Demonetisation: Job hunt will be difficult in 2017
- The month-to-month analysis of this year witnessed low hiring growth compared to last year.
- Sector like construction, real estate, infrastructure and high-end automobiles will face its impact in the long run.
- Good news is that in the longer run there will be more formal jobs in Indian market.
If experts are to be believed then, demonetisation will have its impact on job recruitment and pay hike since employers are already on 'wait and watch' mode.
In comparison with 2015 trends, the month-to-month analysis of this year witnessed low hiring growth. Also, the projected salary increase was 20% on the higher side, but the actual salary hike failed the projection.
Joseph Devasia, Managing Director of global executive recruitment firm Antal International India, clarified that "Consumer-driven sectors like e-commerce, FMCG/CD and retail did well initially. However, the recent demonetisation move has had a drastic impact on the sales and currently we are seeing a slack in hiring there as well for the next two years."
Experts commented that after demonetisation the hiring outlook in the country received a significant blow and also that sector like construction, real estate, infrastructure and high-end automobiles will face its impact in the long run.
Willis Towers Watson, the global multinational risk management, insurance brokerage and advisory company, thinks that only 31% companies in India are positive about hiring outlook in next year and only single digit salary hike can be expected.
Apart from demonetisation, Trump's win also will have its impact on India's IT sector because of his anti-immigrant stand and new policies on H 1B visa.
However, in the longer run due to demonetisation more formal jobs will open up benefiting the youth of the nation.
As Rituparna Chakraborty, co-founder of Team Lease, a staffing solution firm, puts it by saying, "A bold move which is definitely pro formal jobs. Such moves also build the confidence of external investors to set up shop and contribute to the economy."