India Inc promises 10 lakh new jobs in 2015
Average salary increments may be in the range of 15-20%
Press Trust of India | New Delhi
January 1, 2015 Last Updated at 13:40 IST
New Delhi: It may be a bumper new year for the job market, with India Inc planning to create close to 10 lakh new jobs and dole out pay hikes of up to 40 percent for best performers in 2015.
The average salary increments may also be higher in the range of 15-20 percent, as against 10-12 percent across various sectors during 2014. New-age sectors like e-commerce are likely to see relatively higher pay hikes.
With GDP growth rate being pegged at near 5.5 percent, after sub-five percent growth in recent past, businesses across sectors are expected to grow, experts said, and this should result in a strong job market rally as well. In addition, India has a competitive advantage of demographic dividend, which would together with the hiring intensity, mark a new era of recruitment in the country.
Human resource experts believe, that job market in 2015 is going to be in a strong hiring mode and companies are preparing themselves for aggressive recruitments across the board.
In addition, there are expectations that a large number of global players would come to set shop in India, thus creating a lot of job opportunities at leadership and other levels.
According to a new survey by recruitment platform MyHiringClub.Com, the year 2015 is coming with positive vibes for job seekers and expecting to create 9.5 lakh new jobs in different sectors, with IT & ITeS and FMCG sectors leading the chart.
"2015 is sending very positive vibes for creating new jobs in every sectors. This year freshers are able to get more opportunities compared to last three years especially in Ecommerce, Banking & Financial Sectors, IT & ITeS and Retail Sectors," MyHiringClub.Com CEO Rajesh Kumar said. With regards to salary, HR experts said the average hike for some sectors can be in high single digits, but top performers can expect pay rise in the range of 20-40 percent in 2015.
"... We see a rise of 20 percent to 40 percent in salaries for high quality talent. The same is driven by very high insatiable demand of high quality talent with high end skills," Himanshu Aggarwal, CEO and Co-founder Aspiring Minds, an employability assessment company said. According to global management consultants like HayGroup and Aon Hewitt, Indian companies are likely to offer average pay hikes of 10-18 percent in 2015, which could be the second best in Asia after Vietnam.
Such high pay hikes in Asian countries are being attributed to the talent war in the continent, both for experienced hands and new graduates, experts said.
"Since market will improve there is possibility that companies adding some top up benefits beyond CTC including international & domestic trips, some jackpot prizes, ESOP's will be offered by the startup companies to attract the talent," leading search firm GlobalHunt MD Sunil Goel said.
Sudeshna Datta, Executive Vice President and Co-Founder, Absolutdata Analytics, a data analytics services provider, believes, in the year 2015 employers would get innovative with their compensation structures, they would attract, reward and retain high- performers massively by designing creative programmes like employee stock options, fringe benefits, deferred payments, hefty bonuses etc.
According to recruitment process outsourcing specialist, PeopleStrong HR Services some key trends that would define the job market include increased usage of social media channels for hiring, online assessments, video interviewing, data analytics, use of mobile phones and other technological devices.
According to technology hiring platform Talview.Com, IT and Pharma would continue the upswing mode. Sectors like engineering and consulting would also pick up if the new government delivers on its promises.
Regulations would play a major role in further expansion in emerging sectors like E-commerce and Internet.