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India – Naukri predicts muted hiring sentiment

28 August 2013

According to the Naukri Hiring Outlook Survey July 2013, there is a muted hiring sentiment for the remaining half of 2013 when compared with the first half of the year. The employment scenario for the country remains downbeat, impacted by the weakening economy, inflationary pressures and falling Rupee.

The forecast for new job creation is down when compared to the outlook given in Jan of 2013 with the exception of the construction sector. The Automotive sector, along with Information Technology Enabled Services (ITES), have reported the biggest forecasted fall with only 43% and 64% forecasting new job creation for the second half of the year, compared with 65% and 78% in January 2013.  A similar sentiment is echoed by the Banking and Pharmaceuticals sectors, where 49% and 44% recruiters, respectively, foresee new jobs creation in the coming six months.

More than half (53%) of recruiters predict that they will engage in replacement hiring during the second half of the year 2013.  The Automotive sector has seen a sharp dip in the forecast in comparison to the Naukri Hiring Outlook January 2013. IT remains stable and other sectors have seen a slight movement, mostly downwards. Approximately 15% of recruiters anticipate a hiring freeze and layoffs in the coming months.  Layoffs are predicted to be increasing in Banking, Automotive, and ITES sectors.

As far as attrition is concerned, 45% respondents said the attrition level has been stable over last 12 months.

Ambarish Raghuvanshi, Chief Financial Officer, Info Edge India said, “The economy is certainly not in the best of  shape; the macroeconomic indicators are running weak, the rupee has stumbled to an all-time low and inflationary pressures are strong. The hiring confidence can’t overlook these parameters and hence reflects the slowdown.  However, replacement hiring would be considerable in the coming six months. Going forward, improvement in the economy will be factored in gradually by employers.”

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