Challenges Confronting India’s Manufacturing Marvel

1. Inadequate Tech-Based Infrastructure:  The enhancement of competitiveness in the manufacturing sector relies heavily on innovation-driven infrastructure, particularly in areas such as transportation, communication, and skilled labor.
2. Access to Credit for MSME: Unlike the medium and large-scale industrial and service sectors, the Micro, Small, and Medium-Sized Enterprises (MSME) sector faces more stringent challenges in securing credit and bears higher costs for working capital.
3. Skilled Labour Shortages: The growth of the manufacturing sector in India is hindered by a shortage of skilled and competent workers.
4. Complex Regulations and Poor Supply Chain: Numerous complex regulations, including tender, license, and audit, govern the manufacturing sector in India. These regulations can be difficult for businesses and inhibit their expansion. Additionally, inadequate supply chain management frequently plagues the industry, resulting in inefficiencies and increased expenses.
5. Competition from Other Countries and Imports: Domestic manufacturers may find it challenging to stay competitive on the international market due to the intense competition from foreign countries. India continues to rely on foreign imports for various essentials, including transport equipment, machinery (both electrical and non-electrical), iron and steel, paper, chemicals, fertilizers, plastic materials, and more.

Transformative Strategies for Economic Advancement in the Manufacturing Sector

1. A Call to Invest in Advanced Technology Infrastructure: Invest in the development of robust technology-based infrastructure, focusing on improving communication networks, transportation systems, and skill development programs. Collaboration between the government, private sector, and educational institutions can facilitate the creation of a skilled workforce equipped with modern technological capabilities.
2. Strategic Policies to Empower MSME: Implement policies to enhance credit accessibility for Micro, Small, and Medium-sized Enterprises (MSMEs). This could include establishing dedicated financial institutions or specialised lending programs tailored to the unique needs of the MSME sector. Additionally, promoting financial literacy and simplifying loan application processes can facilitate easier access to credit.
3. Bridging the Skills Gap: Address the shortage of skilled labour through strategic partnerships between industries and educational institutions. Promote vocational training programs and apprenticeships to bridge the skill gap. Incentivise businesses to invest in employee training and development to enhance the overall skill level of the workforce.
4. Simplifying Business Landscapes: Streamline and simplify regulatory processes to reduce the burden on businesses. Adopt technology for regulatory compliance and provide assistance to businesses navigating complex regulations. Enhance supply chain management through the integration of digital technologies, real-time tracking systems, and collaboration platforms to minimise inefficiencies and optimise costs.
5. Driving Growth through Competitiveness: Foster innovation and research and development to enhance the competitiveness of the domestic manufacturing sector. Implement trade policies that protect and support local industries without compromising global trade commitments. Encourage investment in critical sectors to reduce dependency on imports and explore collaborations with international partners to enhance competitiveness in the global market.

Driving India’s Manufacturing Sector into the Future

A burgeoning demand for computers, phones, TVs, and kitchen appliances is propelling India’s manufacturing sector forward. People are investing more in household appliances, particularly mobile phones, as a result of rapid urbanization and rising disposable income. This surge in demand points toward a promising future for manufacturers. To further encourage manufacturing in India, the central government has implemented tax exemptions on specific components and parts.

In addition to these initiatives, there are export incentives and lowered customs duties on imports of raw materials. Various measures have been implemented to amplify the Make-in-India initiative, fostering the manufacturing of electronic items that were previously imported and assembled in India. The shift to 5G, the advent of artificial intelligence, and the widespread implementation of IoT are fueling demand as individuals progressively embrace technology. Although in its early stages, the transition is anticipated to be swift, providing a strategic advantage for Indian manufacturers entering this dynamic segment.

The seasonal hiring landscape becomes more competitive

A wider set of organisations is increasing the demand for temporary jobs. Employers looking to fill seasonal roles are now competing against gigs like giant e-commerce firms, cab service companies, and fulfilling food delivery orders. However, the manpower crisis is a significant challenge. It takes work to quickly process many applications and documents so the workers can be on-boarded on time. So, how do you solve this glitch? Companies can excel by implementing best practices in the competitive seasonal hiring landscape. This includes collaborating with staffing companies and streamlining recruitment processes to manage the spike in seasonal workforce volume hiring.

