Good news for job seekers: Modi’s victory turns mood bullish in dovish job market

The mere fact of Narendra Modi’s emphatic victory in the elections is enough for sentiment to have changed dramatically in the job market.

Leading recruitment and search firms, including Korn/Ferry International, ABC Consultants, Ikya Human Capital Solutions, EMA Partners, Transearch India and RGF Executive Search, said the general mood has turned bullish almost overnight in a job market that has been on a roller coaster for the past 8-10 quarters amid a prolonged economic slump.

Some sectors had already started picking up in the January-March quarter on the hopes of business sentiment turning positive and a stable government coming to the helm. This has now translated into expectations of big hiring across sectors starting as early as three months from now.

“Corporates got sick of inertia and the market had already started picking up in the last quarter. The clear-cut mandate means that expectations have gone up further in terms of the job market looking up,” said Navnit Singh, chairman and country head, Korn/Ferry International, a leading global search firm.

That sentiment was echoed by K Sudarshan, managing partner, India, and regional vicepresident, Asia, EMA Partners International. “Hiring is a function of corporate mood and confidence. The general mood is bullish and a spurt in the job market imminent,” he said.

In a survey that placement firm ABC Consultants conducted in early May, close to 85% of employers had indicated that total headcount in their companies will increase in FY15. “Things were already beginning to look good. We can now expect a new wave of anticipatory hiring,” said Shiv Agrawal, managing director, ABC Consultants.

Given the nature of the decisive mandate, recruiters could not have asked for anything more, Agrawal added. “I won’t be surprised if the increase in employment starts looking like the 2007 levels,” said Ajit Isaac, chairman of Ikya Human Capital Solutions.

While the new government may take a while to start making policy changes, job market momentum is going to build in three to six months. “We see an unprecedented job market from here on,” said Atul Vohra, managing partner, Transearch India. RGF Executive Search predicts a steady growth in the next six months and a big surge in the job market around October.

“This stable government will build momentum in the job market. Domestic business groups that depend on government decisions are expected to do big hiring now,” said R Suresh, managing director. Recruiters expect the infrastructure sector to drive the job market, along with financial services and real estate that will make a strong comeback.

The sectors that picked up in the last quarter include consumer, healthcare and technology while the downturn persisted in engineering, manufacturing and auto. With a stable government in the offing, infrastructure leads other sectors in job market sentiment.

Recruiters also expect an immediate spurt in mining and metals. Healthcare and environment-related reforms are likely to do wonders to the job market, said Sudarshan of EMA Partners.

“If the new government is able to strengthen infrastructure and defence sectors, the resultant public and private spending will result in job creation in big numbers,” Singh of Korn/Ferry added. The job market upturn is expected to cover most of the sectors in six months.

Hi guys If u like this post please leave a comment in comment box... comment box will top right of every post and bottom of every post. its useful for me give a better information.. check top of the blog there is menu bar in that go to comments i replied for u r comments because there is no direct option for reply for u r comments. if u want to give any suggestion in bottom of blog there is contact information option please leave a msgs with u r mail id sure i will get u.