It's raining offers on job street, over 5 lakh join in Q2

NEW DELHI: Unlike the jobless recovery of the developed world, the Indian economy is creating opportunities as it shrugs off the effects of the
slowdown.

The government data shows that sectors such as textiles, automobiles, and IT/BPO, among others, generated around 5 lakh jobs in the July-September quarter this fiscal.

Meanwhile, the public sector banks are getting ready to spread the cheer as they embark on a large-scale recruitment drive in a bid to replace their estimated 40% of their workforce that retires over the next two years.

Currently, there are about 8 lakh people employed in public banks across the country, as per industry estimates.
With about 3.2 lakh employees set to retire by 2011-12, there will be a large number of positions vacant in these banks.

Although not all the slots will be filled, banks are looking to spruce up hiring at all levels and the number will be significant, said senior executives in the banking industry.

MD Mallya, CMD, Bank of Baroda (BOB), said: “We are looking to add talent for two reasons. One, we need manpower to facilitate our expansion plans and two, there will be quite a few slots vacant with senior employees retiring over the next two years.”

Mr Mallya added that the bank plans to add about 1500-2000 heads in the current fiscal itself.
The country’s largest bank State Bank Of India (SBI) is hiring more than 13,000 people in the current fiscal.

However, hiring may not be in direct proportion to the number retiring. Said Bank of Maharashtra CMD Allen Pereira: “We will hire in sizeable number. But not all the positions that fall vacant will get filled up as some jobs get eliminated as a result of improved technologies over the years.”

The global meltdown that shook the financial sector
last year and cause developed world to slump into recession caused serious demand drop for India’s exports sector and large-scale job losses. In April-June 2009 quarter job loses were placed 1.3 lakh.

The strong recovery in jobs in the last quarter has taken the net job additions over the 12 months ending September 2009 to a positive 1.5 lakh, limited survey by the government has revealed.

“The stimulus packages given out by the government helped increase liquidity, thereby stimulating production and consumption. This inturn led to employment generation,” Said Harish Rawat, minister of state, labour and employment told the Rajya Sabha in a written reply.

Added BP Pant, director, labour and skill development at FICCI: “Market sentiments have improved over the past few months. While the country’s exports were hit badly, other sectors were relatively better off.”