Employers typically tackle seasonal hiring by bringing on more recruiters, an option that is only sometimes viable. Festive hiring season in India strategy is essential due to evolving workforce dynamics and the changing nature of work. Organisations can navigate the challenges of bulk hiring while maintaining efficiency, quality, and a positive candidate experience.

Some of the below approaches are necessary to address challenges and capitalise on opportunities in the modern job market:

• Amp-up digital marketing is the go-to tactic
• Leverage AI-powered screening for swift application filtering
• Organise virtual interviews to save time and resources
• Opt for a mobile-friendly approach
• Choose a pre-screened candidate from a talent pool
• Identify bottlenecks and optimise the entire hiring process
• Address the festive rush with strategic staffing

Simplify festive demand staffing

The festive season is a consequential spending phase, and companies must be well-equipped to set the ball rolling for prosperous celebratory months. The surge in recruitment during this period not only addresses heightened consumer demands but also shapes the dynamics of the job market. As businesses strategically onboard staff for temporary jobs to handle heightened consumer engagement, this festive period highlights the relationship between consumer behaviour, job opportunities, and economic advancement. Thus, organisations must ensure they have the necessary resources to meet the skilled and productive staff demand.

Our extensive nationwide footprint enables us to tap into a diverse and highly skilled talent pool spanning every corner of India. With a presence across the country, especially during the hiring season in India, we have the unique advantage of accessing top-notch professionals and experts from various regions, enriching our organisation with a wealth of cultural perspectives, experiences, and expertise. This pan-India presence strengthens our ability to deliver innovative solutions and exceptional services to clients nationwide.

At TeamLease, we streamline recruitment by connecting organisations with a skilled talent pool with specific skills needed for the job. We are also specialists in recruiting blue-collar talent – ready to join as a temporary worker. Our Jobs and Salaries Primer Report 2022-23 presents in-depth insights on blue-collar workforce skill set demands, job roles, and salary structures specific to various cities. It serves as a valuable resource for employers and job seekers, aiding them in making well-informed choices throughout the hiring and job-seeking processes.

Connect with us to navigate your staffing challenges. Get access to a skilled talent pool for your hiring volume, and keep your sales engine running smoothly throughout this festive season!

Primary Forces Behind the Expansion of the FMCG Sector

The Development of E-Commerce: The technological revolution impacted India’s urban and rural areas. There has been a discernible shift in demand as a result of the availability of e-commerce across the country, whether in rural or urban areas.

It provides greater consumer convenience because customers can easily select and purchase their desired products via applications and websites. In addition, the option for home delivery will deliver the products to their homes.

Value Augmentation: The FMCG market in India is also driven by the retail sector in rural India and the rise in rural consumption. As a consequence, 36% of its total spending is allocated to FMCG.

The FMCG industry in India grew as a result of consumer-driven growth and higher product prices, particularly for necessities. Moreover, due to numerous government initiatives, including hygiene categories, high agricultural production, reverse migration, and packaged commodities, the market grew by double digits and reached 10.6%.

Multiple industries, including tobacco, food and beverage, domestic, and personal care, provide support for the FMCG sector in India.

The Importance of Technology: The FMCG industry places a strong emphasis on velocity, and technology can provide the consumer companies in India with access to this agility. As a result, the FMCG industry is preparing to leverage technology to improve operational efficiency, identify new opportunities, and manage complex supply chain requirements.

The FMCG industry relies extensively on market research in order to identify consumer behavior and field sales experts. Utilizing business intelligence, the cloud, and sophisticated field service management software, enterprises can enhance the efficacy of their sales operations.

Additional Directions: The rural market in India is expected to increase by over $220 billion over the next few years. This is because rural India’s consumption has increased, as increasing incomes have raised the aspirations of the average person.

Moreover, the increasing proportion of young people in India’s population is a significant factor that will increase demand for FMCG products.

The FMCG industry remains a vital and dynamic part of the global consumer market. By remaining accustomed to shifting consumer trends, addressing industry challenges, and capitalizing on emergent growth and innovation opportunities, consumer companies in India can position themselves for success in a dynamic and competitive environment. By prioritizing consumer needs, sustainability, and technological advances, the FMCG industry can continue to thrive and have a significant impact on the lives of consumers around the globe.

Follow TeamLease for more such insights.

Key factors contributing to India’s joblessness

• Population growth vs. job creation
• Quality of education
• Skill gap
• Job mismatch
• Economic slowdown
• Preference for government jobs

Why is educated unemployment a peculiar problem in India?

