Government initiatives in sync with enhanced business sentiment; adds to employable opportunities and job security
The ZyFin Research's Employment Sentiment Index stood at 57.3 in July'15 as compared to 56.3 during Jun'15 reporting 9% (y-o-y) rise. The Index is at an all-time high voicing expectations of renewed hiring, better compensation prospects and improved job security. The augmentation of the index exhibits assurance in Government initiatives towards improving the ease of doing business in India, impetus to manufacturing through incentivizing the Make in India program, the Digital India campaign, labour market reforms and cooperative federalism.Giving his views on the ZyFin Employment Sentiment Index numbers for the month of July, Mr. Debopam Chaudhuri, Chief Economist, ZyFin Research, said, Positive employment sentiment is a testimony to India's demographic dividend led by a young population. It is necessary to leverage this positivity with a sharp focus on skill development and expanding job opportunities, before it starts to wane off.
The ZyFin Research's Employment Sentiment Index reflects consumers' perception of the prevailing and expected employment situation in India.
Highlights of Employment Sentiment Index
Indian consumers are optimistic of a re-bounce in employment opportunities and associated growth in household income. The sectors to witness upsurge in hiring include banking, financial services, the IT industry, telecom, healthcare sector, the retail industry led by e-commerce, etc. The Index is also enumerative of advancement in pay scales in these sectors.
Mapping the Employment Sentiment Index across the Indian geography demonstrates improved employable opportunities at an all India level with the only exception being East India.
The Eastern region with a prevalent agricultural sector, poor industrial base and lack of infrastructural facilities along with political insurgency displays subsistence living. The Index for East India contracted by 1.7% to stand at 46.4 revealing pessimism towards employable opportunities. However, the index persisted to rise in North India, South India, West India, the Metros and Tier I and Tier II cities.
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Amongst the demographic stats, all age groups confirmed exuberance towards employable prospects. The Index for the age group of 18 to 24 years clocked 58.8 recording highest growth amongst demographic indices while the index for the age group 56+ years showcased lowest growth of 55.1.
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