MNCs & large Indian corporates have indicated that they may go ahead with at least 70% of their planned hirings, Quess Corp says.
Mumbai/New Delhi: India’s unemployment rate has probably peaked with large companies looking to restart hiring as the economy gradually exits the world’s biggest lockdown, says the head of a top staffing firm.
“Companies have already started conversations with us for hiring requirements in June and July, and the sense we are getting is that the worst of the job losses are behind us,” Ajit Isaac, chairman of Quess Corp. said in an interview on Tuesday. “I can see the bend in the road, and the bounce back in hiring in sectors like financial services, health care, and last-mile logistics will be sharper.”
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The outlook from Quess, which claims to be India’s largest private-sector employer providing everything from sales staff at supermarkets to trainers for more technical industries, follows Prime Minister Narendra Modi’s move to allow some businesses to resume operations. A record 122 million people were forced out of work in April due to shelter-at-home rules that are due to lift next month.
Multinational companies and large Indian corporates with stronger balance sheets have indicated to Quess that they may go ahead with at least 70% of their planned hirings. Isaac sees that number possibly revised in the quarter starting July.
However, such firms account for just about 15% of India’s workforce. The bulk of employment — and 40% of gross domestic product — is concentrated in the so-called informal or parallel economy.
Source: The Print
