Homenews

What is the Great Resignation and how it is playing out in India

What is the Great Resignation and how it is playing out in India

What is the Great Resignation and how it is playing out in India
Profile image

By CNBCTV18.com Jan 6, 2022 11:00:50 PM IST (Published)

Hiring sentiment in India has been strongest in eight years, impacted by the 'Great Resignation', which is mostly affecting the IT and technology sector companies.

After a massive fall in 2020, the Indian labour market is showing signs of recovery with around 60 percent of those losing their jobs in the past year getting back into the workforce, according to a Mint report. Those in urban areas are hopeful of finding jobs, the YouGov-Mint-CPR Millennial Survey said.

Recommended Articles

View All

The hiring sentiment in India has been strongest in eight years, impacted by the 'Great Resignation', which is mostly affecting the IT and technology sector companies.
What is the Great Resignation?
With gradual recovery in economic activity in India, came one of the greatest fallouts of the pandemic -- "The Great Resignation". It has been a global phenomenon with employees re-evaluating their careers and leaving jobs in record numbers. This comes at a time when job opportunities are at an all-time high.
During the pandemic, more than half of the global workforce experienced a burnout, Forbes India reported, quoting an Indeed survey. After reeling under the pandemic stress, many started moving out of their industries in search of better pay and work conditions.
The trend, initially known as the Great Resignation, is now being seen as the Great Reshuffle, where most people are looking at a job change rather than dropping out.
Great Resignation in India
The Great Resignation has been prevalent in India as well with talent acquisition numbers crossing pre-COVID-19 levels. In July 2021, the job market sequentially grew by 11 percent, Siddhartha Gupta, CEO of Mercer, wrote in The Times of India.
Not only was the workforce changing jobs, they were also pursuing careers outside their industry in India. In September 2021, a study commissioned by Amazon India showed that nearly 51 percent of job-seeking adults were looking for opportunities in industries where they had no or little experience. Around 68 percent were looking to switch industries.
There has been a huge demand for tech-skilled employees in the first nine months of 2021 with the top five IT companies hiring as many as 1.7 lakh people, Forbes India reported.
According to the YouGov-Mint-CPR Millennial Survey, 24 percent of post-millennials reported a job loss compared in 2021 to 17 percent of pre-millennials. Those with poorer education background faced a greater brunt. About 30 percent of people who had just completed school-level education were laid off, while 16 percent of those with professional degrees faced the same fate.
However, by November-December 2021, only 8 percent of those in the job market still remained unemployed at the time of the survey.
The survey, which covered 12,900 respondents across 206 cities, was conducted by Mint, Delhi-based Centre for Policy Research (CPR) and the Indian arm of the global market research firm YouGov.
According to the survey, the outlook on jobs has also brightened amid an improved perception of the country’s economic situation. About 15 percent of the respondents believed that the economy had returned to the pre-pandemic levels compared to 9 percent in a similar survey conducted in late 2020.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!