Naukri.com’s Hiring Outlook Survey report states that the Indian Job market is likely to grow in the year 2017. 67% of recruiters anticipate new job opportunities in industries such as banking and financial services, insurance, information technology, pharmaceutical, automobile and manufacturing industries. The top three sectors in terms of job growth in India opportunities varies city to city. While in Mumbai, Healthcare (4%), ecommerce and internet start-ups (3%) and Telecommunication (2%) lead the pack, the demand in Delhi is for financial services (2%), retail (2%) and eCommerce (1%).
The demand for openings is most likely for candidates having experience between one-eight years. As per a business study report, 60% will add new headcount to their business, 45% of new headcount will be middle management, 88% of employers may offer increments between 6% to 15% in the current appraisal cycle and 44% of the employees will quit due to limited growth opportunities.
Here are some interesting statistics from various reports :
- The KPO sector is expected to add close to 40,000 jobs this half year
- Mumbai, Bangalore, Hyderabad and Ahmedabad lead the employment job market
- Job growth in financial services is projected at 9.3%
- 25% of the recruiters expect maximum jobs to be created in the IT sector
- 42% of the recruiters project a growth in the new jobs at entry level
Top employee perks and benefits preferred by the candidates
- 55% said they prefer flexible work hour options
- 42% of the candidates evaluate the wellness programs offered by the company
- 33% would look out for business travel perks and relocation benefits
The influx of foreign direct investment under the government’s Make in India campaign has opened opportunities for new age entrepreneurs, thereby fueling the growth in the job opportunities.
While the survey portrays a positive outlook about the job market and the growth opportunities, the real challenge for the recruiters is to find qualified candidates that meet the job requirement. The globalization of the workforce, new hiring trends, lack of understanding of recruiting strategies pose additional challenges for the recruiters. They will also have to deal with job seekers who share false credentials and shortage of staff.
Here are some success tips for employers:
- Smart recruiters should anticipate issues that hinder the recruitment process and implement solutions proactively to stay ahead of the competition
- It would also help if the recruitment firms keep abreast of the latest recruitment technologies and take advantage of the benefits they offer
- Make the best use of social media platforms to reach out to potential candidates and employers
- The growth of a recruitment company depends on the speed and efficiency of the staff, It makes sense to train the staff with handle recruitment issues adeptly
- Recruitment companies should invest more time in developing talent pipelines
- Invest in training to overcome skills shortage
- Adopt strategies such as retention bonuses, internal transfer opportunities, stock ownership options, career growth plans
Positive Take Away for 2017:
The positive outlook of hiring story in the current year projected by various research agencies prove that India will be lead the pack with human capital growth.
The sun seems to shine brightly on the employment scenario in 2017 and this is a good sign!