Year Jobs: Employment market to see modest hiring, 10-15% pay hike next year

Jobs

Hiring took a hit this year largely on the back of global slowdown as well as slower growth rate of Indian economy.

"The year 2012 began with a lot of promise as the job market in India was estimated to grow at 15 per cent. But the sharp economic downturn in India and the impact of the European crisis adversely affected hiring across sectors like IT, telecom, hospitality, retail and infrastructure," Randstad India MD and CEO E Balaji said.

TeamLease Services Senior Vice President and Co-Founder Sangeeta Lala said "2012 has been a stagnant year for most sectors; few sectors like retail, FMCG and real estate has seen some quarterly spike due to projects and specific hiring projects."

According to various surveys and experts, hiring activity in the country in 2013 is likely to be at a slower pace, but that, India would still fare better than its global peers, who are reeling under economic uncertainty, which in turn is affecting their investments in talent.

Despite the continuing impact of global macro-economic situation and the uncertainty around the economic and political environment, in India, employer hiring intentions remain positive across sectors and geographical regions.

During 2013, sectors like BFSI, manufacturing, power, construction, oil and gas and petrochemicals are expected to be bullish towards hiring.

According to Manpower India Executive Director Srikanth Rengarajan, "the first quarter of next year (January-March) looks low on hiring activity trend. However, second quarter onwards activity will definitely pick up and markets will have to come out of the closet."

Government policies will be required to increase consumption and attract investors, Rengarajan added.

Some key hiring trends in 2012 included selective hiring (both in terms of quality and quantity) and more stringent selection procedure -- starting with additional rounds of interviews and background checks. These trends are likely to continue in the job market during the next year as well, feel experts.

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