The recession begins to fade

Job market doors are beginning to open once again. Thanks to the buoyancy across countries and locations, “enterprises are hiring, internal and third-party HR professionals are back in action and employees who maintained a stay-put status have started looking out.”

The IT/ ITES sector seem to be faring the best as they are said to be up for hiring “at least 150,000 people over the next year, against 100,000 this year and 350,000 to 400,000 [people later on].”

Economic Times said that “many companies have started reworking their hiring mandate. Infosys Technologies, which previously planned to hire 18,000 persons this year, has said it will hire an additional 2,000 during the third and fourth quarters of the current fiscal. A large number of product firms, R&D companies and mid-tier MNCs have also started hiring.”

“‘‘There is a sense of stability in the market. The next two quarters are expected to bring more clarity,” says T V Mohandas Pai, head of HR, Infosys. Pradeep Bahirwani, vice president for talent acquisition, Wipro Technologies, says, ‘‘There is a clear uptake in hiring, though it is too early to conclude if it is a temporary spurt or full-blown recovery.””

Third party recruiters – and otherwise – say that “hiring is currently more evident in non-IT sectors and it will take another couple of quarters before IT/BPO hiring picks up momentum.”

According to them, “recruitment is more evident in non-IT sectors. Industries like banking, retail, realty, healthcare, education and housing have been the early beneficiaries of the stimulus package. The thrust on infrastructure roads, ports, airports, highways, bridges will mean additional hiring in these spaces. Domains like telecom, oil & gas, energy, education, government (e-governance) and utility are also expected to be more active than the tech space.”

It certainly looks like those hiring “will be busy for the next two quarters with non-tech sectors, though the tech sector too has also started showing signs of recovery, says B S Murthy, chief executive officer, HumanCapital.”

Employees are beginning to step out of their recession-hit careers with hope for better salaries and regained positions. “There was virtually nothing in the market for almost a year. Many of us had no option but to stay put. Now, the situation has definitely changed, maybe it is time to start exploring again, says Kiran Kumar, an employee in a large telecom company.”

So candidates and recruiters alike, look lively! The market is slowly turning around and making changes in our favor.


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