We live in interesting times!
Almost everyday, one is drawn into discussions about the 'job market in India'. And the more one dwells on the various aspects - it is quite obvious that there is something amiss in the entire ecosystem!
At a personal level, I have been getting more enquiries from job seekers, employers and recruitment associates -all equally anxious for the right solutions. However, the 'busyness' isn't really converting into business.
-The skills available simply do not seem to match that of those desired by the employers.
-It is almost as if people are window shopping (both hiring managers & aspirants) with no real sense of urgency-as corporates display low business confidence.
-Companies are paying differential annual hikes to key performers-and doling out lesser amounts to others!
- However the disturbing news -is that companies have stopped investing in freshers (even if it were in past -to build a pipeline of talent for the future- and bring down the overall cost !)-
Surprising -for a nation happy to hoard for future ( recall companies used to lap up third year engineering students -in a bid to offer jobs on a later date), and hire more than necessary ( as they built in a certain percentage of attrition & drop outs to be sure), right?
And what's worse is that most glamorous of employers, in the IT and auto industry, are open to looking at laying off people!! What lies unsaid..are the layoffs in lesser known companies -mostly third party service producers-who lose their jobs well before the snipping tool come down on the headcount!
Can we draw some insights from these symptoms? I would love to have your observations.
Does the future look bright? Are those likely to enter the workforce shortly-equipped to be relevant in the context?
Here are some show stoppers -in my opinion.
-Almost anyone who wants to get higher education now-can get it. In the past 5 years alone, the intakes of Engineering & Management students has gone by 3x !! Is there some tab of the quality of the input? Am not sure.
-Has the quality of education improved? There is huge clamour of the 'output' not just being industry ready. Disturbing -as the Education loans have gone up by 10x in the last 7 years-which means the aspirations of the pass outs..include a decent quality of life-after paying their EMIs. Can the campus offers keep in pace and ignore the ROI of a entry level hire??
- Are so many highly qualified professionals required ? And yes, after paying the EMIs, (which could be a third of most qualified professionals)..what would be the disposable income? Isn't India - an economy that promises to grow.. by increased consumption by a specific contribution from a segment of the demographics?
Am I over reacting to a small passing phase? Am I trying to read too much between the lines? I shall be glad to be corrected.
Or indeed, are we missing the woods from the trees?
PS: Meanwhile, should you want to know specifically what kind of jobs keep us busy @ Options presently, please visit our career site-where some of the not-so-confidential positions are listed!!
Will the twain ever meet?