Source: Outlook India The News Scroll | May 12, 2020 05:46 PM
Job market has witnessed a drastic change following disruptions related to COVID-19 and though some companies have deferred hiring decisions, industry insights show that recruitment will continue this year, albeit at a slower pace, says a report.
According to a report by executive search organisation GlobalHunt, the hiring process has lost its pace, but certain industries are still in demand and can easily overcome this crisis.
Following the coronavirus-induced lockdown, some industries like aviation, travel & hospitality, automobile, retail shopping and manufacturing have come to a standstill as consumerism, demand as well as supply chain were disrupted.
However, for some sectors COVID-19 disruptions have proved to be an emerging market.
As per the report titled ''Recruitment in times of COVID-19'', the life sciences & healthcare industry will see a rise in demand for talent and they need to enhance their capacities in varied skills through hire and train models.
Besides, the telecommunications industry witnessed an immediate upscale as mass transition towards work-from-home emerged. Moreover, the e-commerce sector will grow as users who were not part of the online buying system will also come on board.
Digital payment tools and gateways will see a brighter future until people gain confidence to go out for purchases.
The report based on interactions with potential employers of the leading organizations and job seekers across industries further said that there will be significant impact on salary and increments.
Prior to COVID-19 outbreak, while changing jobs, around 30 to 50 per cent salary increment was offered but now it will go down to 15 to 25 per cent due to less job opportunities in the market. Besides, candidates may get hired on last drawn salary or lesser, it noted.
Besides, in the post lockdown scenario, digital interaction will continue, as there could be restricted physical mobility. Virtual onboarding and induction will gain momentum. Also, organizations will become more compatible in providing work-from-home options to a candidate.
"People have to be flexible in accepting the jobs that are best available for them and organisations also have to be flexible. There will be some layoffs, there will be salary cuts, they have to accept limited days of working, but the cycle will come back in 1-2 quarters," GlobalHunt India Managing Director Sunil Goel said.
"Post lockdown there will be an impact. But based on the impact there will be a correction, and there will be a revival also. This complete shutdown is not there for the whole industry," he added.
According to the report, hiring should not be eliminated at this point of time, rather it is recommended that organisations take this as an opportunity to take a relook on the required skills. Continued recruitment will help organizations remain skill-rich.
"Like the equity market, this is the best time to attract the niche and super niche talent from the market and build them as an asset to your organization," it added.