According to Economic Times report, due to the falling rate of economic growth in 2019, the job market may remain muted in the new year as well in terms of workforce expansion and salary hikes as more and more companies are expected to prefer the up-skilling of existing staff rather than hiring new ones, experts feel.
Indian Staffing Federation’s President Rituparna Chakraborty said, “2020 is expected to stay flat in terms of employment or, at best, have a marginal growth. With the GDP and key economic indicators yet to pick up steam, it remains to be seen if consumption and/or investments will go up and, if they do, then we have hope for employment growth”
According to recruitment experts, across industries, the percentage of organizations indicating an increase of headcount has gone down. However, roles for the ‘right people’ continue to exist in the market.
GlobalHunt India Managing Director Sunil Goel said, “Initial quarter of 2020 may not be very exciting since the GDP growth has gone down and the organizations are being cautious for their expansions or new initiatives. The second half of 2020, however, might look promising in terms of job opportunities of the companies’ resume looking at business expansion and new initiatives.”
“The forecast for 2020 from a hiring perspective will further see a drop with a lower percentage of organizations indicating the need to expand workforce across industries,” Namita Bharadwaj, Principal-India Products Leader, and Career- Consulting Leader (North, East & Bangladesh) at Mercer said.
Bharadwaj added, “the companies will continue to focus on internal talent – review what’s there, what’s required by the organization and build and upskill the talent as per the organization’s needs”.
According to Kameshwari Rao, Chief Talent Officer, Publicis Sapient, 2020 will be the breakout year for intelligent automation, as it will continue to bring enormous potential to automate end-to-end business processes.
“In 2020, we expect companies to increase usage of AI for managing customer interactions, developing and testing products, personalizing products and services, delivering connected equipment, and enabling deeper involvement of personal assistants in consumers’ day-to-day activities,” Rao added.
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