Automation impacting job creation
Two TeamLease Services reports (The Jobs and Salaries Primer, 2019; and Employment Outlook Report, HY1, 2019-20) anticipate a drop in employment creation in several principal job-creating sectors due to growing automation of key functions and activities. For instance, according to the estimates, sectors such as ecommerce, banking, financial services and insurance and BPO-IT-enabled services are likely to see a 37% decline in job creation in the period 2019-23. Other sectors which are expected to take a hit include marketing & advertising, agriculture & agrochemicals, IT, media and entertainment, telecommunications, knowledge process outsourcing, healthcare & pharmaceuticals.
The study also indicates that there has been a rise in the tendency among employers to hire employees with new age skills. Another positive development is that in the short-run, 95% of the employers surveyed expressed an inclination to increase recruitments during these six months.