According to a report, there was a growth in jobs creation in the year 2015-16 as the FY16 was known as the most productive year for staff hiring. Over 100000+ jobs being created and 2016 noted as the most productive year for recruitment. While,FY16 saw growth in hiring volumes as nearly 1078 companies had added up to 3000 employees per company, among them only 6 companies saw an increase in hiring and 20 firms had recruited an average 3000 employees in last year.
Recent study named”Employment in the corporate sector“mentioned that there was a recovery in hiring activities as there was a marginal decline in the year 2015. In terms of jobs creation FY16 was the best year, generated nearly 108000 jobs as compared to 84,000 jobs in FY13 and 46,000 jobs in FY14.
The impact of demonetization was marginal on all sectors, but sectors like real estate, telecom, and aviation saw slowly down in the pace of jobs creation in the year 2017. The report is based on the data provided in the annual reports of the sample companies across sectors for FY15 and FY16.
The report further added that there was a relationship between GDP growth and jobs creation. As the higher rate of GDP growth rates in FY14 and FY15 resulted in low growth rate in jobs creation and FY16 saw reverse scenario in jobs creation Vs GDP.
While, manufacturing sector saw essential growth in hiring across all segments and certain industries like capital goods and infrastructure industries saw downfall in hiring due to slowdown in investments.
Unorganized sectors like construction and manufacturing sectors had seen slow down in hiring activities due to low growth levels and impact of demonetization. As the government initiatives like Make in India and Digital India to encourage infrastructure and other sectors may create more job opportunities in coming years. Other sectors also expecting to create more jobs in coming years.