Lots of job opportunitiesThis mood was reflected in our latest global snapshot survey, which showed that back in January 71% of companies were hiring and that 78% expected to hire over the next three months. With entrepreneurship on the rise in India and lots of investment being poured into the country, there are new job opportunities every day.
Growing markets & fast turn around recruitmentIndia was not immune to the effects of the global economic downturn the level of recruitment here did drop slightly but since the beginning of 2010 is has picked up, and quickly. Most sectors are growing, in particular IT as well as pharmaceuticals, infrastructure and real estate, healthcare, education, and FMCG. More business confidence means more job opportunities and that means more competition in the marketplace for employers.
It has now become common for job seekers to receive multiple employment offers and organisations are realising that they need to speed up the recruitment process. No longer do employers have the luxury of being able to take their time to make hiring decisions if they take too long, there is a good chance that their chosen candidate will have gone elsewhere by the time they reach a decision.
Increased salariesSalaries have increased across the board due to this renewed war for talent those moving jobs are typically expecting a salary hike of between 20 to 30%, or even more in some instances. The logistics sector is an exception however.
The industry is very competitive with low margins and companies are not willing to take the risk of increasing the price of their product so they can pay their employees better salaries. However this has led to a severe lack of candidates in the sector.
Recruitment & retention in IndiaSo many opportunities in the jobs market have also caused big Challenges for many businesses in India in terms of staff retention. Employees want to progress their careers quickly, and if they dont think its happening in their current position they will not find it hard to find another role where this is possible, even within large organisations. This is something that more and more employers are realising and beginning to address to avoid losing key parts of their workforce.
When it comes to specific areas of need, professionals in the field of tax and compliance are in particular demand due to the severe lack of people with tax skills in the area and managerial level people within the construction industry are also highly sought after, for roles like project management. Supply chain is another area in which specialists are in demand as the growth of infrastructure in India means the industry grows in significance.
General management at senior level is also a hard skill to come across. Although there is a strong demand for this now due to so many new businesses setting up in the area, this kind of professional was never really needed so there arent many people in the market with this experience. There is particular demand for Indian candidates with international experience as they are able to combine the knowledge of global business and management practices with the cultural understanding of their local marketplace.