Economy

Hiring in India around 42% above pre-Covid levels: LinkedIn report

Hemani Sheth Mumbai | Updated on August 03, 2021

Gen Z candidates with disruptive digital skills are more likely to land jobs

India’s hiring rate has been recovering steadily since the second wave of Covid-19, according to LinkedIn’s latest Labour Market update for June 2021.

As per the report, India’s hiring rate was 42 per cent higher at the end of June 2021.

“There was a deepening hiring dip in April 2021, corresponding to the second wave of Covid-19 cases in India. Since then, it has been recovering steadily compared to the pre-Covid levels in 2019,” the report said.

It was 35 per cent higher at the end of May 2021. The increase is likely due to a release of pent-up hiring which had further accumulated in 2020 as companies took a more cautious stance towards hiring.

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The hiring rate is a measure of hires divided by LinkedIn membership. The analysis looked at the changes in hiring rate between this month and the same month in 2019.

While hiring is improving steadily, the competition for jobs is lower compared to 12 months ago. However, applicants are applying more aggressively.

Competition is measured by the average applications per job this month compared to one year ago.

Job seekers adjusting strategies

Last year, the applications per job doubled in the middle of 2020 during the height of global lockdowns.

“Taken together, this suggests that the supply of jobs has increased in the market, and also that workers are more actively seeking jobs. In this environment, professionals who upskill will likely have a wider spectrum of jobs available to them,” the report said.

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Furthermore, job seekers in different industries are adapting to changes and adjusting their jobs search strategies.

The Hardware and Networking sector was at the top of the list this month, but the rate has fallen from 2.9x last month to 2.5x this month. Over 75 per cent of workers who transitioned out of the Hardware & Networking industry, moved to the Software & IT sector in June 2021.

Right skills, a key factor

Separately, young workers with hardware and software skills are more in-demand as compared to their peers.

As per the data, between January 2018 to June 2021, the share of Gen Zs entering the workforce has increased by over 4.2 times.

Looking at the different levels of digital skills, the analysis further found that relative to others in their age group who only have basic or applied digital skills, Gen Z who have either software/hardware skills or disruptive digital skills are between 1.3 to 1.5 times more likely to be hired.

“With the rapid changes taking place in the economy, jobs are becoming increasingly digital, and it is necessary to have the right skills in order to remain relevant and competitive,” LinkedIn said.

Published on August 03, 2021

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