In 2016, India’s overall job market witnessed a steady growth and was somewhat less affected by the slight global economic slowdown. In a recent report published by Michael Page, it was stated that India would witness a robust growth in hiring activities in 2017.
80 percent of employers are confident that hiring activity will not only go up but will also remain steady in 2017. It further said that 60% of Indian companies or 3 in 5 employers would be adding a new headcount in 2017. Needless to say that those looking for jobs in India will be having a great time.
In the words of Sebastien Hampartzoumian, Senior Managing Director, Page Group, India and Singapore, “We have observed a positive outlook on companies’ employment projection in India. With new orders coming in from overseas firms endeavoring to utilise India’s vast labour pool and resources, more foreign companies are investing in the manufacturing, infrastructure and renewable energy sectors”.
Jobs in India – The Bright Future Ahead
Intense market competition and the lack of highly-qualified candidates in the expanding Indian economy has resulted in a growing talent crunch as against the number of jobs in India. It is the reason that retaining the talent has become so important to organizations. According to the survey, the top 3 factors for talent retention comprise the following;
- Career Progression (79%)
- Salary Increments (56%)
- Learning and Development Programs (40%)
These are followed by
- Flexible working hours (55%)
- Work from home opportunities (47%)
- Staff welfare benefits (42%)
Most employers are of the opinion that they will end up hiring more employees in the coming months as there is a substantial demand for skilled professionals in every field. The image below gives an idea of what employers think of the job scenario in 2017.
Key Take-Away from the Report
Some of the key take away from the report include the following:
1. Recruitment activity to shoot up substantially with nearly 60% of employers looking towards hiring new talent actively as the availability of jobs in India will increase considerably.
3. Banking and financial services will witness a significant upsurge in hiring process and skills in demand will comprise financial planning and analysis.
4. India is all set to become a financial shared services hub as more and more multinational banks are coming to India and starting operations based out of cities like Gurgaon, Bangalore, Hyderabad and Pune.
5. Employers will be in search of candidates who have led initiatives and produced good quality work. Such candidates will be more in demand.
6. A trend will be observed where employers will be more inclined towards hiring graduates from top B-Schools rather than aged experienced professionals.
7. The domain of talent acquisition will also grow, and there would be substantial demand for HR professionals in 2017 who possess regional and global exposure.
8. Alternately, the domain of legal services will also witness an increased demand in the workforce.
9. Emerging sectors like financial services and e-commerce will be offering more competitive salaries.
10. The supply chain industry will also continue to remain a good employer. The industry will witness a good demand for candidates with a good experience in planning functions across different levels.
11. The pharmaceutical sector and the FMCG sector will also see a substantial increase in its headcount.
With so many activities predicted in the recruitment sector in 2017, the key will be to continue prioritizing internal development programs to retain the best talent. One interesting observation has been that; companies are also going beyond gender while addressing workplace diversity.
On the last note, it can be said that with the Indian economy witnessing an upward curve, though slowly, good times for job seekers are awaiting as jobs in India are going through a boom phase.