The "India Shining" story may be under stress by the ongoing economic crisis, but some sectors and career options still hold promise for job seekers this year, according to human resource experts.
Leading advisory Boston Consulting Group says India will have a demand for 85-90 million people across various sectors, and the majority of the demand will come from high-growth industries like IT, outsourcing, banking, retail and healthcare.
Similarly, a survey by HR consultancy Manpower projects hiring to rise steadily by around 18 per cent from this quarter in many sectors, signifying that jobs in India may not be entirely affected by the financial turmoil in rich nations.
"India poses a far more positive outlook as compared to what has been happening across the world," said Cherian Kuruvila, director operations, Manpower India, adding that seven per cent gross domestic product (GDP) growth for the country showed that the economy remained healthy.
"Employers in the mining and construction industries as also services sector are especially looking to scale up," Kuruvila said, but added that new jobs won't be distributed evenly through all regions and industries.
India has a work force of 484 million people, of which 273 million work in rural areas, 61 million in manufacturing and about 150 million in services, says the Boston Consulting Group that recently conducted a study on the country's services sector.
"Going forward, the Indian economy is likely to be overwhelmingly dependent on the growth of services. More than 70 per cent of India's incremental GDP and 60 per cent of new jobs over the next five years are expected to be generated by services."
A survey across the Asia-Pacific region by TNS, a market research and business analysis firm, with Gallup International, a global human resource consulting firm, also threw up interesting findings.
Sixty-two per cent of the Indians polled felt they would be able to hold on to their jobs in 2009 and the 57 per cent who expected unemployment to rise did not not consider they would be the ones affected.
"It seems, despite the slowdowns and reports of downsizing, there is an overall confidence among the employed in India that 'My job is secure! Difficulties, if any, are for others, not me'," said TNS India executive director Chhavi Bhargava.
Experts concede that the present financial meltdown has raised doubts over the performance of some industries and its impact on salaries and perks, but hope Indian businesses will come out of the slump earlier than their counterparts overseas.
"The impact on salary was felt in 2008 and it may continue till some time. The payouts were significantly lower than the 15-200 per cent bonus payouts in 2007," said Absolute HR Services chief executive Kunal Banerji.
"Gone are the days of experimentation with jobs. I would advise employees not to be adventurous checking different jobs. Stability is the mantra," said Confiar Consultants managing director Vivek Ahuja.
Apart from advising employees to keep their jobs this year, HR consultants also feel these are also the times when people will turn to age old values and ethics and play by the book.
"The old adages like no substitute for hard work and no short-cuts to success are back in vogue," Banerji said. "Stay hungry for work or stay hungry is the mantra for corporate India."
Agencies
Showing posts with label job seekers. Show all posts
Showing posts with label job seekers. Show all posts
Sunday, January 18, 2009
Thursday, January 1, 2009
Indian companies to hire 2,50,000 in next few months
There is a good news for job seekers, with the companies planning to hire more than 2,50,000 new employees over the next months -- making the new year a welcome change from the gloom of 2008 in the job market.
While the proposed over 2.5 lakh hiring is mostly for the financial services industry, the industry experts believe that the overall job market scenario is also set for a recovery in the second half of the year.
Topping the list of the companies planning to hire big include public sector banking giants like State Bank of India and Punjab National Bank as well as insurance firms such as Anil Ambani group's Reliance Life, SBI Life, Metlife, Max New York Life.
Even some BPOs and healthcare firms like ACS and Accentia are planning to hire thousands of people in the coming days.
The proposed hirings include more than one lakh of full- time employees and about 1.5 lakh in the part-time positions with the insurance companies
.
Among other sectors, manufacturing and export-oriented businesses are, however, likely to continue to witness some pressure in the next few months, after huge job losses seen during 2008.
HR consultancy major Hewitt Associates believes that sectors like insurance, telecom (where new licensees are entering), infrastructure and Special Economic Zones may look for fresh hirings in 2009, being the major beneficiaries of the government's stimulus plans.
However, the hiring outlook remains uncertain for sectors like real estate, textile and retail sectors, it believes.
Another global HR consultancy Mercer believes that hiring plans by the companies would depend on their business prospects in the coming year.
