The India Employability Index: Curtainraiser

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The India Employability Index is ready to be out! Here are the rushes. Let us know if you'd like a copy of the report.

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The India Employability Index: Curtainraiser

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India ranks among the lowest in percentage of students enrolled for Skills Education. To get some perspective China has about 10 times, and Germany 14 times the percentage of students undergoing vocational training every year. In the 15-29 year age group, among those in the hands-on labourforce, only 2% would have been formally trained and 8% acquire skills on the job. And of those that receive formal training only 3% secure employment. The starkness of the picture is apparent when one considers the numbers at hand – 12.8 million people entering the workforce every year. The cost of an ill-trained workforce? Poor productivity. Despite appreciable improvements, workforce productivity for India is amongst the lowest, not just in the world but within Asia as well. The demand-supply mismatch – in terms of the inability of education to be able to feed employable skills into employment – is grave.

Signaling value of Skills Education and Hands-on Jobs

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Workplace gender inequality is a global phenomenon. McKinsey Global Institute estimates that women add 37% of the world’s GDP while constituting one-half of the global working age population. If they played an identical role to men in the labour markets, however, women could add about USD 28 Trillion to global GDP by 2025, or add about USD 12 Trillion if their proportion in the workforce was brought up to ‘best-in-the-region’ levels. On each of the above numbers India has the most to gain, compared with 95 other countries. Women’s share of India’s GDP is about 17%, and the above two scenarios could elevate the country’s GDP by 60% and 16%, respectively. Getting anywhere close to these numbers requires India to recast its outdated social mores substantially, however.

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The TeamLease Employment Outlook Report provides a rich overview of hiring sentiments and trends across 9 key sectors and 8 major cities in India. They are a half-yearly exercise in capturing and reporting on Talent Acquisition plans by Indian employers. Over the years, the Employment Outlook – defined in the enclosure alongside –has come to reflect an accurate, forward looking, sense of the inclination to hire by organizations, thus helping Talent Managers across India with highly relevant decision support. The report aims to: 1. Measure trends in hiring sentiment across the country, and estimate Job Growth, by city and sector. 2. Drill across geographies, business size and hierarchy to provide additional dimensions of the statistic. 3. Identify the key drivers of hiring sentiment at a ‘big-picture’ as well as sector-level.

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Deep insights and comprehensive overview of the mechanics of jobs, hiring, skills and their drivers, trends and forecasts across eight cities and nine sectors in India. The Team Lease Employment Outlook Surveys are designed to deliver a deep and wide, analytical, insight about business and employment sentiment trends across sectors and cities in India. The surveys are structured broadly to capture the factors that influence sentiment, job growth, employer needs and candidate aspirations, skill and salary trends and state them at an overall and at city- and sector-levels.

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A comprehensive overview of the labour market comprising Jobs, Salaries and Skills. The Jobs and Salaries Primer is the latest in our continued endeavor to report unified salaries across temporary and permanent hiring markets, and relate these to skills across select cities and industries. This time round, we add ‘Jobs’ data to the set of insights and report industry-specific insights that have led, or are leading to, job creation. Job creation and sustenance, pay actions and rewards, skills and performance –the Jobs and Salaries Primer is an effort at unraveling the linkages between these three, critical, labour market attributes.

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The Salary Primer is an annual compilation of temp and perm market salaries across the most relevant geographies and industries, accompanied by trends and insights which add value to hiring and talent management decisions our stakeholders make. Temp and Perm salaries have been seen to be converging for some years now. During our course of an annual analysis of salaries we found that the margin of difference between the two is not statistically significant anymore and has, therefore, practically diminished. This meant, reporting a ‘unified’ or a single salary across the temp and perm domains is now feasible. As the differential between temp and perm salaries pales into insignificance – ‘not significant’, as statistics puts it – we decided it is time the convergence is reported for what it is: a unified industry salary.

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The quarterly TeamLease Employment Outlook Report provides human resource policy and decision makers a forward looking tool that tracks hiring sentiments in the market. The report carries an insight into what businesses of various sizes – across the country and across industry sectors – have on their talent acquisition anvil for the immediate next three months. The Employment Outlook Survey is carried out, and the analysis done, in the preceding quarter.

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Today’s world is not what it used to be just two years ago. And India – with all the resilience she has shown over the last 10 quarters – has the potential to emerge an economic might only if the teeming millions that are born and brought into the workspace are allowed to break free of the shackles of the Ovarian Lottery. What this takes is the moot point the 5-year Special addresses. Take a sneak peek at The India Labor Report: 5 year Special. Comment or message me if you liked it and you will receive the complete report when it releases early November.

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TeamLease Services, one of India's largest staffing companies and a pioneer in the Indian temporary staffing industry, has mandated inTouch analytics to bring out the Employment Outlook Report once every quarter with the purpose of providing human resource policy and decision makers a forward looking tool that tracks hiring sentiments in the market. The report carries an insight into what businesses of various sizes – across the country and across industry sectors – have on their talent acquisition anvil for the immediate next three months.

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