Corporate India witnesses a 14% rise in employment in Q3 2021 from year ago: Michael Page

Corporate India witnesses a 14% rise in employment in Q3 2021 from year ago: Michael Page
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25 Oct, 2021

In the aftermath of the pandemic, corporate India has shown strong signs of resilience as it experiences a 14% increase in job opportunities in Q3 2021 compared to the same quarter of the previous year, according to a report by recruitment firm Michael Page.

The surge in hiring is led by the engineering and manufacturing as well as the technology sector. While engineering and manufacturing have seen a significant rise in employment, technology is a close second with a 58% increase in job opportunities.

Non-IT sectors such as legal and human resources also witnessed a substantial increase in job opportunities as employment rose at 35% and 25% respectively in Q3 2021 compared to the year-ago period.

“This buoyancy in hiring reflects the increase in economic activity and mass vaccination drive carried out by the government in the last few months following the ebbing of the second Covid-19 wave,” the report said.

“The current quarter has seen a 14% increase in hiring. But looking at the larger picture, we are seeing an increase by over 50% growth in job closures as compared to last year. The mega boost is the result of the post pandemic surge where hiring decisions are being made at a faster pace as there's a portion of backlog hiring that needs to be made up for. This began in the February to March of 2021, when hiring became a lot more aggressive and has only increased quarter on quarter from January to September 2021,” said Nicolas Dumoulin, managing director, Michael Page India.

“The appetite of companies to hire has grown due to an increase in investment and low debt levels. Globalization and automation are steadily transforming India’s labour market, putting a premium on the right skills and adaptability. Hiring volume and velocity remain positive and more action is projected in the months ahead,” added Dumoulin.