Indian cos in hiring mode, may add 1 million jobs in FY11

[ChromeFoundry]

Source: Economic Times India

10 Mar 2010, 0446 hrs IST, ET Bureau

NEW DELHI: Indian companies are the most optimistic on hiring plans for April-June 2010, with the organised sector expected to create close to a million new jobs in FY11, driven by a revival in economic growth and strong job opportunities, according to two global employment trend surveys.

The quarterly Employment Outlook Survey conducted by HR consulting firm Manpower showed two in every five Indian companies plan to increase their headcount in the second quarter of 2010. A separate survey by HR Services provider Ma Foi Management Consultants showed companies are optimistic about FY11, but are treading with caution in the April-June quarter.

The Manpower study pegged India’s net employment outlook (NEO) at 39 for the second quarter, an improvement of four percentage points compared to the previous quarter. The survey covered over 5,300 employers across 30 cities in the country.

Hiring intentions were highest in the services sector, with an NEO of 48%. Within the sector, employers in the finance, insurance, real estate segments have reported an NEO of 41, an increase of 4 percentage points over the previous quarter. The services sector had witnessed the biggest jump in hiring intent last quarter too, up 20 points over the previous survey. The weakest hiring pace is reported by employers in the transportation & utilities sector (28%).


Read more: http://economictimes.indiatimes.com/articleshow/5665557.cms

[scentopine]

1. Foreign outsourcinig - the backbone of America's domestic policy. -nt

[dmallind]

2. 1m out of 1.1B?? The US will add much more as a ratio than that guaranteed! NT

[scentopine]

4. zero net jobs in US since 1999 -

http://www.washingtonpost.com/wp-dyn/content/article/2010/01/01/AR2010010101196.html?hpid=topnews

From what I see happening in high tech, there is zero interest in new hires, old hires are either working 60 hour weeks or none at all, wages and benefits slashed and consolidation and outsourcing is rampant.

The middle class is eroding into oblivion and we are passing tax credits as stimulus. Enough bullshit to make me sick.

All Americans seem to be able to do is sell insurance, create right wing talk shows, trade paper on wall street and elect asshole politicians who spend every waking hour working against America's (as defined by the 95% population who aren't multi-millionaires) best interests. Everything else seems to be outsourced to unregulated or poorly regulated labor markets in Asia. The exception is certain military programs.

[dmallind]

5. Wanna bet that stays the same in FY11?

[dflprincess]

6. And what will all these jobs pay?

Enough to pay the rent? Or will they be the type that a person needs two or three of just to get by?

[scentopine]

7. I will certainly bet less than a million new jobs and also bet

that real earnings after food, energy, health care, taxes et al will continue to decline while upper 10% earnings will continue to increase.

I just don't see that reversing by end of Sept. Executives have been very happy to see employees respond so well to current environment - so happy that their bonuses continued unabated even as employees received nothing.

I see management short circuiting product development and R&D in US and now going straight overseas. After high tech, there isn't much left in USA to produce besides resources, corporate agriculture.

Even H1Bs are complaining about about getting laid off due to outsourcing.

[girl gone mad]

8. Roubini says it will get worse.

Not sure I'd bet against him.

[InfiniteThoughts]

3. the real reason for India's growth & resilience in the economic downturn

NREGA - National Rural Employment Gaurantee Act ensured that rural India where folks live on $0.50 a day get an assured $1.5 a day for at least 100 days (totalling min payment of $1500 pa - a lot for real poor in rural India)

Now that's the real reason why India was able to withstand the economic crisis as spending kept the growth engine ticking.

Wish that the US govt comes up with a similar plan (i expect the repubs to call it socialism - but i don't care. 10% unemployment is completely unacceptable!)

[aquart]

9. My, this annoys me.