Educated unemployment is often regarded as a peculiar problem in India. This issue reflects the challenges faced by well-educated individuals in securing suitable employment opportunities, prompting a closer examination of its unique dynamics within the Indian context. This issue is characterised by several noteworthy factors that set it apart from other unemployment scenarios:

• Overqualified: Many educated individuals in India find themselves overqualified for the limited job opportunities available in the job market.
• Underemployment: A concerning aspect of today’s labour force. Despite acquiring higher education and qualifications, many individuals find themselves in jobs that only partially utilise their skills and expertise.
• Societal stigma: Indian society often attaches a stigma to an individual without a job, especially among educated youth.

Festive season, a temporary relief to unemployment

India experiences an annual phenomenon known as ‘festive hiring’. India is known for its various festivals, and these celebrations play a unique role in the country’s job market. Businesses, particularly in retail and e-commerce, hire temporary workers to handle the surge in demand during the festive season.

• Temporary relief: Festive hiring provides a temporary reprieve to some unemployed individuals. They can secure short-term employment during festivals, earning income to support themselves and their families.
• Not a permanent solution: Festive hiring is not a sustainable solution to the larger problem. These jobs are often low-paying, lack job security, and are limited to the duration of the festive season.
• Skilled workforce, menial jobs: Festive hiring often involves employing individuals with higher education in roles requiring minimal skills. This situation further highlights the mismatch between qualifications and job opportunities.
• Festive hiring is cyclical. The rest of the year, individuals continue to struggle to find stable, well-paying employment.

Thus, festive hiring can provide only a temporary job respite, even if it doesn’t entirely alleviate the broader issue.

Policies and strategies

Unemployment in India is a multifaceted problem deeply rooted in factors like population size, the education system, and economic fluctuations. To tackle this challenge effectively, India needs comprehensive reforms in its education system, strengthened social safety nets, increased focus on skill development, and sustained economic growth that generates quality jobs year-round.

Government initiatives such as the PLI scheme and Make in India have created momentum for the creation of new job possibilities in all industries. The Pradhan Mantri Rojgar Protsahan Yojana (PMRPY) is anticipated to generate new jobs and encourage employers to support formal employment. Other sectors, such as hospitality and tourism, FMCG, healthcare & pharmaceuticals, renewables, automobile companies with an electric vehicle presence, oil & energy, and infrastructure-related sectors such as steel, engineering, and chemicals, are anticipated to drive white-collar employment.

Furthermore, the Indian government has implemented various initiatives to boost employment. The Skill India campaign, for instance, seeks to equip individuals with the skills needed to enhance their employability. Additionally, various staffing solution-providing firms act as a bridge connecting job seekers with employers across diverse sectors and industries. These concerted efforts, coupled with the nation’s economic resurgence, are poised to improve the employment landscape in India in the foreseeable future. Moreover, digital transformation, automation, IoT, and 5G are expected to open doors to a plethora of roles. We have published an extensive article covering opportunities in the field of telecom jobs, and you may find it engaging: Telecom sector in India: Enhancing opportunities in telecom jobs.

Unemployment remains a unique challenge in India’s employment landscape, requiring multifaceted solutions. While festive hiring provides a temporary job respite, addressing this issue’s root causes is of utmost importance. Addressing job scarcity is not just an economic imperative but also a social and humanitarian responsibility, as it impacts the well-being and future prospects of millions of individuals and families.

At TeamLease, we are committed to our mission of ‘Putting India to Work.’ This mission drives us to invest in education, skill development, and entrepreneurship and foster collaboration between academia and industry. Our relentless efforts are geared towards reducing educated unemployment and ensuring that India’s skilled and educated workforce finds meaningful and fulfilling employment opportunities year-round. Additionally, we strive to enhance the ease of doing business to create an environment conducive to job creation and economic growth.

Contact us to discuss how we can partner in addressing the challenges of unemployment and creating a more prosperous India.

Strategies to Upgrade BFSI Talent Pool through Upskilling and Reskilling

• L&D programs use technology to provide training to BFSI professionals for niche roles. This includes interactive story-based learning, scenario-based e-learning platforms, virtual classrooms, and gamification.
• Gamification can significantly increase employee engagement in L&D programs in the BFSI sector. Turning training modules into interactive and enjoyable experiences can improve completion rates and enhance learning outcomes.
• Leaderboards, scoring, badges, and levels motivate learners. They engage in problem-solving and remember information. This helps them apply what they’ve learned in their jobs.
• Another critical benefit of gamification is its ability to provide companies with real-time and actionable data. This data helps organisations track employee progress and find areas for improvement, making data-driven decisions to improve training programs.

