Consider these 9 things before investing in mutual funds!
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Following a massive dip in hiring activities in April 2021 due to the second wave of Covid-19, hiring activity in India has been on a steady recovery, with the hiring rate at around 65% in July this year which was above the pre-Covid level, according to the LinkedIn India — Labour Market Update. At the end of May 2021, hiring rate was 35% higher. In June 2021 it was 42% higher as compared to the pre-Covid levels in 2019, it said. The report added that large sectors like Manufacturing, IT and hardware have started ramping up hiring after a year of hiring freezes, and are hopeful that the trend will continue to grow.
Steady recovery
Hiring activity has been on a steady recovery and has been largely driven by people switching jobs rather than new entrants into the workforce.
When Covid hit the country, there was a huge drop in people switching jobs, with the share of members changing jobs falling nearly 48% in April 2020, as compared to the same period a year ago. This was an indication that they were sheltering in the job.
In July 2021, the number of people changing jobs is nearly 59% higher than the same period in pre-Covid time, the report said. As of March 2021, there has been a 61% increase in job transitions, as compared to the same period in 2019.
As the economy continues to reopen and recover, attention is shifting to opportunities in new and emerging jobs and their role in the labour market.
According to the report, majority of transitions into emerging jobs are coming from non-emerging roles. It also added that the transitions into Data and Cloud professions saw a 54% shift, while 57% of the shifts were made from non-emerging roles, respectively.