So, 2012 is over; Many of us switched jobs, got our first ones or kept searching for a dream job. Whatever the case may be, a sneak peek into “Hiring Trends and Job Market in 2013” will be helpful.
Much like last couple of years, economic slowdown will be dominant in 2013. Be it US or the Euro Zone, consumer spending is lowered compared to the numbers a decade ago. Decreasing demand in US and big economies of the EU has hit hard the manufacturing sector which still is one of the largest employment generating sectors in the world.
You might have heard or read “When the US sneezes the world catches cold” ever wondered what it really means? Here is what it really means; consumer spending in the US is the single most important driving factor for manufacturing and services industries in the EU and Asia. Low consumers spending in the US means less demand, resulting in job losses in EU and Asia.
During the last couple of decades, China and India have emerged as fastest growing economies in the world. Despite their dependence on the exports, their local consumer market provides both economies a cushion against global recession. Thanks to their large populations and a growing middle and upper middle class. Though decline in global exports of both the countries hurts their economies, the job market is not that vulnerable.
But what about Pakistan?
Heading towards an economic collapse, Pakistan needs serious measures to be taken to avoid an employment emergency. At an unemployment rate of around 5.7%, situation isn’t that bad compared to the global economic crisis. But that doesn’t indicate all well at all.
A decade of flawed policies has led Pakistan to the verge imploding. Though growing at around 3.5 percent; rampant corruption, low tax to GDP ratio, declining foreign exchange reserves and massive borrowings (both internal & external) make Pakistan’s economy vulnerable to a major setback.
For Job market, it means limited opportunities for workforce. Power crisis has proven to be the last nail in the coffin for Pakistan’s fragile economy. Trade imbalance makes it difficult for government to maintain a sustainable growth and curtail the unemployment rates.
Who will be hiring in 2013?
If economy is that bad, the big question is who will be hiring in 2013? Like in 2012, the growing sectors will be the services sector, IT & ITES, media and to some extent large scale manufacturing. Companies will be looking for cheap and skilled labour force to meet ever increasing challenges of quality and cost effectiveness. People looking for jobs will have to work for a lower wages due to a large number of jobseekers looking for limited job opportunities. Low income means less spending which doesn’t help economic growth rather, worsens the situation.
Is everything bad?
No, not really. When they say “it can’t get any worse” they actually are looking for ways to get it better. With election around the corner, one can hope for a better government. Some policy level decisions and corrective measures can fast turnaround the situation. And when I say so, I have reasons to believe so.
Pakistan is among one of the few nations to have a dynamic, cheap and young workforce. With half the population under the age of 25 years, rated among top four most intelligent nations (based on the provided resources), one of the largest pool of doctors, engineers and labour force, only a fool would say “its all bad”.
During last couple of years, a large number of entrepreneurs have entered the arena for good of their own selves as well as of the society. In new economies, not big businesses but entrepreneurs are the driving factor.
Managers and Assistants
Business and Finance Analysts
Customer Service Representative
BPO, Back Office, Offshore Staff
IT Professionals (Systems and Networks)
Hospitality Staff – Managers and Assistant Managers
Fast Food Crew