Driving Success: The Positive Impact of Upskilling and Reskilling in BFSI

Employee Retention: Continuous upskilling and professional development significantly impact employee retention. A good learning culture helps keep employees engaged. Investing in L&D is important for this.

In-demand skills: Software development, IT banking, insurance expertise, and financial analysis are needed by employers. L&D can significantly contribute to developing these skills.

Employer Brand Development: L&D results improve a business’s brand, allowing it to attract and keep top talent, increase employee involvement, and, in the end, boost efficiency and performance.

Conclusion

The Banking, Financial Services, and Insurance (BFSI) sector stands out as a strong base in the complex Indian economy. It supports economic growth, financial security, and job possibilities. The statistics for the last five years underline its unwavering growth trajectory, with bank credit and deposits witnessing substantial expansion.

To keep growing and adapting to changes in the BFSI sector, L&D programs are necessary. These programs must adapt to meet the evolving needs of both customers and employees. This includes upskilling and reskilling initiatives that empower professionals with digital literacy, data analytics, cybersecurity, and soft skills.

The positive impact of upskilling and reskilling in BFSI is far-reaching. It leads to improved employee retention, specialised skill development, and an organisation’s employer brand enhancement.

BFSI companies can become industry leaders by investing in their workforce. They can also drive innovation and ensure financial inclusion and stability for millions in India. Continuous learning and development are crucial for the BFSI sector’s success in the ever-changing business era.

The introduction of 5G report by TeamLease with its promise of enhanced connectivity and reduced latency, is one such initiative that will have a cascading effect on various economic facets.  It will contribute to enhancing the quality of work and promoting the talent development of the entire workforce. Expanding coverage to remote areas and enhancing the user experience with augmented reality and virtual reality technologies will have an impact on multiple other industries, including healthcare, agriculture, education, and disaster management, resulting in the creation of jobs and the widening of the urban-rural divide. 5G will also enable the development of new IoT-powered services and products, which will in turn drive the development of new business models. The rise of IoT will create entirely new job roles and opportunities. For example, IoT architects, data scientists, IoT security specialists, and connectivity experts will become sought-after positions in various industries. Additionally, it will revolutionise the transportation and mobility industries and enable remote working models. Adoption of new 5G-enabled technologies in the manufacturing sector will increase productivity, decrease downtime, reduce waste, and thus control costs. The Telecom Regulatory Authority of India has encouraged telecom operators to share infrastructure like towers and fiber networks to reduce duplication and improve cost-efficiency. It will also facilitate the development of smart structures and smart cities, which will have a substantial effect on security and surveillance. India Inc. must imitate the telecom industry’s 5G deployment model by embracing new technologies, implementing talent development, and expanding the scope of work beyond urban centers.

Telecom Regulatory Authority of India conducts regular consultations with stakeholders and issues recommendations on various aspects of the telecom industry, seeking to align regulations with industry needs and technological advancements.

From network engineers to cybersecurity experts, telecom jobs in India are buzzing with opportunities. Moreover, the surge in e-commerce, digital payment systems, and remote work has further boosted the demand for robust telecom infrastructure. This translates to a growing need for professionals who can design, build, and maintain the networks that keep our digitally interconnected world functioning smoothly. It is estimated that over the next five years, an increase in mobile-phone penetration and a decrease in data costs will add 500 million new Internet users to India, creating opportunities for new businesses comprising from online insurance coverage to online food delivery. India will require a 22 million skilled workforce by 2025 to operate hardware, software-defined networks, computer data, and manufacturing in 5G-centric technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), robotics, and the cloud. The increase in daily subscribers, along with the creation of new jobs and business opportunities, encourages investment in this sector. As India inches towards becoming a global digital leader, the telecom sector stands at the heart of this transformation. This presents an exciting opportunity for individuals to contribute to India’s digital journey while carving out rewarding career paths in the dynamic realm of telecommunications.