Among the major companies planning to hire big time, SBI is planning to recruit 25,000 employees by March. Besides, its life insurance venture, SBI Life, is looking to hire 13,000 agents and 200 sales managers.
Besides, the country's second largest public sector lender PNB and Union Bank are also hiring 5,000 people each, while Indian Overseas Bank, South Indian Bank and IDBI Bank are bringing on board 1,000, 12,000 and 650 employees, respectively.
Among life insurance firms, Reliance Life is hiring 90,000 agents and 2,500 managers, Metlife has announced plans to hire 30,000 agents and 2,000 managers and Max New York Life is recruiting 30,000 agents and 14,000 managers.
Among other sectors, BPO major ACS is hiring 1,000 employees, while health care solutions provider Accentia plans to add 5,000 staff to its payrolls.
" Exponential growth had resulted in a culture where mediocrity flourished. 2009 is an opportunity for companies to bring the performance orientation back into how they manage their human capital," Mercer India Information Product Solution business leader Gangapriya Chakraverti said.
Global HR consultancy major Manpower believes that hiring outlook for the first quarter of 2009 was the weakest since 2005.
Expressing similar views, leading job portal Naukri.com's owner InfoEdge India CFO Ambarish Raghuvanshi told the media that hiring was going to be slow in the first quarter of 2009 as recruitment trends are impacted by the slowdown in economic growth and decline in business confidence in the country.
He, however, added that some improvement was likely in the second half of calendar year 2009.
Source: Agencies
While the proposed over 2.5 lakh hiring is mostly for the financial services industry, the industry experts believe that the overall job market scenario is also set for a recovery in the second half of the year.
Topping the list of the companies planning to hire big include public sector banking giants like State Bank of India and Punjab National Bank as well as insurance firms such as Anil Ambani group's Reliance Life, SBI Life, Metlife, Max New York Life.
Even some BPOs and healthcare firms like ACS and Accentia are planning to hire thousands of people in the coming days.
The proposed hirings include more than one lakh of full- time employees and about 1.5 lakh in the part-time positions with the insurance companies
.
Among other sectors, manufacturing and export-oriented businesses are, however, likely to continue to witness some pressure in the next few months, after huge job losses seen during 2008.
HR consultancy major Hewitt Associates believes that sectors like insurance, telecom (where new licensees are entering), infrastructure and Special Economic Zones may look for fresh hirings in 2009, being the major beneficiaries of the government's stimulus plans.
However, the hiring outlook remains uncertain for sectors like real estate, textile and retail sectors, it believes.
Another global HR consultancy Mercer believes that hiring plans by the companies would depend on their business prospects in the coming year.
Among the major companies planning to hire big time, SBI is planning to recruit 25,000 employees by March. Besides, its life insurance venture, SBI Life, is looking to hire 13,000 agents and 200 sales managers.
Besides, the country's second largest public sector lender PNB and Union Bank are also hiring 5,000 people each, while Indian Overseas Bank, South Indian Bank and IDBI Bank are bringing on board 1,000, 12,000 and 650 employees, respectively.
Among life insurance firms, Reliance Life is hiring 90,000 agents and 2,500 managers, Metlife has announced plans to hire 30,000 agents and 2,000 managers and Max New York Life is recruiting 30,000 agents and 14,000 managers.
Among other sectors, BPO major ACS is hiring 1,000 employees, while health care solutions provider Accentia plans to add 5,000 staff to its payrolls.
" Exponential growth had resulted in a culture where mediocrity flourished. 2009 is an opportunity for companies to bring the performance orientation back into how they manage their human capital," Mercer India Information Product Solution business leader Gangapriya Chakraverti said.
Global HR consultancy major Manpower believes that hiring outlook for the first quarter of 2009 was the weakest since 2005.
Expressing similar views, leading job portal Naukri.com's owner InfoEdge India CFO Ambarish Raghuvanshi told the media that hiring was going to be slow in the first quarter of 2009 as recruitment trends are impacted by the slowdown in economic growth and decline in business confidence in the country.
He, however, added that some improvement was likely in the second half of calendar year 2009.
Source: Agencies
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