During the COVID-19 pandemic, the job market saw a declining rate of 60% from April 2020 to May 2020. Over the months, it tried to recover bit by bit, but the overall growth of the job market is still lacking by many folds. The effect of the COVID-19 pandemic is still present and evident in the industry.
As the companies are steadily adapting to the new normal, the hunt for the right talent to fill their vacant positions is steadily growing. This article will discuss the condition of the jobs in Mumbai market during the pre-COVID period and the post-COVID period.
Right now, in the post-COVID period, getting a proper job can be challenging. But with the right recruitment platform, people can easily get jobs in Mumbai in no time.
Indian job market, in overall, has been volatile throughout the year
Job Market In the Pre-covid period
Before the pandemic, most people usually commute to workplaces for jobs. Very few people used to choose to work from home, like freelancers. But according to the data of Statsguru, the job market in India, including Mumbai, was declining at a steady rate. Also, the gross domestic product growth faced a decline.
Even before the COVID situation, the Indian jobs in Mumbai weren’t progressing much. The survey from the National Statistical Survey suggests the decline of high-frequency jobs and the ever-increasing employment rate. And COVID put a huge blow in the weak job market. The unemployment rate in India increased by 32 percent, and 83 percent of women chose to not work anymore.
The survey data disclosed by the Centre for Monitoring Indian Economy (CMIE) has mentioned that from the middle of 2016 to early 2020, the labour participation of females from all age groups fell straight from 16.4 percent to 11 percent in total. The number has been further pushed down to 9 percent due to the pandemic.
Further down the period, during August 2020, the unemployment rate was at 8.35%, and in the next month, the number went down to 7%. Despite having a high literacy rate of 77 percent, the unemployment rate of India remained at 24.1 percent.
Job Market in the Post-Covid period
The September 2021 data showed there has been a total 60% increase in the employment rate, promising a strong recovery from the pandemic. The number of active openings for white-collar professionals through LinkedIn has changed the overall job market. The jobs in Mumbai are increasing significantly, showing a steady recovery. However, the market is still affected if we count year-on-year, but on a month-on-month basis, the market is not falling behind.
Some notable key factors that may be adapted in the future work culture
The new hybrid working model: One of the most surprising behavioural shifts that the Indian job market has seen is the remote work culture. Due to the pandemic, corporate sectors had to adapt to work from home. If we compare the pre-COVID period, then remote work hiring has increased by three folds during the post-COVID period. Jobs in several different sectors such as IT, BPO, Education, E-commerce, Teaching, Digital Marketing are major contributors to the job market. The recruitments for remote jobs have majorly happened in these sectors.
The acceptance of remote work has paved the way for a new and hybrid work model where employees have to come to their offices on alternate days. In a survey, more than 76 percent of employees have stated that they become more productive while working from home rather than working in their offices. But the data is just not one-sided; around 69 percent of recruiters have mentioned that they have seen more productivity among their employees while they are working from home. With the companies thinking of adapting this hybrid model, the whole job market is going to go through significant changes.
Remote hiring becomes the new norm: Since the remote working or the hybrid work model will become the norm, job seekers and aspiring candidates should start preparing virtual assessments and online interviews and crack the jobs in Mumbai. As the campus recruitment has also taken the remote approach, therefore, top HR experts are recommending the candidates to familiarize themselves with the webcam. Because sometimes, online interviews can be quite uncomfortable.
The sector hiring in 2021: During the whole pandemic, technology has been the most effective and life-changing factor in our daily lives. And the corporate sector has craved digitalization. The IT sector jobs in Mumbai have not faced many drawbacks due to the pandemic. And after the pandemic, the IT sector jobs in Mumbai have seen 10 percent growth. The BPO sector also started the year with positive growth. With increasing WFH support, the technological, communication and teaching sectors have maintained their growth rate.
Candidates who are directly or indirectly related to IT, Teaching, Medical, BPO, etc. can obviously opt for jobs in these sectors because the recruitments would increase in the following industries.