2017 Hiring Trends expected in India
2017 is a good year for recruitment, especially for India. Despite demonetization and the global economic drop, India seems to have survived pretty well. One of the top reasons for this is foreign direct investment. More and more companies are choosing to invest in India due to the availability of cheap labor and infrastructure. The government’s “Make in India” campaign is also one of the main reasons why companies have come to establish their market here.According to Michael Page’s report on “2017 India Salary & Employment Outlook” hiring activity in India will see a 60% rise this year; of that 40% will be for middle management. Employers who offer a 6-15% pay increment make up a whopping 88% and 80% are convinced that the hiring activity will see a gradual rise this year.
Indian recruitment trend – The good, the bad, and the ugly
According to Michael Page’s report, around a good 44% of the employees leave companies due to limited career progression. In talent retention, the top 3 factors that employees look for include 79% in career progression, 56% in salary increase, and 40% in Learning and Development.Now, if we take a look at the recruitment trends, sector-wise, Finance and Banking are at the top. Non-Banking Financial Companies (NBFC) are gaining a lot of popularity. With availing loans from regular banks becoming difficult by the minute, small and medium-sized enterprises see a solution with NBFCs.
The next one on the list is the healthcare sector, which observes a good rise in talent acquisition. With a low-cost pharmaceutical talent available, this sector sees a steady increase in job opportunities this year.
The E-commerce sector is more stabilized this year as compared to the hike last year. However, the overseas branches see a rise in talent recruitment, so this year too it’s going to do well. The same goes for IT. The sector has seen a stabilized pattern of hiring. However, with the impending rise in newer innovative fields like the Internet of Things (IoT), we can definitely expect a rise soon.
The supply-chain and logistics sector see a stark drop in talent especially for top-level positions. There is a tough competition for high-caliber candidates. Rapid growth and the overall shortage in talents have intensified the competition in this sector. Other sectors like Infrastructure, real estate, FMCG, retail, and automobile see a slight sluggishness in their hiring pattern.
Companies today give lots of importance to work-life balances. Some of the steps they have taken include flexible working hours, work from home and remote access, wellness programs, etc. But most importantly, companies have adopted strict policies that encourage diversity within the organization. Around 88% employers say that their company is diversity-centric now more than ever.
So, on an overall basis, we can safely say that India is in a good shape with respect to the economy. Though demonetization created ripples in each sector of the Industry, most seem to have recovered while some are even thriving. If the trend continues, we would definitely grow stronger than before.
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