India is witnessing its weakest hiring sentiment in the last 15 years, with only three per cent companies planning to hire in the three months, Manpower Group Employment Outlook Survey reported.
The survey included the impact of a global pandemic in the following outcome in 813 firms across the country. Nearly 44 per cent of employers said that they may return to pre-COVID-19 hiring within the next nine months whereas 42 per cent were unsure about adding new employees to the company, reported YourStory.
When asked about existing members of the workforce that have been placed on job retention or furlough scheme, almost 42 per cent of companies suggest they plan to bring them back with reduced hours, however, a portion, three per cent, indicate these staff will be laid off.
The survey also showed that seven per cent of employers expect an increase in payrolls, whereas, three per cent forecast a decrease and the other 54 per cent expect no change. Once the data is adjusted to allow for seasonal variation, the Outlook stands at 3 per cent, it further said.
Speaking of the order, the large number of hiring was recorded in the small-sized organisations, followed by the medium-sized and large-sized firms.
"Post the 'right-sizing' exercise aligning themselves to the current market demands, organisations are now looking at improving productivity, new forms of employee engagement, getting furloughed employees back and implementation of technology," the media quoted Sandeep Gulati, Group Managing Director of ManpowerGroup India.
Gulati further said that the government is extending their help to ease the burden on corporate India by providing various SOPs from production-linked incentives to changes in the labour law and relaxation on tax returns.