The Indian job economy is geared up for an uptick in hiring as corporate houses embrace the post pandemic world.
Naukri.com’s Hiring Outlook survey suggests that 51% of recruiters indicated both new and replacement hiring in their organisations. The appetite for hiring is up as 32% recruiters confirm that they would be hiring for new jobs.
Interestingly, recruiters indicating that hiring was on hold are just at 5% versus 11% in a similar survey conducted in September 2020.
Many businesses were impacted during the pandemic and as a result, job security was threatened across multiple sectors. However, lay-offs are becoming a thing of the past, with just 1% recruiters indicating lay-offs in their organisation compared to 36% in the earlier survey.
Further, almost 40% of the recruiters expect hiring to go back to pre-pandemic levels in the next three months itself which is in contrast with the sentiments from an earlier survey wherein only 20% recruiters expected hiring to return to normalcy within three months.
Given the boost to digitisation, IT roles remain the most in-demand with 50% of recruiters indicating strong hiring in this segment. Roles in Marketing and Business Development are also gaining traction with almost 38% recruiters expressing intent to hire for these roles. From an experience standpoint, recruiters expect to hire the most in the experience bracket of 3-5 years, according to the survey.
Pawan Goyal, Chief Business Officer, Naukri.com, said “Hiring outlook showcases an upbeat sentiment amongst the recruiters and consultants. In fact, employers are also positive about extending increments to their employees. This is a strong indicator that businesses are moving towards actioning their growth plans and not just survival or business continuity strategies.”
Normalcy on the horizon is foreseen as employers have a positive outlook to extend increments to their employees. 27% recruiters plan to rollout increments greater than 15% in their respective organisations while the most opted for increment bracket is 5%-10% as per 35% of the recruiters.
Many jobseekers were unsure of switching during the pandemic but as markets have stabilised, one-third recruiters expect attrition in the range of 10 % – 20%, while another 7% foresee attrition levels greater than 20%. The bulk of this is expected from employees with 1-5 years of experience. Given a surge in demand, IT roles can also witness higher attrition.
With the jobs market back to its hiring ways, recruiters have predicted that retaining & attracting skilled employees will be a challenge in the coming six months. Aligning with that, 45% recruiters are expecting an intense talent crunch and the experience band of 3 – 5 years is expected to be the most impacted.
Campus hiring situation is showing slow, yet steady improvement as one-third recruiters give a green signal to their hiring plans versus a 24% in the Sept’20 survey.
India Inc. is now moving back to office with 43% recruiters confirming the same, a significant improvement as compared to 27% recruiters in the survey done during Sept’20.
Another 29% recruiters said that they would be working from home as most of them agreed that it has been equally or more productive. Rest of the recruiters are looking at a hybrid model in the future.
Naukri Hiring Outlook is a bi-annual survey conducted amongst recruiters and recruitment consultants. The survey covers multiple aspects of job creation trends/forecasts as well as jobseeker behavior covering areas like job opportunities and increments amongst other areas.
1384 recruiters and consultants representing over 10 major sectors participated in this edition of the Hiring Outlook.
Google Play introduces UPI Autopay payment in India
Google announced on Tuesday that it is introducing UPI Autopay as a payment option for subscription-based purchases on Google Play in India.
Introduced under UPI 2.0 by NPCI (National Payments Corporation of India), UPI Autopay helps customers make recurring payments using any UPI application that supports the feature.
“With the introduction of UPI Autopay on the platform, we aim to extend the convenience of UPI to subscription-based purchases, helping many more people access helpful and delightful services – while enabling local developers to grow their subscription-based businesses on Google Play,” Saurabh Agarwal, Head of Google Play Retail & Payments Activation – India, Vietnam, Australia and New Zealand said in a statement.
Moreover, UPI Autopay makes setting up subscriptions easy.
Users need to simply tap on the payment method in the cart, select “Pay with UPI,” and then approve the purchase in their supported UPI app after selecting a subscription plan to purchase.
