While the pandemic led to a dip in hiring activities by 18 per cent in 2020, across India, things seem to be looking up in the New Year. About 53 per cent of companies in India are gearing to increase their headcounts in 2021. That is not all, 60 per cent of the employers plan to provide increments and 55 per cent intend to dole out bonuses.
Companies in the healthcare space will give out the biggest increments at an average increase of eight per cent, followed by FMCG at 7.6 per cent and e-commerce/internet services at 7.5 per cent. With the rapid advancements in technology across sectors in the country, especially in the SaaS, health-tech, ed-tech and gaming industries, the demand for experts in artificial intelligence (AI) and machine learning (ML) has gone up.
According to the ‘Talent Trends 2021 Report’ published by professional recruitment services firm, Michael Page India, a hybrid work culture will be the focus across sectors. Nicolas Dumoulin, MD, Michael Page India, shares, “Hiring activities among internet-based businesses, such as e-commerce and educational technology (ed-tech), remained relatively robust across India and is expected to maintain the momentum in 2021 as well.”
A significant 74 per cent of technology firms in India expect a 14 per cent spike in headcount. If the candidate is suitable and a perfect fit, most organisations are willing to hire from any location, allow remote working and high levels of flexibility.
About 75 per cent of those employed anticipate looking for new job opportunities, while another 22 per cent continue to be open to new roles in 2021.
Hiring at the leadership levels in private equity, venture capital, as well as other asset classes, including credit/distressed, hedge funds, public markets and impact funds has gone up and will continue to do so in 2021. Most NBFCs and fintech companies will be on the lookout for skilled talent well versed in analytics-driven risk, digital marketing, strategy-driven portfolio management collections, alliances and partnerships.
Across the country, 68 per cent of e-commerce companies expect a 12 per cent increase in headcount in 2021. Growth in e-commerce has also led to growth of more tech-enabled platforms in logistics and warehousing. Industrial warehousing has pushed up the demand in real estate as well. About 44 per cent of property and construction companies in India expect to expand workforce by 10 per cent in 2021.
Emerging trends
• Irrespective of market conditions, candidates with the right combination of experience and soft skills will continue to be hired at high salaries
• Gig workers will find more opportunities
• Soft skills such as leadership, teamwork, relationship management and communication will help differentiate between good and great talent
• The human side of the hiring process, such as cultural fit, growth potential and evaluating soft skills will become more important in relation to growth opportunities
As Dumoulin rightly points out, “ Companies will be looking at a dynamic working culture along with competitive remuneration and benefits package to attract talent. Start-ups in India, examined their core businesses and retrained their focus on profitability last year, while larger conglomerates, took the time to increase their reach and influence and establish new lines of business. This will continue in 2021.”
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