India’s GDP will surpass the South-East Asian world leader China by 2020, according to OCED. India has one of the largest working populations in the world and will have the most people in the working population by 2050. Yet, India’s growth rate hasn’t quite matched the expectations with respect to the strength we have with respect to our demographic index.
Economists believe that one of the major reasons for India’s slower than normal growth is the problem of disguised unemployment. 2 reasons why disguised unemployment exists are
1. People are not able to find jobs that pay according to their respective expertise and skillsets.
2. The Recruitment patterns here are unidirectional, meaning our approach does not recognize passive job seekers as a target group.
While the first problem is due to ineffective policy-making and implementation, the second problem is something that might be the missing link to unlocking the full potential of India’s job markets and the way people perceive recruitment.
A whopping 79 percent of the working population in India is passively seeking jobs. On the other hand, the major job search sites only target active job seekers. This clearly highlights why most people keep working in their existing job positions without any change because they are not being targeted by job sites for various work platforms.
In such a scenario, referral programs that help your earn for successful job placements is an ingenious way of capturing passive job markets. In this way, people are incentivized to make better referrals and passive job seekers get a chance to work in better job positions.
Round One: Jobs, Careers,
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