New Delhi: The employment scenario in 2020 is unlikely to see any major improvement in terms of workforce expansion and salary hikes, experts have said.
Companies are expected to focus on upskilling the existing talent available in the company rather than going for a fresh infusion of talents, news agency PTI said, compiling the views of HR executives.
“2020 is expected to stay flat in terms of employment or, at best, have a marginal growth. With the GDP and key economic indicators yet to pick up steam, it remains to be seen if consumption and/or investments will go up and, if they do, then we have hope for employment growth,” Indian Staffing Federation’s President Rituparna Chakraborty said.
The first quarter of 2020 may remain tepid in the job market because of the dwindling GDP growth rate and companies would remain cautious. The second half of 2020, however, might look promising in terms of job opportunities of the companies resume looking at business expansion and new initiatives, said GlobalHunt India Managing Director Sunil Goel.
“The forecast for 2020 from a hiring perspective will further see a drop with a lower percentage of organisations indicating the need to expand workforce across industries,” Principal-India Products Leader and Career- Consulting Leader (North, East & Bangladesh) at Mercer Namita Bharadwaj said.
Some HR firms further sais that 2020 will see muted activity in salary and increment, though top talents will continue to enjoy increments.
“The slowdown will no doubt result in layoffs and reduction in the number of new hires in certain sectors. However, due to extensive digitization, job opportunities for those with skills in emerging technologies will continue to grow,” Society for Human Resource Management (SHRM) India Associate – Advisory Services Swati Thakur said.
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