Mumbai: As the Indian economy keeps up its escalating growth trajectory, the job market also looks very positive as 76 per cent companies surveyed are planning to increase headcount in the next one year, says a report.
“About 76 per cent companies surveyed said they expect to increase headcount in the next 12 months as the Indian economy is at its escalating growth trajectory,” Michael Page's 2015-2016 India Salary and Employment Outlook has said.
The report has surveyed 240 employers from market-leading multinational companies (MNCs) and small and medium-sized enterprises (SMEs) across all major industry sectors.
“Our specialist approach with dedicated teams of recruitment professionals, combined with expert commentary drawn from our extensive involvement with senior executives, gives us an in-depth perspective into each industry sector. Overall, the Indian market continues to grow, with strong confidence bolstered by high levels of investment,” Michael Page India
Senior MD Sebastien Hampartzoumian told PTI. A potential candidate's decision to accept a new role is usually influenced by brand reputation, career progression and international opportunity, he said.
Millennials in particular expect a clear path of career progression that includes opportunities for development, overseas secondment and promotion, he added. “A favourable online presence, especially on social media platforms, will help accelerate talent acquisition as Indian employees further heighten their engagement levels online,” he pointed out.
He said an interesting trend observed while conducting this survey was the apparent modernisation of the Human Resources (HR) function in the country.“There has been a distinct move towards aptitude-based hiring. Hiring managers are now evaluating candidates purely on their own merit and abilities, regardless of how their experience stacks up, which is very uncharacteristic and does not align with traditional hiring practices in India,” he added.
The report further said that emerging sectors such as e-commerce, healthcare and infrastructure have infected the market with the right kind of enthusiasm. It said now the companies are concentrating their efforts to retain high-performing employees with exorbitant counter offers to stem talent loss.
About 60 per cent of respondents use ‘recognition and rewards' as a top talent retention method, the report said. To achieve this, 62 per cent of the respondents intend to pay out 10-15 per cent salary hikes in the next 12 months for the purpose.
It also found that 61 per cent offer flexible working hours as a work and life balance facilitator. About 52 per cent claim that ‘Analytics and Big Data' is the most sought-after skill, followed by Financial and Product Control and Regulatory reporting, it added.