The analysis by ET Intelligence Group of the trend in job creation by the organised sector reflects the rising clout of services companies. Of the 14.3 lakh jobs created between FY06 and FY11, over 8 lakh (56%) were added by companies in the services sectors, which includes banking and finance, healthcare, hospitality, technology, telecom, trading and retail. These companies created four out of seven jobs in the country over the past five years, far outpacing the manufacturing sector.
IT sector players led the pack, adding as many as 4.5 lakh employees. TCS, Infosys and Wipro together added 2.4 lakh people, or more than half the total additions for the sector. These companies were also the top three job creators in the country, in that order, during the period.
The data is based on the hiring trend of a sample of 600 listed companies that reported annual financials along with headcount information since 2006.
Changing Trend in GDP
"The findings are a reflection of the changing trend in India's GDP composition. As in other economies, we have gradually shifted from the agrarian phase to the services phase. But, in the process, we sort of skipped the manufacturing phase," says Ma Foi Randstad's MD and CEO E Balaji. Ma Foi is a Chennai-based staffing and HR services firm.
MANUFACTURING TAKES BACKSEAT
The data reveals the proportion of services sector jobs in the total headcount of the sample rose to 46.5% in FY11 from 41.8% in FY06. The sample companies expanded the aggregate headcount by 48% to 43.8 lakh employees between FY06 and FY11.
Manufacturing jobs did increase by 35% to 23.3 lakh during the period, but at a much slower pace compared to the 66% growth in services sector employment.
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