As the coronavirus outbreak had hit the global and Indian economy, the latest ‘Labour Market Update’ by LinkedIn shows significant hiring rebound as India started ‘unlocking’ and more people returned to work. However, the pace of these gains is expected to slow down given the continued economic uncertainty.
The hiring activities have increased by 35 percentage points from April. During June-end, the hiring was at a negative 50 per cent. As risks of second-wave of infections emerge, some states have imposed lockdown measures again. Given this uncertainty, the recovery is expected to remain fairly flat in the coming weeks, according to LinkedIn.
The competition for jobs has also doubled compared to six months ago. The average number of applications per job posted on LinkedIn has increased from around 90 in January to 180 in June 2020.
Data also suggests that the gap between hiring for males and females has narrowed from about 40 percentage points in February to around 30 percentage points in June. This trend is observed across all sectors except for manufacturing, finance and software and IT, according to the survey.
Compared to the pre-COVID period, data suggests that job seekers who are currently in the affected sectors (such as recreation and travel) are 6.8 times more likely to look for jobs in a different sector, compared to pre-COVID times. Data further suggests that those in the retail sector are 2.4 times likely to apply for a job in a different sector.