A strong job market does it benefit all?

(Perspectives based on Mckinsey study of American Job Market done in August 2022).

Some of the trends may well apply to Job Market in India today.

Employees report facing persistent barriers in finding jobs, even as employers struggle to fill open positions.

Professionals like chartered accountants, engineers as well corporate employees in some sectors finding it a challenge to get a job.

On the other hand, scores  of job postings for these very roles remain vacant.

This is  true even in public sector. A recent report, showed over 11 lakh government jobs lie vacant.

This apparent contradiction is one of the key insights of the survey. So the Job Market is a mixed bag.

This suggests that, either jobs available, aren’t the ones that job seekers want; or  job seekers don’t match  profiles that employers are looking for.

Pandemic had created a huge unemployment crisis in India & globally. 3 out of 5 Indian households had seen a job loss.

No doubt, Unemployment has decreased beginning this year.

But unemployment rate  still in the troubling double digit range.

60% of Indian employees  expect to change jobs within this year.

Overall sense of insecurity about jobs.

Employees face 3 main barriers in terms of finding jobs:
Geography, Skills and Flexibility.

GEOGRAPHIC mismatch is  major hurdle, especially in scenario of WFH & Work from Anywhere.

Large number of employees  not well disposed to idea of relocating for a job. Satellite Tier 2 and Tier 3 cities being preferred in times
of WFH & WFA.

Hybrid has become ‘New Normal’ exceptions being Education, Health care, medical & nursing, hospitality & entertainment etc., where physical presence is of essence.

SKILLS – perceived mismatch between employees skills and employers need is critical factor.

Lack of relevant experience/education is attendant problem.

Lack of Skills is particularly affecting  younger cohorts between ages 18-25 years.

Women too have been disproportionately affected by the pandemic.

More women had to drop out of jobs, training & education to become care givers. It hasn’t been easy for them to come back

Opportunities for career progression is also a limiting factor.

FLEXIBILITY – is core reason for looking out for new jobs.

Mismatch in expectations and demand for Pay, flexible working hours between employers & employees.

Appetite for remote working is exceeding the availability. .

In sum, despite the high unemployment, employees are looking to shift jobs – for better pay, better career progression, better working hours, preferably in a location of choice.

The fundamental problem seems to be getting the Right Person for the Right Job in the Right place!

Please add your views & perspectives in the comments.