The Salary and Employment Outlook by Michael Page states that 76 per cent of Indian companies are expecting to increase their headcount in the next 12 months
A majority of Indian companies are displaying a positive hiring stance for the coming year according to the latest Salary and Employment Outlook by UK-headquartered recruitment firm, Michael Page. The report reveals that three in five employers in India plan to increase their headcount in 2017.
76 per cent of Indian companies are expecting to raise their headcount in the next 12 months, while only eight per cent are unsure about the same. Interestingly, out of the companies planning to expand their workforce, 38 per cent wish to increase it by 1–10 per cent and 36 per cent by 11–20 per cent. “With the Indian market continuing to grow, confidence across the board is high, and this is further bolstered by the high levels of investment and interest we have observed in emerging sectors, such as e-commerce and the continued strength of areas such as healthcare and infrastructure,” the report states.
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Analytics and big data stand out as the most sought-after skills for hiring talent — 52 per cent of the respondents seek these skills, while 42 per cent demand sales development skills. The report also suggests that the Indian market is now moving towards aptitude-based hiring — “Where traditionally, in India, workplaces have given preference to experience and length of service when considering candidates, we are seeing more and more calls for hiring managers to evaluate candidates purely on their own merit and abilities, regardless of how their experience stacks up.”
With regard to salary and remuneration, 99 per cent of respondents shared that their direct employees will receive a salary increase in the next 12 months, out of which 62 per cent state that the expected raise would be around 10–15 per cent. To add to the positive outlook, 86 per cent companies shared that their employees may receive a bonus, indicating a strong reward culture. This also reflects the overall trend of organisations making more efforts to retain employees and to prevent loss of talent to competition.
On the other hand, when asked about the reasons why employees will leave their current company, 36 per cent respondents stated a better salary as the biggest reason, followed by 21 per cent stating a better experience or opportunity to learn as the reason to quit.
Indicating the importance of rewards as a measure for retaining employees, 63 per cent companies stated rewards and recognition as a retention mechanism while, 60 per cent respondents gave importance to a structured career progression. Interestingly, for talent attraction, a strong company culture is the most vital aspect as 60 per cent companies believe it to be their biggest talent magnet, followed by career progression opportunities.
The report also suggests that a strong online presence, specifically on social media, helps facilitate talent acquisition as Indian workers are increasingly adopting platforms, such as LinkedIn to grow their careers. Such platforms not only allow workers to passively ‘keep tabs’ on brands they may aspire to work with, but also allow hiring managers to easily search for specialist or niche skills.
The survey that covered over 240 employers in India certainly predicts a positive hiring outlook for the coming times. However, for the forecast to come true, it is important that organisations gear up to have a clearly defined brand strategy and strong online presence. To do so, they have to ensure that they appeal to the candidates’ desire to work for a recognisable and reputable organisation.