Compared to the last few decades, Nepalese job market today is not limited to just doctors, engineers and bankers. Current trend in job market shows that there is an increasing demand for well qualified and skilled human resources in every sector.
Advancement in the education system and introduction to new courses has exposed the students to diverse degrees and career of their choices. This in turn has led to diversity in the job market. People are making their career in various fields such as banking, development sectors, multinational companies, FMCG, etc.
According to the statistics at merojob, 37% of job seekers are seeking work in banking, finance or insurance companies. The prospects of better pay scale and job stability provided by banks is seen to be the most influencing factors for jobseekers.
According to Ms. Shrestha, “Better pay scale and job stability is just one aspect of working at banks. But, before choosing a career, one should also be aware of other aspects such as growth prospects, career development, personal development, etc.” Lack of proper knowledge about the current job market scenario is seeking is one of the main reasons behind this concentration.
While banking career provides you with a sense of stability and better pay, the employees are faced with the challenges of career growth, promotions, challenging tasks. The work methodologies in this sector is more of system oriented. This limit the employees from performing creative tasks since they have to work within a preset system.
If we go through the Online Job Search sites today, we can find lots of vacancies related to I/NGOs, multinational companies, FMCGs, etc. There are many better opportunities in these sectors too. For example, developing your career in an I/NGO, gives you an exposure to many different scenarios. Along with high pay scale, you get a chance to work in a dynamic & culturally diverse workplace.
merojob stats shows that only 12.4% of job seekers are willing to work in this sector. One of the probable reasons is the risk of job instability due to project based jobs. Yes, jobs at such sectors are temporary and project based, but if you get an opportunity in work in the core departments like Finance, HR, etc. then it would be a great platform to develop and forward your career. But, one can also take the challenge of working in different projects & scenarios rather than working on the same project for years.
The recent earthquake in Nepal has also introduced various relief projects in Nepal. These I/NGO are hiring thousands of employees for their short and long term projects. Working in such projects, especially short term projects will let you have an idea regarding work culture and career opportunities there.
Similarly, the growing number of multinational companies in Nepal is also contributing to the job market. “Since multinational companies are profit oriented, it demands qualified employees with higher level of creativity, unique ideas and interpersonal skills.” says Ms. Shrestha. Career growth in this sector mainly depends on the productivity and contribution to profit generation, she added.
So, if you are looking forward to working in a challenging environment where you can demonstrate your ideas, creativity and skills, multinational companies can be the right platform for you. Same applies to FMCG (Fast Moving Consumer goods) companies. Unlike other sectors, FMCGs demand candidates for research, marketing, business development, etc. But, when it comes to research and development oriented career, it is seen that only 0.96% of job seekers specify that they are willing to work in this sector.
Due to the lack of knowledge about the salary benefits & career growth opportunities offered by these companies, job seekers are less attracted towards these companies. Despite of high pay and benefits, this sector has been given minimal attention by the job seekers.
Summarizing the current Nepalese job market scenario, banks are proved to be the most wanted sector for career choice today. The demand for jobs as well as employees in this sector cannot be compared with other sectors rather than government jobs. However, the demand for human resource in this sector may decrease in the coming years because of the increasing number of mergers between the banks.
Also, the major concern of the job seekers is the difficulties in getting the job of their choice. Competency of the job seekers is also affected by their lack of preparedness before entering the job market. Job seekers must prepare themselves in terms of their career goals, personality development, interpersonal skills, career related trainings, knowledge about the industry they wish to enter, etc. Preparing oneself in these factors will provide an added advantage to the job seekers.
Similarly, the traditional education system of Nepal is also one of the factors that is affecting the competency of the job seekers. Theoretical education is not just enough to enter the job market. Students should be exposed to real market scenario through real life case studies and practical applications. Universities and colleges should also come up with job placement assistance service for their students.
Lastly, while choosing a career path, one should analyze the pros and cons of every job sector. Choosing a career should not be influenced just by social values and pay. Job with higher pay does not guarantee job satisfaction in the long run. There is a need to access and analyze your need and your career goals before deciding on a career. Career counselling can be a good start for choosing the right career. An analysis of the current and future job market scenario will definitely guide job seekers in identifying career choices and eventually the best career option for them.