After a sluggish year of job market, the employment scene for human resource executives is showing a silver lining. With hiring and promotion prospects looking optimistic in the capital city of India, the jobs across several sectors will see brighter days and some may even witness up to double-digit hikes in the coming year.
Previously, the job scenario in the country was not led by global economies and was more domestic and need-based. Organizations earlier wanted a high ROI on every appointment, selection ratios were high and those applicants who could relocate instantly were being given more preference. Also, the negotiations were long-drawn and difficult while the joining bonuses and notice period buyouts were all measured.
The Indian market started improving towards the end of 2013. Moreover, the US labor market revival would imply a rise in the discretionary expenditures across the IT domain, which will eventually have a positive effect on the Indian hiring prospects amongst the IT/ITES companies.
Moving on to welcome new trends
Those who had been impacted by the weak job trends of 2013 can breathe a sigh of relief as the worst now seems to be in the past. The onset of 2014 will bring promising opportunities and more recruitment will take place. According to experts, the HR jobs in Delhi, along with the jobs from other domains, will see improvement; where certain positions may even offer a two-digit pay rise, accounting for a 10% to 12% increase from the previous year.
In spite of the global macro-economic situation, economic slowdown and elections, HR consultancy firms believe that the hiring outlook for India seems bullish. The industries that are expected to push the job market include healthcare, IT, education and development.
Also, the new retail banking licenses are likely to create a good amount of jobs in 2014. According to V Suresh, the Business Head of Naukri.com, the following two to three years will bring positive growth to the employment condition. The past year was about slow recruitment across senior- and mid-level structuring and most of the hiring was done just to fill the key gaps.
But the 2014 elections may bring a few changes. Corporates may begin investing in businesses again, leading to more hiring and aggressive search for talent.
India has emerged as one of the most optimistic nations worldwide with great hiring plans over the next 3 months. As per ManpowerGroup’s Employment Outlook Survey, Indian employers are anticipating a brisk recruitment pace for the first quarter of 2014. The January-March phase will see more hiring across sectors like mining, services and construction. With positive signs of global recovery, it is now getting vital for companies to draw, retain and inspire high performers. Good employees will also see higher increments than last year and those with exceptional performance will be significantly differentiated with more benefits.
The traditional industries will see more increments but the service sector, including hospitality, hotels, telecom and banks are likely to see maximum on increments as is it a high attrition segment. The professional with the middle and senior levels can look forward to salary hike of 10 to 15% along with bonuses that may rise up to 20%. The top performers will see an average rise of 14.3%, while others employees will see 9.8% increment on an average. Job boards and social media will be a major source of talent in the next year, especially for white collar jobs and work in urban cities where applicants will have sufficient and easy access to the internet.
As for the smaller towns and cities, the traditional way of job fairs, networking and referrals will continue to hold importance for the larger masses seeking jobs.
Author bio: A writer by profession, Devika Arora is currently focusing her writing on the extensive domain of employment. She has written various articles, news stories and blog posts for job search and recruitment. The above article is a compilation of facts and discusses about jobs in Delhi.