Manpower shortage could be bad for many sectors
According to a survey by staffing and human resources firm
Services, nearly half of the 850 companies in 21 sectors said they plan to hire blue-collar manpower in the next three months. However, many sectors – particularly manufacturing, engineering, construction, real estate, health care and pharmaceuticals – are finding it increasingly challenging to source labor.
According to TeamLease and industry estimates, the current labor shortage across industries is 15-25% and this gap may widen in the next few months as the wave of COVID-19 spreads across the country.
Amit Vadera, assistant vice president, said, “mobilizing labor is likely to be a challenge in the coming months. Many migrants were already wary of returning, leading to the current shortage, and the rapid rise in infections in major cities for their Confidence will drop further.” -President, TeamLease Services.
Even fast-growing sectors such as consumer goods, ecommerce and logistics, where labor supply is marginal (3-4%) higher than demand, felt pressure due to rising infection numbers and more interstate restrictions. is likely to occur. In, Vadera said.
However, some top company executives and economists remain cautiously optimistic as they believe organizations are better prepared this time than in the previous two waves, and many are adopting measures to retain the current workforce. Huh.
“We are better prepared and ‘competent’ this time as government, businesses and individuals. But given the sheer size of the economy and population, thousands, especially in the informal sector, will still be affected for some time.” Sachchidanand Shukla, Chief Economist, Mahindra Group said.
Also, the aid and wages available in cities may not be available in villages, and this may force workers to return or live in cities. “We have also noticed in our group that locally available options do not work for long periods and may not match the wages and incentives in cities,” Shukla said.
Companies including Thermax, JSW Steel and Forbes Marshall are launching innovative schemes such as attendance allowance (additional cash incentive over salary for regular attendance), mobilization cost (including travel cost), linking wages to production incentives, paying more than the minimum. have been Wages, health coverage and employment insurance to sustain the labor.
“This has led some construction companies to set up a social impact initiative with the support of an NGO that takes care of basic living standards and wages,” said Jasmeet Bhatia, chief human resources office of Thermax.
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