Job security concerns rise in India

Silicon India
Bangalore: A survey conducted by a research firm reports that 52 percent of people, who were surveyed last month, say that there has been decrease in Job security. "In the June survey, approximately 52 percent of surveyed respondents observed (compared to 12 months ago) a decrease in job security compared to 48 percent in the May survey," according to Boston Analytics' monthly Consumer Confidence Survey, Press Trust of India (PTI) reported. The survey was conducted on 10,000 respondents across 15 Indian cities, including Delhi, Mumbai, Kolkata and Chennai.

The survey further claimed that the job market in India has been sending some mixed signals in the recent months. Sentiment related to job security on an observed basis has fallen again in the last month, reaching its lowest level since August 2008.

Sectors such as information technology, construction, aviation, financial services and real estate, which contributes to almost nine percent of the nation's GDP growth also faced severe cutbacks. While export oriented sectors like gems, jewelery, textiles and leather has also seen large scale layoffs due to global economic crisis.

However, many companies are optimistic that business condition and domestic demand to grow will improve soon. "On the expectations front, about 22 percent respondents (surveyed last month) feel unemployment will decrease in the next 12 months compared to 19 percent in the May survey," Boston Analytics said.

Sectors such as FMCG, food and beverages, banking, retail, energy, infrastructure, and pharmaceuticals have started hiring more people. About 24 percent respondents observed a decrease in unemployment in June compared to 21 percent in the previous month.

The most positive factor pointed out by survey is the growing optimism. "Positive sentiment about the nation's macro-economic outlook has translated into optimism about creating alternative means of employment," survey said. About 43 percent respondents felt it would be easy to create alternative means of employment in the event of a job loss