Companies have decided to resume hiring and there seems to be a rebound in the economy in 2021. With the COVID-19 Pandemic, companies were uncertain of what measures to take and hence, several lost their jobs and companies froze hiring for several months. But, this has changed for the better and Monster.com has suggested that there is a large number of job postings over the last few months.
Employment outlook reports suggest that jobs will return within a quarter as there is a certain recovery which will happen across the cities, industries and functions. This suggests that there will be a boon in hiring across sectors and not pertaining to a single industry or skill that will see growth.
Job recovery can be seen in certain industries like Import/export at 15%, retail at 13%, garment/leather/textile/gem and jewellery at 8%, transportation at 14% and IT and BPO at 9%. This has resulted in a series of job openings across industries and sectors and thus there were several thousands of job postings which are now seeing a large amount of growth in the 2021 market.
As per details from Monster.com, industries have indicated a positive growth of 3% year on year from November 2019 to November 2020. This has seen a large number of job postings for the retail industry which has seen a growth spike and this has grown at 20% from November 2020 as compared to October 2020. Job postings saw an increase by 19% for banks and financial institutions, 11% for home appliances, 9% for IT, 5% for Food and packaged food for the period from October 2020 to November 2020.
Based on a recent survey by the ManpowerGroup conducted with 1518 employers across the country, certain sectors lead in employment. These sectors included Real Estate, Mining, Finance, Insurance, Construction and Manfacturing.
From this survey, it was found that 65% of employers felt that they would return to pre-COVID hiring in 9 months as compared to just 44%. This shows that there is a certain amount of recovery in the market and a sense of optimism in the market. Also, just 10% are unsure about returning back to normalcy when it was at a high of 42% in the last quarter.
Also, there was an increase in payrolls over the next three months in the four regions based on a comparison of trends. It can be indicated that the strongest labour market is in the Eastern sector with an employment of 11% increase, the west showed an increase of 8% and the South and North both showed a net employment outlook of 6%.
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