With Quantum Computing and Blockchains much in demand, the Indian job market shows uptick with Eastern region leading
To predict which way careers will move in 2021, one will have to look at the big picture of global economic and business trends. One of the biggest changes which happened in 2020 was in the workplace; work-from-home (WFH) became the norm. WFH was possible only if organizations were digitally transformed and this will require employees with digital dexterity. At the same time, this has also created employment inequalities. The more money one makes, the more such work can be done remotely; the less money one makes the less likely that work can be performed remotely.
As digital transformation will generate Big Data, the demand for analytics, and artificial intelligence (AI) skills will continue to be high will skills related to Internet of Things (IoT). Skills related to developing and utilizing programs, tools, and solutions powered by algorithms and other technologies that automatically respond and improve based upon prior experience or data will witness an uptick.
Increased demand for blockchain skills
The pandemic has increased the need for greater trust in transactions and therefore blockchain skills around cryptography will have increased demand. Skills related to technologies such as blockchain and others aimed at making financial transactions more efficient and secure are fetching a premium in the job market. According to the ManpowerGroup Employment Outlook Survey released today by ManpowerGroup India, the survey of 1518 employers across India indicates a gradual improvement in hiring plans for the upcoming three months. Sectors which will lead the job market are likely to be the Finance, Insurance and Real Estate and Manufacturing sectors. Manpower Group is a US based workforce solutions company.
Quantum computing gathers momentum
The use of quantum computers has grown over the past several months as researchers have relied on these systems to make sense of the massive amounts of data related to the COVID-19 virus. Besides better understanding of the virus, manufacturers have been using quantum systems to determine supply and demand on certain products to make estimates based on trends, such as how much is being sold in particular geographic areas. Quantum computing skills therefore command premium over other technologies and are in the top of the list of on-demand skills.
IBM announced plans to go from their present 65-qubit computer to a 1,000-qubit computer over the next three years. Google conducted a large-scale chemical simulation on a quantum computer, demonstrating the practicality of the technology in solving real-world problems.AI capabilities, accelerated business intelligence, and increased productivity and efficiency were the top expectations cited by organizations currently investing in cloud-based quantum computing technologies, according to an IDC survey conducted in early 2020.
Canada-based company D-Wave announced the general availability of its quantum computer with 5000 Qubits connectivity. Called Advantage, the company said that it would be made available to customers over the Leap quantum cloud service. The platform incorporates new hardware, software, and tools to enable and accelerate the delivery of in-production quantum computing applications. With more than 5000 qubits it also provides hybrid solver service, which can address big problems. In quantum computing, a qubit is a unit of information analogous to a bit (binary digit) in classical computing, but it is affected by quantum mechanical properties such as superposition and entanglement which allow qubits to be in some ways more powerful than classical bits for some tasks. Qubits are used in quantum circuits and quantum algorithms composed of quantum logic gates to solve computational problems, where they are used for input/output and intermediate computations.
Proactive cyber defence & DevOps skills witness uptick
With growing hacking and cybercrime incidents, proactive cyber-security has emerged as a key skill area which organizations are focusing on. Skills related to proactively securing and protecting digital infrastructure from cybercriminals and preventing cyberattacks before they occur are among the most sought-after skills. Software development skills specially those related to Agile, DevOps, and related to developing software more rapidly, effectively, and securely are also fetching handsome premium in the job market, as are skills related to developing, implementing, and securing cloud computing infrastructure and strategy.
Indian job market shows +5% growth
Looking across the entire spectrum of the job market, the Indian market is stable indicated at +5% growth according to the Manpower Group survey. Workforce gains are anticipated in all seven industry sectors in the upcoming quarter. Finance, Insurance & Real Estate employers report the strongest hiring intentions with a Net Employment Outlook of +11% followed by the Manufacturing Sector at +8%. Respectable payroll gains are also forecast in two sectors with Outlooks of +6% in the Mining and Construction sector and Services Sector while Transportation & Utilities sector and Wholesale & Retail Trade sector indicate gains of +3% each.
When compared to the previous quarter, the Finance, Insurance & Real Estate sector has grown by +3% and Manufacturing sector has shown improvement by +7%. Other than Transport and Utilities and Public Admin and Education, all other sectors have shown an overall increase in the hiring trends for Q1, 2021. India’s Regional Trends A regional comparison of the trends shows Employers in all four regions expect to increase payrolls during the next three months.
East has the strongest labour market
The strongest labour market is expected in the East, where the Net Employment Outlook is +11%. Elsewhere too job gains are anticipated- in the West, with an Outlook of +8%, and in both the South and the North, with Outlooks of +6%. Hiring prospects improve by 6 percentage points in the East and West when compared with the previous quarter, while South gained by +3% and North indicating more or less the same with +1% increment.
Global Trends ManpowerGroup interviewed over 38,000 employers in 43 countries and territories to anticipate hiring prospects* in the First quarter of 2021. All participants were asked, “How do you anticipate total employment at your location to change in the three months to the end of March 2021 as compared to the current quarter?” Interviewing was carried out during the exceptional circumstances of the COVID-19 outbreak.
Global rise in payrolls with Taiwan & Singapore leading
Though the impact of the pandemic continues to impact labour markets around the world, hiring outlooks are gradually improving for Q1 in many markets. Employers in 32 of the 43 countries and territories surveyed by ManpowerGroup expect to add to payrolls in the period up to the end of March 2021.
In 6 countries and territories employers expect to reduce payrolls, while flat hiring activity is forecast in five. Taiwan (+23%), the U.S (+17%) and Singapore (+15%) record the strongest hiring sentiment globally, while Panama, (- 7%), the U.K. (-6%) and Switzerland (-4% ) reporting the weakest. The report highlights confidence in a labour market rebound differs across the regions.
APAC appears most hopeful that employment will return to pre-pandemic levels in the next three months (27%) compared with more pessimistic views in EMEA (13%) and the Americas (10%). Outlooks improve most in APAC and Americas, while Europe lags behind. ManpowerGroup Services India Pvt. Ltd. Outlooks improve in four out of five APAC countries and territories. T
he strongest hiring prospects are reported in Taiwan (+23%) – the strongest globally – and Singapore (+15%), while the weakest and only negative regional labour market is Hong Kong (- 2%). Employers in APAC are most positive about labour market recovery, with 27% believing recovery to pre-pandemic levels is possible within the next three months. Australia reports cautiously optimistic hiring plans for Q1, with a Net Employment Outlook of +10%, improving nine percentage points quarter over quarter. Its strongest levels of hiring activity in Finance, Insurance & Real Estate sector (+20%) and the Mining & Construction sector (+11%). Hiring plans in China remain unchanged since last quarter (+5%) and stable compared with this time last year.