The global economic slowdown witnessed in 2016 so far could not affect on India’s employment market, according to a survey.
Instead, the country’s 80 per cent employers are confident that hiring activity would remain steady in 2017, the latest ‘Salary and Employment Outlook’ by global recruitment specialists Michael Page said.
“India’s employment market enjoyed a good year largely remaining unaffected by the global economic slowdown in 2016, and 80 per cent of employers in India are confident that hiring activity will remain steady in 2017,” it said.
It further said that 3 in 5 employers or 60 per cent of Indian companies will be adding new head count in 2017.
“We have observed a positive outlook on companies’ employment forecast in India. With new orders coming in from overseas firms seeking to utilise India’s vast resources and labour pool, more foreign companies are investing in the manufacturing, infrastructure and renewable energy sectors,” Page Group Singapore and India Senior Managing Director Sebastien Hampartzoumian said.
“This is driving the demand for specialist skill sets and professionals with both the technical expertise as well as the right cultural fit,” he said.
‘Michael Page Salary and Employment Outlook’ is based on the responses of over 300 employers across India from major industry sectors and ranging from market-leading multinationals to small and medium-sized enterprises.
As part of PageGroup, Michael Page is a professional recruitment consultancy specialising in the recruitment of permanent, contract and temporary positions on behalf of the world’s top employers.
The survey further found that 44 per cent of employees will leave their jobs due to limited career progression.
It said 88 per cent of employers are offering 6 to 15 per cent pay increments in the next 12 months, 51 per cent of employers are expected to give 6-15 per cent bonuses.
About 83 per cent of employers feel that diversity and inclusion is a priority and have active work place programmes in place, it said.
As India provides an intense market competition and lack of highly qualified candidates…attracting and retaining talent are key areas of focus for employers, it highlighted.
Career progression (79 per cent), salary increments (56 per cent) and learning and development programmes (40 per cent) are the top three factors in talent retention, it said.
Flexible working hours (55 per cent), providing and allowing work from home and remote access to work (47 per cent) and better staff welfare benefits (42 per cent) are among the most popular work-life balance policies, it added.