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More layoffs, hiring freeze soon

They say bad news never comes alone. On a day the rupee crashed to an all time low, plunging by 3.07 per cent to close at 66.24 versus the US dollar, Naukri.com, the online job portal released the results of a survey that mirrors the decline in business confidence in the country and suggests a further drop in employment opportunities.

The survey, conducted with over 1,100 employers, has revealed a muted hiring sentiment for the remaining half of 2013 as compared to the first half of the year. Only 54 per cent of recruiters have predicted new job creation in the second half of 2013. The figure was 68 per cent in January. Fifteen per cent recruiters anticipate hiring freeze and layoffs.

Meanwhile, 53 per cent of recruiters predict replacement hiring in the second half of 2013.
The uncertainty in the job market is also reflected in the low attrition rate. With job generation shrinking, 58 per cent recruiters said the present attrition rate in the organisation is less than 10 per cent, a figure that was 63 per cent in the beginning of the year. The low attrition is despite the fact that 33 per cent admitted to below 10 per cent increment.
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