Most employers keen to retain existing workforce amid COVID-19 crisis: Survey

Interestingly, 10 percent respondents said there will be new job opportunities this financial year, the survey said adding that the northern region will provide more opportunities for job seekers.

But this year, the increment scenario seemed "unwelcoming" with 61 percent with companies saying no to increment due to the current economic situation, whereas 27 percent thought increment will be less than 5 percent and around 11 per cent thought the increment will range between 5-10 percent.

In terms of downsizing employee strength, the survey found that 21 percent respondents said layoffs are on the cards and indicated that junior levels are more susceptible over middle and senior management people.

Moreover, there will be an increase in temporary workforce as companies are keen on hiring "gig employees" for their various projects, it said.

Gig employees are independent, online platform workers.

"The entire world is going through an unknown and uncertain situation and the economic growth has shown a steep decline. The overall industry sentiments do not showcase an encouraging outlook of the market.

"To be relevant in the job market the job seekers need to keep themselves updating and always look for upskilling themselves as per the industry trends. Hiring is happening in the health industry, essential retail, some IT or web enabled services and e-commerce sectors, Genius Consultants Chairman and Managing Director R P Yadav said.

As it will take around 6-7 months to the recovery process of the current financial crisis, hence the job market will also see its upliftment accordingly, he added.

The online survey was done over a period of three months with over 1,200 respondents who are at management level across various sectors including auto and auto ancillary, banking and finance, construction and engineering, education, FMCG, and hospitality among others.