India started the journey of economic liberalisation twenty-five years ago which opened several doors to globalisation and market forces. We also witnessed the investment and trade regime introduced in 1991 raised economic growth, increased consumer choice, and reduced poverty significantly.
However, we saw major shifts in the Indian job market due to the pandemic of the remote working culture. Here are the major key points that have transformed the Indian job market for the year:
1. From poverty to empowerment
Economic liberalisation lifted millions of Indians positively. The poverty rate declined from 45% in 1994 to 22% in 2012, but this statistic defines only the most dismal situations. The Indian job sectors transformed in the areas such as nutrition, water, sanitation, energy, housing, education, and healthcare. However, the private job sector has played a substantial role in creating and providing effective basic services.
2. Structural change and economic development
Major sectors (agriculture, industry, services, and so on) in the Indian economy define the term “structural change”. These sectors relatively showed growth and used labour for better output. In the context of large, low-income, and dualistic developing economies the corresponding changes in the structures of production organisation and labour use are of critical importance.
3. Skill development is transforming the employment sector in India
In India, several initiatives such as Industrial Training Institutes (ITIs) and Scheme for Higher Education Youth in Apprenticeship and Skills (SHREYAS) trained millions of Indians and contributed largely to the skill economy.
4. More opportunities for Indian women
Women in India now want the same opportunities as women globally are fighting for. Working women in India contribute to 17% of GDP which means just 24% workforce, compared with 40% globally. According to a Zinnov-Intel 2019 Gender Diversity Study, the representation of women in the Indian job market has risen from 21% over five years to 30%. Women are entering the world of entrepreneurs and scripting their opportunities.
5. Hybrid Working Model will be the future
Remote work or working from home was popular even before the pandemic entered our lives but COVID-19 fast-tracked this process. Hybrid work culture is no longer an option to avoid office stress but a new normal for the coming years. Therefore organisations are improving their workplace strategies to make them more effective for their employees.
6. Upskilling to stay relevant for career progression
Upskilling is not a choice rather a mandate for various job roles including tech profiles where new technologies and skills emerge and one is expected to master them quickly. Why upskilling will be relevant for career progression, read this report here.
7. Remote Hiring will be the new norm
One of the biggest benefits of hiring remotely is that the employer is open to more options and is no longer restricted to local talent. To know more about why remote hiring will be the future, read this report here.
8. Freelancing and Part-time roles will gain popularity
Due to the COVID-19, the Indian job market has become tougher. Those looking for jobs must be open to work freelance and part-time jobs to gain some experience in their respective domains. This is especially for freshers. Job seekers instead of only focusing on full-time roles must pick work on a project basis to strengthen the resume.