telecom, Pharma and Hospitality emerge as attractive options.
Some niche sectors like government, defence and legal have gained attractiveness in recent months.
The index has been calculated based on new jobs added to the site month on month. July 2008 has been taken on a base of 1,000 and August, September and October index is compared with the July data.
Metros saw a dip in the supply of new jobs. Besides the impact of the slowdown, Diwali and Dussehra are popular festivals across India, which impact hiring to a considerable extent.
Metros that are the bulk provider of jobs witnessed a decline in new jobs to the tune of 25% in comparison to the usual 10% in earlier festive seasons.
In the Delhi, new jobs fell sharply after maintaining stability in August and September. The job index for Delhi fell from 1,000 to 786.
Mumbai witnessed a higher setback in the month of October as compared to September and August, the job index fell from 1,000 to 715 in October 2008 as compared to July 2008.
Bangalore, the IT hotspot, has lost new jobs since July, especially in August which saw a decline of close to 20% as compared to September.
Chennai saw a marginal increase in new job creation during September. However, October saw a fall to the tune of 10%. Hyderabad and Pune bore the brunt of the slowdown especially in the IT sector and witnessed a decline of over 15% in new jobs during October.
Jobs in Kolkata were severely affected with October alone witnessing a decline in new jobs by over 32%. Chandigarh, affected to an extent by the IT industry slowdown, saw a slowdown in hiring to the tune of 35% since July.
IT – both the Software and Hardware sector — saw a dip in new jobs by almost 25% since July this year. Banking and financial services have seen a decline of over 32% in October, while construction and engineering have seen a decline in new jobs by almost 22% since July 2008.
Telecom industry, which was looking up in August and September, had seen an increase in jobs, while October witnessed a dip of 17% indexed to July. The fluctuation could be owing to the festive season.
Interestingly, the BPO industry has witnessed a slight bounce back by 10% in October after witnessing a decline in new jobs in August and September. Pharma industry has been comparatively less affected with a fall in the index of less than 15%.
(Source: IndiaPRWire)
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