According to Ajit Isaac, founder and non-executive chairman of business services provider Quess Corp, India is reasonably decoupled from the possibility of a global recession, and recent hiring patterns suggest that the nation will most likely experience a strong employment growth rate in the coming years.
“India is reasonably decoupled from the rest of the world in terms of recessionary possibility. We will continue to see growth in India, maybe not at 8%, but we will see growth…We saw a great period of growth in employment between 2000 and 2007. The GDP went up from $470 billion in 2000 to $1.2 trillion in 2007. We’ll be able to come back to seeing that rate of growth in a few years if current trends are an indication to go by,” Isaac made the announcement about the renaming of Monster India, SE Asia, and the Middle East as talent platform “Foundit” at a ceremony on Wednesday in Bengaluru. Foundit would offer a range of services for job searchers and hiring managers.
In order to expand its HR services offering, Quess Corp strategically bought Monster Worldwide’s APAC & ME businesses in 2018.
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The company has been active in the following countries:
India, Singapore, Malaysia, the Philippines, Hong Kong, Vietnam, Thailand, Indonesia, the UAE, and Saudi Arabia.
Although Isaac predicted that the computer sector and internet economy, which are currently suffering from enormous layoffs, will continue to suffer for the next two quarters, he assuaged fears by pointing out that the IT sector directly and indirectly employs 5 million people. “So, the amount of noise you hear about changes in the IT industry is disproportionately higher than the employment itself that’s there in the IT industry. We should look at the economic scenario rather than IT alone.”
He elaborated that BFSI and manufacturing saw the largest employment growth in a segment going by Quess’s own database. He added, “The core sectors are hiring more and more, which is a great sign for India.” However, tech itself will influence employment in India by way of greater connectivity, digitisation and 5G services which will enable a greater volume of the workforce, especially women, to work from home and boost the economy.”
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Isaac also addressed the hotly contested topic of moonlighting
Isaac also addressed the hotly contested topic of moonlighting, stating that employers are winning the argument, but only to a certain extent and only until guidelines and frameworks are developed.
“The desire of people to do more, work more and earn more cannot be suppressed. So, companies have to find a way to absorb this without finding that their own IP is being compromised or there is a breach of security. Moonlighting is not going to go away but the systems will become better and sharper in managing it.”
Since the epidemic has altered the hiring and people management processes, Monster, which serves more than 70 million job searchers and 10,000 customers across 18 countries, announced it is rebranding as talent management platform Foundit. The business intends to tailor services like mock interviews, learning resources, and even more mock interviews, prep materials, and more through the use of artificial intelligence (AI), data, and analytics.
Sekhar Garissa, chief executive officer of Foundit, formerly Monster, said, “The platform of the future needs to cater to a highly dynamic job market, skill-based hiring and changing expectations from careers. We are excited to unveil a new direction for Monster from simply facilitating job and candidate discovery to enabling significantly better talent management outcomes.”
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