Some of the D2C space for Cosmetics & Beauty Business:

One of India’s leading E-commerce platforms for Beauty Products began as a beauty marketplace and has expanded to become a significant player in the Indian e-commerce sector. The online store has expanded beyond cosmetics, entering the fashion industry, introducing private label products across various lifestyle categories, and preparing to enter international markets.

The leading e-commerce platform in the Indian beauty industry has consistently impressed observers with its rapid expansion. The fashion entity of this company struggles to maintain its current market share in the face of rising competition from well-funded rivals.

Even now, it is one of the few successful startups. However, its parent company reported a 71% decline in net profit to 8.5 crore in the December quarter of 2022-23 compared to the same period a year earlier. Its margins were eaten up by the cost of renting shops, offices, and warehouses. Positively, profits increased by 63% from the previous quarter, which ended in September.

One of India’s biggest Department store chain’s fourth quarter consolidated revenue was Rs 923.90 crore, a growth of 29% from the same period in the previous fiscal year. In addition to opening 12 new beauty locations and renovating five others, it has secured exclusive distribution for 15 cosmetics lines. This company also announced additional investment in its Global Beauty Brands subsidiary of up to Rs. 25 Crores in one or more tranches.

TATA Group’s E-commerce platform, founded in 2016, has recently raised Rs 1,600 crore. The platform’s strategic focus is on expanding its customer reach within tier 2 and 3 cities, where there has been a notable increase in demand. Simultaneously, the platform anticipates sustained growth within tier 1 and metro cities, consequently leading to a significant uptick in hiring activities.

India’s second-highest-valued startup in cosmetics experienced a notable growth of 71.6% in its revenue from operations, which increased from Rs 128.15 crore in FY21 to Rs 219.88 crore. These figures are based on the company’s consolidated financial statements submitted to the Registrar of Companies. Aside from its online sales platform, it manages a network of over ten offline stores across India, including prominent cities such as Mumbai, Pune, and Bangalore. This expansion trajectory consequently results in the recruitment of an increased workforce.

An omnichannel beauty retailer launched in 2023 could become a formidable rival to all the above-mentioned E-commerce spaces. It opened a second store in India after the success of its first location on Jio World Drive in April by moving into the Infinity Mall in Malad. Now its store model could be expanded to as many as one hundred Indian cities with local variations. This expansion plan is expected to result in a substantial augmentation of the workforce.

New Companies are entering this space

India’s personal care and cosmetics industry shows annual growth of 3.86 percent and year-over-year volume growth of 143 percent defining the future of retail sector in India. The market is predicted to top $100 billion globally in 2023. Countless new cosmetics companies have appeared, and manufacturers now employ a dizzying array of novel ingredients in their concoctions. Various online platforms offer a wide range of beauty products directly to consumers. However, these products are predominantly sold in retail stores.

Impact on the workforce with a rising retail market

The cosmetics and beauty retail industry is experiencing a substantial 35-50% increase in demand for beauty advisers, sales personnel, and beauticians. This growth surge transforms consumer preferences and creates a cascade of job opportunities across various sectors.

Retail stores are at the forefront, offering roles ranging from sales associates to beauty advisers, catering to personalised shopping experiences. Distribution centres are also booming, demanding logistics, inventory management, and supply chain optimisation experts to keep products flowing smoothly.

The digital landscape is evolving, too, with e-commerce operations requiring professionals skilled in customer service, digital marketing, and online sales management. Blue-collar workers are essential, handling tasks like stocking shelves, arranging displays, and maintaining store operations. Warehouse and delivery services are adjusting to increased demand, opening up roles in warehouse management and efficient last-mile delivery. As the industry expands, these diverse job opportunities are shaping the future of the job market, offering a range of careers for various skill sets.

