Private Companies to generate 7 lakh jobs in 2020

Private sector players are likely to create seven lakh jobs and the overall increase in salaries is projected to be 8 per cent in the New Year, according to a survey. MyHiringClub.com & Sarkari-Naukri.info Employment Trend Survey (MSETS) 2020 indicated that most employers are optimistic about their hiring plans.

MyHiringClub.com & Sarkari-Naukri.info CEO Rajesh Kumar stated that “around 7 lakh new jobs are expected to be created in new calendar year 2020. Major contributors will be start-ups which are expected to create more jobs in every sector.” The survey covered 4,278 companies across 12 industry sectors in 42 major cities. The top places in terms of places generating a total of 5,14,900 jobs were Bengaluru, Mumbai, Delhi, Chennai, Kolkata, Hyderabad, Ahmadabad and Pune. The rest number of job opportunities will be in Tier-II and Tier-III in 2020.

Tier II and Tier III cities are able to create more jobs compared to metros due to companies moving their setup gradually from metros to these cities to keep cost control. In 2020, technology or technical skills are more in demand in comparison to other skills. Around 5.9 lakh jobs against expected 6.2 lakh jobs were generated in 2019 according to the survey taken. In 2020, retail and e-commerce sector will lead and is expected to generate 112000 jobs followed by IT & ITeS (Information Technology Enabled Services)-105500, FMCG (Fast Moving Consumer Goods)- 87500, Manufacturing-68900, BFSI (Banking, Financial Services & Insurance)-57900 and Healthcare-98300.

Salaries and bonuses in the country are projected to see single digit hike, while the anticipated overall salary increment for 2020 is 8 per cent. Shine.com CEO Zairus Master said reskilling will be a priority for existing employees in 2020. He noted that to address this skills shortage, recruiters are shifting their focus to hiring professionals with the ability to adapt to changing roles in flexible organizational structures.

Further he said that the coming year will also witness a renewed focus on data literacy. Data literacy is the ability to read, work with, analyze and argue with data. Data literacy focuses on the competencies involved in working with data. “Organizations will be on the lookout for professionals who can read and analyse volumes of data to facilitate deeper insights and informed decisions about the organizations workforce,” he added.