Friday, March 1, 2024

Career Trends Post-Demonetisation: What Are They Like Now?

"We are also seeing an increase in demand for Artificial Intelligence, IoT, and Cloud", Joseph Davasia of Antal International India.

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On 8 November 2016, we were hit by a surprise development that witnessed demonetisation of the old Rs 500 and Rs 1000 notes that were till then in circulation in India. This was a decision, implemented by the Indian Prime Minister Narendra Modi in a bid to curb black money, money laundering, and counterfeiting of high-value currency notes. This move caused ripples across sectors and did not spare the career sector as well.

Upon demonetisation, career counsellors/experts went into an overdrive while pondering over the future of many industries that were until demonetisation considered to be lucrative. Now, as expected, confusion and chaos have naturally been created everywhere in India with respect to jobs post-demonetisation.

Now, in a bid to demystify job trends post demonetisation, let us look at some of the current job trends that are dominating the economies of major Indian metropolitan cities. These trends should offer fresh graduates lots to cheer about. Take a look at these hot trends, in 2017, below:

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First things first, is my industry hit by demonetisation? 

Joseph Devasia
Joseph Devasia

As per experts, there was indeed a slight slump after demontisation. “Companies slowed down on hiring; however, the markets have now picked up which has also resulted in an increase in hiring.”, states Joseph Devasia who is a Managing Partner at Antal International’s Mumbai office specialising in senior executive assignments for medium and large-scale companies.

If hiring has picked up now, which are the current hot trends in India

According to Joseph, sectors viz. IT, Pharma, Healthcare, Retail FMCG/CD, Fintech and Manufacturing are the ones that are currently contributing to maximum job generation.

Apart from the above, there are also domains such as the Internet of Things (IoT), Artificial Intelligence (AI), and Cloud Computing where there is substantial hiring. However, in India, research aspects in these sectors are now beginning to take off which means that there is surplus requirement for skilled manpower.

The most preferred ‘hot’ choice of fresh graduates and job seekers

If you are a very recent graduate, preferring to work in metros such as Mumbai and Bangalore, the ‘traditionally hot choices’ still dominate the latter; whereas a relatively new domain is making waves within the former.

As far as preferred choice amongst candidates is concerned, Joseph Devasia who has vast experience in recruitment and also interviews candidates stated that Fintech stayed on top of job seekers’ minds in Mumbai; whereas it was Information Technology Enabled Services (ITes), Technology sector, e-Commerce, and technology research startups that dominated candidates’ choice of work in Bangalore.

The above information is indicative of the current hot job trends. However, remember that these statistics could even change, albeit not in a major way, when the new fiscal begins.


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