Google Play helps consumers transact safely and seamlessly in more than 170 markets, according to the report.
Also, the platform supports over 300 local payment methods in over 60 countries, removing complexities associated with finding and integrating local payments.
UPI is one such payment option, introduced on the Play Store in India in 2019.
In India, UPI has transformed the mobile payment framework, and on Google Play as well, many people are enjoying and using apps that take advantage of UPI-based transactions, the statement added.
Invest Karnataka 2022 paved way for Rs 9.82 lakh cr investment: CM Bommai
Karnataka Chief Minister Basavaraj Bommai announced at the concluding ceremony of the 3-day Global Investors Meet (GIM) in Bengaluru that “investments totaling about Rs 9.82 lakh have been committed in diverse sectors in the state.” Bommai thanked the participants in the event and investors.
Addressing the gathering, the CM said, “This GIM is different from other such Investor Meets as this has been organised during challenging times and has succeeded in showing us the way forward. What Karnataka thinks today, India thinks tomorrow. We will work with the investors shoulder to shoulder to make all these investments fructify on the ground.”
Thanking all the investors and delegates who participated in the GIM 2022, Karnataka Large and Medium Industries Minister, Murugesh Nirani, said “Invest Karnataka has laid a strong foundation for the development of Karnataka in the next five years. I am happy that we have met the core objective of this GIM, which is to bring in investments in diverse sectors and create jobs, and take industries beyond Bengaluru.”
The valedictory session was also attended by Bhagwanth Khuba, Union Minister of State for New and Renewable Energy, Chemicals & Fertilizers.
Inaugurated by Prime Minister Narendra Modi virtually on Wednesday, the event culminated on Friday with the valedictory session in which Chief Minister Basavaraj Bommai re-assured investors from all across the world of sustained support by his government.
Among top industrialists, Chairman of Jindal Group, Sajjan Jindal; Vice Chairman of Toyota Kirloskar Motor Pvt Ltd, Vikram S. Kirloskar; Chairman, Wipro, Rishad Premji; Vice Chairman, Bharti Enterprises, Rajan Bharti Mittal; CEO, Adani Ports and SEZ, Karan Adani and MD, Sterlite Power, Pratik Agarwal shared their experience in Karnataka and expressed continued interest in the state.
The Global Investors Meet witnessed 30+ immersive sessions spread across three days. These sessions were a mix of innovative formats such as panel discussions, fireside chats, and TED-style talks.
In addition to the speaker sessions, a number of networking events, cultural performances, business exhibitions (with 300+ exhibitors), and country sessions ran parallelly across the 3 days. The country sessions were hosted by partner countries — France, Germany, Netherlands, South Korea, Japan and Australia.
Unfortunately, there is no choice: Musk on Twitter layoffs
Elon Musk on Saturday said that there is no choice other than brutally firing half of Twitter’s workforce as the company is losing over $4 million a day.
After axing nearly 3,800 employees across the globe, including in India, the new Twitter CEO said that he has given three months of severance to everyone who has been asked to go.
“Regarding Twitter’s reduction in force, unfortunately there is no choice when the company is losing over $4M/day,” Musk tweeted.
“Everyone exited was offered 3 months of severance, which is 50 per cent more than legally required,” he added.
Musk has laid off people across the departments at Twitter, eliminating several teams across the globe.
He also said that Twitter has seen a massive drop in revenue as activist groups are putting undue pressure on its advertisers.
“Again, to be crystal clear, Twitter’s strong commitment to content moderation remains absolutely unchanged. In fact, we have actually seen hateful speech at times this week decline below our prior norms, contrary to what you may read in the press,” he posted.
“Twitter will not censor accurate information about anything,” said Musk.
On charging $8 for the Blue subscription service, he said: “Trash me all day, but it’ll cost $8.”
The company lost $270 million in the April-June period after revenue slipped 1 per cent to $1.18 billion, reflecting advertising industry headwinds.
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