This news might be a bad one for you if you are looking for jobs because only 5% of the companies are planning to hire employees in Q2. This survey was conducted by Manpower Employment Outlook Survey. According to this data, 5% is the lowest for 15 years. The employee outlook has been hit to a 17 year low with all the industries like manufacturing, services, and wholesale fall to their all-time low
5% of the employers have anticipated an increase in payrolls, 2% expected pay cuts, and 47% expect that there will be no change in the pay for the next three months. The survey also said that the hiring pace is higher in medium-sized companies, large-sized companies, and small-sized companies respectively.
Although the chances of hiring are weak for the next three months, the overall outlook of hiring in the country is optimistic and in par with Taiwan and Japan. Employers’ outlook in Japan and India are the highest globally, with Singapore being the weakest. According to CMIE, India has added around 2.1 crore new jobs in May. But the unemployment rate in the country is still at 24%, which is alarming.
In big corporations, the salary cuts and layoffs have become an ordinary thing. The PMI(Purchasing Managers Index) has said that unemployment is low not only due to the lockdown in previous months but also due to low sentiment for recovery in the upcoming months as well.