Effective strategies for smooth volume hiring

• Technology Integration: Embracing technology, such as Applicant Tracking Systems (ATS), streamlines mass hiring. ATS manages candidate data, automates communication, and centralises team collaboration.
• Data-Driven Decisions: Data analytics identifies candidate trends, improving hiring choices and reducing turnover for higher-quality hires.
• Pre-Employment Assessments: Pre-employment assessments filter unqualified candidates tailored for blue-collar skills and attributes.
• Virtual Hiring Events: Virtual career fairs expedite hiring, allowing connecting with many candidates at once, enhancing the candidate experience, and offering initial screening.
• Collaborative Hiring: Engaging hiring managers and team members distributes workload, ensures fair candidate evaluation, mitigates biases, and boosts hire quality.
• Automated Communications: Implementing automated tools like chatbots improves the candidate experience by offering updates and answers from application to onboarding.
• Diversity and Inclusion Initiatives: Promoting diversity by training hiring teams and setting diversity targets, can help create a more inclusive workforce.
• Onboarding Efficiency: Developing structured onboarding speeds new-hire integration and boosts productivity.
• Upskilling: Amidst swift technological advances and industrial shifts, upskilling becomes crucial. Evolving industries require the workforce to adapt, making upskilling the vital link between skilled labour demand and the available workforce.
• Apprenticeship: Apprenticeship programs offer a potent solution for closing skill gaps. Through hands-on training and mentorship, individuals gain practical expertise and confidence, fostering a strong sense of unity among workers. Aspiring artisans, mechanics, and craftsmen benefit immensely from this direct route to mastering their chosen trades.

Key trends & pay dynamics for bulk workforce strategy

Amidst evolving industries, exploring the Jobs and Primer Salary Report FY 2022-23 report can provide invaluable insights and guidance. This report not only helps businesses navigate the complexities of bulk hiring and competitive compensation in an evolving job market but also holds special relevance for temporary job recruitment.

Way forward

While the scarcity of skilled labour can pose challenges, temp workers offer a solution to the surges in seasonal demands that organisations often encounter. Overcoming the talent acquisition challenges of bulk recruitment for junior and entry-level positions requires innovative approaches beyond traditional strategies. Not just e-commerce, but various industries are witnessing steady growth and demand this festive season as BSFI sector is projecting about 50 000 people to get jobs in the coming festive season, and phone manufacturing is expecting 40,000-60,000 direct jobs pan India by March 2024. As the demand surges, and so thus the competition for hooking skilled workforces. Thus, to cruise through large-scale staffing demands and unique strategies by leveraging skilling-upskilling programs, technology, data-driven insights, and innovative approaches to candidate engagement, organisations can effectively navigate the complexities of recruiting in volume hiring.

Ready to transform your hiring strategies? Check how TeamLease supports addressing volume hiring challenges. Contact Us Today!

Implications of IoT on the Job Market

5G: Powering the Next Generation of Transportation

The advent of 5G technology brings ultra-fast and reliable connectivity, enabling real-time communication and data exchange between vehicles, infrastructure, and pedestrians. With low latency and high data transfer speeds, 5G enhances IoT capabilities in mobility and safety, 5G accelerates the deployment of autonomous vehicles, advanced driver-assistance systems (ADAS), and smart traffic management. It is estimated that by 2025, 5G-enabled transportation will account for over 20% of all 5G and IoT device deployments, according to GSMA. The increased data transfer speeds allow devices to send and receive data with minimal delay, ensuring split-second decisions on the road.

Increased Demand for Technical Skills: As IoT adoption grows, there will be a higher demand for professionals with expertise in IoT development, data analytics, cybersecurity, cloud computing, and artificial intelligence. Companies will need skilled talent to design, develop, and manage IoT devices and networks.

Emergence of New Job Roles: The rise of IoT will create entirely new job roles and opportunities. We’re seeing new positions like IoT security specialists, connectivity experts, and 5G integration engineers. These roles are key to deploying and managing generation of cellular network technology systems.

Focus on Cybersecurity: With the increasing number of connected devices, the risk of cyber threats and data breaches also rises. Organisations will need cybersecurity experts to protect real-time data and their IoT networks as well as safeguard sensitive information.

Adaptation of Existing Roles: Existing job roles will also evolve to incorporate IoT skills and knowledge. Professionals in fields like manufacturing, logistics, and healthcare will need to upskill to leverage IoT technologies effectively.

Changing Skill Requirements: As IoT technologies advance, traditional job roles may require additional technical competencies. Employees will need to engage in continuous learning to remain competitive in the job market.

The Internet of Things is a transformative force redefining industries and everyday life. Paired with 5G networks, its potential multiplies. With faster data transfer, longer battery life, and seamless real-time data capabilities, 5G and IoT together are unlocking new frontiers—from smart homes and autonomous cars to next-gen healthcare and intelligent cities. Meanwhile, professionals must embrace the opportunities offered by IoT and invest in upskilling to stay relevant in a rapidly changing job market.

