German multinational pharmaceutical and life sciences company, Bayer AG was recently given the title of the Best Employer of India for 2019. The study was conducted by global management consulting firm AON Hewitt and listed a total of 16 companies which featured the likes of Bajaj Finance Limited, The Oberoi Group, Mahindra and Mahindra Financial Services and Tata Communications Limited amongst others.
Notably, Ashok Leyland was the only name on the list that hailed from the automotive industry which hints at the slowdown in the sector, while financial services, pharmaceuticals, and FMCG companies dominated the list. Maruti Suzuki, the largest car manufacturer of the country, has laid off approximately 6% of its personnel while Nissan got rid of 1,710 of its employees.
It’s safe to say that the revival of the employment trend of the Indian economy is largely in the hands of these sectors. The service sector has carried the economy since the later parts of the 20th century and has maxed out to its capacity to a considerable extent forcing indigenous commercial revolution, especially noted in the trends of start-ups.
The start-up culture has largely been a result of the inability of homegrown and domestic companies to commence projects that would create a sustainable labor flow. To bridge the gap between unavailability of insightful or intuitive employment opportunities and lack of an effectively equipped workforce, there has been a rise in entrepreneurial ventures. This will seemingly employ a large part of the population until a time where all sectors of the economy start using the abundance of human resources to their advantage.