India’s economy is growing, but job creation has not kept pace. Unemployment is at a high of four decades. The most affected are educated millennials whose ambitions are greater than their parents. As employment in organized production declines, the focus on developing skills must shift from training young people for jobs to qualifying them for self-employment.
This is because they know that employees in the company will go on vacation in the summer and it will be harder to complete the hiring process. According to the Centre for Monitoring Indian Economy (CMIE), an independent economic think tank based in Mumbai, more than 1.8 billion employees have lost their jobs since the pandemic, and at least 50 lakh of them were reported in July. For example, on paper, the minimum wage for a qualified job like a Delhi mechanic is £18,797 per month. Most recruiters and job seekers use more than one platform at a time to increase their chances of finding the right candidate or job.
Despite the constantly growing workforce and job opportunities, automating recruitment remains largely uncharted territory for many small and medium-sized companies in India, which continue to use crowded job boards and outdated hiring strategies. Low job satisfaction is one of the main causes of low retention rates and productivity, which could be drastically increased if companies find the right candidates for the jobs offered. Finding a job is already a major challenge in most countries, but the problem is even greater in India, where the workforce pool is growing by 10-12 million workers each year. Many companies also pay annual premiums in December, so many people wait until January to change jobs.
Several reports have pointed out that India needs to add at least one crore post per year to counter unemployment. The job losses caused by the pandemic make this task even more difficult in view of the negative employment growth. If India’s employment situation does not improve in the near future, the situation could worsen for the country’s large number of young workers. With a large workforce pool in India, it’s important that workers demonstrate their expertise that sets them apart from their competitors and helps them find the right job. In the IT sector alone, the number of digital professionals must increase nine-fold by 2025, and the average employee in India must develop seven new digital skills by 2025 to keep pace with technological progress and demand, according to a report from Amazon Web Services.
In just 3 days, a regular job posting can receive more than 600 applications and be thousands for well-known companies.