The report by TeamLease on 5G technology and the Internet of Things heralds a new era of connectivity and communication. 5G’s ultra-fast speeds, high capacity, and low latency empower IoT to thrive and revolutionize industries ranging from healthcare and manufacturing to transportation and smart cities. As 5G continues to roll out globally, the true potential of the IoT-5G partnership will unfold, creating a future where everything is interconnected, intelligent, and enabled to drive innovation and improve lives.

Data-driven insights: Collecting and analysing vast amounts of data related to talent acquisition and hiring processes has been enabled through digital transformation. These data-driven insights help recruiters make more informed decisions, identify areas for improvement, and optimise recruitment strategies.

Skills assessment and testing: Digital tools have made it easier to conduct skills assessments and testing, allowing recruiters to gauge a candidate’s abilities accurately and objectively. Online skill assessment platforms offer a wide range of tests, from technical skills to cognitive abilities.

Automation of administrative tasks: Digital transformation has automated many administrative tasks involved in the staffing process, such as document management, contract generation, and background checks. This allows recruiters to focus more on strategic tasks and building relationships with candidates and clients.

Improved employee engagement: For companies, digital transformation has extended beyond the hiring process. It has also improved employee engagement and productivity within the organisation. Tools like collaboration software, project management platforms, and HR analytics enable better team communication and performance monitoring.

Personalised learning and development: Digital revolution has facilitated the delivery of personalised learning and development programs for temporary and contract workers. This enhances their skills and makes them more marketable in the evolving job market.

Overall, leveraging technology enhances process efficiency, cost reduction, and quality, leading to a more effective on-boarding experience. Digitisation or digital revolution has undoubtedly brought about significant benefits and opportunities like streamlined processes, fast hiring, and augmented access to talent pools, opportunities for improved efficiency and cost-effectiveness. However, it also comes with its fair share of challenges that job seekers and employers must navigate.

Unlock the power of workforce optimization with TeamLease! We specialise in innovative tech-driven solutions for temporary and contract staffing. Let’s collaborate for a sustainable future of work. Contact us now!

Common misconceptions about recruitment and selection

Common misconceptions about recruitment and selection often lead to misunderstandings and ineffective practices in hiring. These misconceptions include beliefs such as finding the perfect candidate is easy, HR being solely responsible for the process, and blue-collar recruitment being less challenging than white-collar recruitment. By debunking these myths and shedding light on the realities, HR professionals can gain valuable insights and develop effective strategies to attract and select the right talent for their organisations. Here are seven prevalent myths surrounding recruitment and selection.

Myth #1: Blue-collar recruitment is less complex than white-collar recruitment.

Reality: Blue-collar recruitment brings unique challenges, such as a wider talent pool, skill evaluation, and retention strategies, making it equally complex and demanding as white-collar recruitment. Think about it: manufacturing, construction, logistics, and other industries heavily rely on these skilled blue-collar workers to get the job done. They are the gears that keep the machine moving. Skill assessment is crucial for identifying candidates with the right expertise. Retention strategies, including a supportive work environment and growth opportunities, are critical to keeping blue-collar employees engaged. Balancing these complexities is essential for successful blue-collar recruitment and maximising organisational success.

Myth #2: All HR cares about are policies and procedures

Reality: HR ensures compliance with laws and regulations to protect employees and the business, among other responsibilities.

Myth #3: Online job portals are the only effective recruitment solution.

Reality: While online job portals are widely used, combining them with other channels like social media, employee referrals, and industry-specific platforms can enhance the reach and quality of candidates.

Myth #4: Hiring solely based on qualifications and experience guarantees success. 

Reality: While qualifications and experience are necessary, cultural fit, attitude, and growth potential are equally vital for long-term success within an organisation.

Myth #5: HR functions end once the candidate is hired.

Reality: Effective onboarding, continuous training, and development programs are crucial to ensuring new hires’ successful integration and retention.

Myth #6: Recruitment and selection are cost centres.

Reality: Strategic hiring processes can result in significant cost savings through reduced turnover, increased productivity, and improved organisational performance.

Myth #7: The role of HR has little impact on employee engagement and retention.

Reality: An effective talent selection process focusing on employee fit and engagement significantly improves retention rates and overall job satisfaction.

