Friday, June 14, 2024

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

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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.

Experts predict stability

As per Joseph, and a lot of other industry experts (who spoke to us on the condition of anonymity as they were in the career survey process currently), fresh graduates desirous of building a career in the FMCG sector have lots to cheer about as the Indian FMCG industry is predicted to show a growth rate of 6-7% next fiscal year.

“Demonetisation had an impact on this sector, consumers were not spending much. However, the situation has improved and this sector is bouncing back to normality”, observes Joseph.  

In fact, companies (in the FMCG sector) have also re-worked and restarted their hiring plans. This includes voluntarily initiating communication with candidates/job-seekers. This was because this sector witnessed a lot of talent in the mid-senior level  switch to e-commerce and startups.

A far as the other career buzzword, Pharma, is concerned, experts are optimistic about the industry witnessing a scale-up as far as new investments are concerned. This would directly lead to a hiring spurge.

Experts have their reasons for optimism; the primary reason is the current government’s interest ti improve and promote affordable healthcare by setting-up new learning/research institutes and enhancing the overall quality of Medical education. Currently, the government has allowed 100% influx of Foreign Direct Investment (FDI) in healthcare/pharma sectors. This means that more number of jobs would be created in the very near future.

If you are looking at specifics, experts believe that the sector would offer more & more opportunities in sales, product specialisation, along with Research & Development (R&D). You can thus choose your pick judiciously.

IT ‘s dominance continues unabashed

If you are looking at building a career in IT, then it would make sense for you to acquire skills specific to verticals such as algorithm design, data sciences, and cloud computing.

Not everybody is safe from demonetisation

Like two sides to every coin, there are sectors that experts believe are not favourable for now. This includes Automation that has reportedly witnessed a slump within its lower levels. There is no need to get disheartened though as experts believe that this scenario is now only changing for the better.

“Initially we saw a glitch here, post demonetisation sales dropped however that consumers have started spending again the scenario seems to have changed”, opines Joseph.

Be Wise

Finally, remember that ups and down are part of every domain. Therefore, don’t think of taking up a career line just for the pay it offers; evaluate your interests properly in tandem with your skills and then, only then, take the plunge. Always remember that trends are bound to be replaced by newer ones.


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