Examining India's Job Quality Disparity: Insights from Posterity Consulting

New Delhi (India), April 1: Indian Economy grew by 7.6% in the July-September quarter; however, the consumption grew by mere 3.1%. Consumption growth matters, because 55-60% of the GDP comes from private consumption. One of the key reasons for the slower rate of consumption is the lack of enough quality jobs, and not just the lack of jobs. Amidst India's burgeoning economic strides, a critical quandary persists - the quest for quality jobs. Posterity observed that with rising number of unemployed youths in the country and growing number of students graduating from tech and management schools, India may reach a point where creating high quality jobs for our population will become a huge challenge.

Reports, like the International Labor Organization's 2023 Outlook, highlight rising informal employment and gig workers, emphasizing the need for skills development and fair labor policies. There is a Gig Economy Surge wherein India, akin to global trends, witnesses a surge in short-term, contract-based work, projected to encompass 30% of the global workforce by 2030. With 83% of its workforce employed in the unorganized sector, the challenge extends beyond job creation to ensuring job dignity and financial security in consistence with the findings from the Annual Survey of Industries (ASI) 2019-20.

However, as observed by Chandra Shekhar Singh, Director of Posterity Consulting, with no proper regulation in place, gig economy rise raises concerns about job security, benefits, and social disparity. A recent report quoted in Deccan Herald stated 80% cab drivers and 73% delivery personnel are unhappy with their earnings and are often charged with huge deductions.

Chandra Shekhar Singh, Director of Posterity states, “Organized workforce and quality jobs are foundational elements for sustainable human development and neglecting these could lead to societal chaos and long-term inequality. India's current employment landscape is characterized by a significant divide.” He further noted that gig workers are not covered with social security benefits like PF, ESI or have regulated work hours with many clocking in 11-14 hours a day for mere 15-20k a month. With rising cost of living, such salaries and working hours are neither sustainable nor feasible in long term.

Creating quality jobs requires a multi-pronged approach that involves collaboration between the government, the private sector, and educational institutions. Some of the areas that are to be considered are:

- Reliable and comprehensive data sources

- Establishing comprehensive policies and robust frameworks

- Strong Enforcement of Labor Laws

- Accelerating workers migration 

- Nation-wide portal for labor related concerns

- Labor Market Relevance of youth

- Skills-Based Education 

- Mitigating continued exploitation of domestic help workers and delivery persons 

The digital revolution is set to redefine the employment scenario globally. The World Economic Forum anticipates the creation of 97 million new roles by 2025, juxtaposed against the displacement of 85 million jobs due to technological advancements. Organizations like Posterity are collaborating with various central, state and autonomous institutions for many skilling schemes related projects like PMKVY 4.0 under the aegis of NSDC to develop talent into getting them skilled & up-trained so that they can earn a better livelihood on multitude of skills like AI, to drone technicians as well as soft skills like computer proficiency, language improvement, etc., emphasizing the importance of adaptive skills in securing quality employment.

Moving forward, enhancing job quality transcends mere economic concerns; it stands as a social and moral imperative. India can forge a more inclusive and prosperous path for all its citizens by tackling job quality challenges through a blend of governmental policies, private sector endeavors, and educational reforms. Moreover, achieving sustainable growth necessitates a balanced approach that ensures fairness for both corporations and employees, fostering a mutually beneficial landscape.