Final notes

While recruitment and selection are essential HR functions, debunking some common misconceptions surrounding these processes is crucial. Streamlining the talent acquisition procedure is not about compromising quality or excluding diverse talent. Instead, it is about optimising procedures for efficiency, objectivity, and a positive candidate experience. Through technology integration, collaboration with hiring managers, and standardised methods, organisations can attract and retain top talent while making informed hiring decisions. Continuously evaluating and refining strategies to meet evolving market dynamics and candidate expectations is crucial. By debunking myths and embracing effective practices, organisations can build a strong workforce that propels success.

TeamLease is a specialised staffing firm, providing temp and contract staffing solutions. We serve across the country with our presence spread over 7500+ pin codes. To explore the crucial aspects of recruitment and selection within HR functions and access valuable insights and expertise in attracting top talent for your organisation contact us.

How to reduce unemployment in India? Plausible strategies

Several plausible strategies can be employed to reduce unemployment in India. Strengthening the rural economy, improving agricultural productivity, and enhancing access to credit for small farmers can also mitigate unemployment in rural areas. Lastly, fostering a conducive business environment, simplifying regulatory frameworks, and ensuring ease of doing business can attract investments and stimulate job creation across various sectors.

Here are some of the plausible strategies on how to reduce unemployment in India:

1. Promoting skill development and vocational training: Investing in skill development and vocational training is crucial to enhance employability. The government should collaborate with private institutions and industry experts to offer comprehensive training programs aligned with market demands. This would equip individuals with industry-relevant skills, making them more employable.
2. Encouraging entrepreneurship and startups: Promoting entrepreneurship can create new job opportunities and stimulate economic growth. The government can establish incubation centres, provide financial incentives, and simplify regulatory procedures for startups. Encouraging a culture of innovation and entrepreneurship will generate employment and foster a culture of self-reliance.
3. Strengthening the manufacturing and industrial sectors: Revitalising the manufacturing and industrial sectors can significantly impact employment generation. Emphasising government initiatives such as the PLI Scheme can be instrumental in attracting domestic and foreign investments, streamlining regulations, and supporting infrastructure development. This, in turn, facilitates the establishment of new industries, expansion of existing ones, and subsequent job creation.
4. Enhancing rural employment opportunities: A substantial portion of India’s population resides in rural areas, where employment opportunities are often limited. By focusing on rural development schemes, such as agriculture modernisation, rural infrastructure development, and skill training for rural industries, employment prospects can be improved in these areas. Additionally, promoting decentralised industries and encouraging rural entrepreneurship can uplift rural economies.
5. Encouraging public-private partnerships (PPP): Collaboration between the public and private sectors is crucial in tackling unemployment. This can be achieved by implementing investor-friendly policies, tax incentives, and support for job-oriented initiatives. The Indian government is actively promoting Public-Private Partnerships (PPP) to encourage private participation in infrastructure development. These initiatives include Viability Gap Funding (VGF), Indian Infrastructure Project Development Fund (IIPDF), Indian Infrastructure Finance Company (IIFC), and Foreign Direct Investment (FDI).
6. Harnessing the potential of digitalisation and technology: Embracing digitalisation and leveraging emerging technologies can unlock new employment avenues. Digital transformation is sweeping across industries, fundamentally changing how businesses operate and engage with customers. Initiatives such as promoting digital literacy, supporting digital platforms for gig economy work, and fostering technology-driven sectors like e-commerce and fintech can create jobs and empower a digitally skilled workforce.
7. Strengthening education and industry collaboration: Bridging the gap between education and industry requirements is crucial to reduce unemployment. Collaboration between educational institutions and industries can lead to the development of curriculum aligned with industry needs, internship programs, and vocational training tie-ups. This would equip students with practical skills and improve their employability.

Empowering India’s demographic dividend and reducing unemployment in India

India’s demographic dividend, characterised by a significant young population, holds immense potential to address the pressing issue of unemployment in the country. To effectively reduce unemployment, it is crucial to empower this demographic dividend through skill development and job creation initiatives. By prioritising quality education, vocational training, and entrepreneurship programs, India can equip its youth with the necessary skills and knowledge to meet the demands of the job market. Encouraging public-private partnerships and industry collaborations can facilitate the creation of more employment opportunities that align with the skills and aspirations of the young workforce.

Additionally, promoting innovation, supporting start-ups, and enhancing access to finance can nurture an entrepreneurial ecosystem, enabling young individuals to create their own job opportunities. By empowering India’s demographic dividend, the nation can harness the energy and talent of its youth to drive economic growth, alleviate unemployment, and foster a prosperous future for all.

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