Indian job market forecast 2017
An Economic Times report early this year states that the job story of 2017 will be a mixed bag. Hiring will increase in the pharmaceutical sectors followed by the Telecom and the BFSI sectors while hiring in the automobile and FMCG sectors will slow down. The IT sector may show a marginal increase of 1% in the hiring later this year. A decent percentage of hiring will come from the maturing industry of Ecommerce which is likely to grow in the long-term.
According to India Today, the job market in India will have the following trends this year:-
· The pharmaceutical sector will hire in large numbers, and the telecom and BFSI sectors will also follow the trend
· Hiring in the FMCG and the automobile sectors will slowdown markedly. The demonetisation drive has affected the automobile manufacturing sector badly. Sales of large equipment and machinery mostly take place through cash in the rural areas are now seeing a steep drop, thus cutting down jobs.
· The IT sector is estimated to have a marginal increase in hiring
· Real estate, construction and infrastructure are the three sectors which will see more than 100,000 job cuts over the next 12 months
· Ecommerce Platforms will hire a good percentage of workers
· All banks and brokerage firms are actively putting in efforts to build large digital banking and financial research teams due to the recent demonetization, resulting in hiring in related areas.
EFFECT OF POLITICAL CHANGES ON JOB MARKET
The major change that affected the job market of India recently was the demonetization. A month ago, the Modi Government declared that high-value currency notes such as Rs 1000 and Rs 500 denomination currency will not be a legal tender anymore. The initiative although bears loads of politico-economic benefits in the long run but recently it has created a chaos in the capital-intensive industries like automobiles.
With a Lesser amount of money in circulation, the short-term consumption demand will also decrease in the country. Therefore, businesses are likely to experience a hit in terms of product and services sale. Indian consumers and retailers both prefer cash based transactions. With demonetisation, they are bound to become out of cash which is hurting the business in the short term, and consequently, revenue, employment, consumption and investment are affected.
The unorganized sector in India, employs a majority of workers and cash is the dominant mode of payment in this segment. Hence it is getting affected too.
Demonetisation is likely to slow-down India's economic growth by 1 per cent over the next year and the employment market is estimated to witness about 400,000 job cuts over a same time frame.
Recruitments trends, demand and top some info of top recruitment agencies
To win in this era, talent acquisitions and business leaders need to stay ahead of the latest recruiting trends. Companies and institution are under pressure to find top talents at low costs while competing with big brands and promising start-ups. And what’s the best thing is that unlike old times, social media and digital marketing are playing a big role in today’s recruitment processes. Here are three must know talent acquisition trends and predictions (as found in a survey carried out by Linkedin Talent Solutions):
1) Recruitment volumes and budgets increase in tandem indicating an overall positive sentiment in organisations on recruiting;
2) Social recruiting grows for quality hires- Recruiters’ use of social professional networks as a source of quality hires;
3) Employer brands get socially engaged hence allowing them to recruit quality employees at low cost and less time.
What’s clear from this survey is that the companies and various institutes generally are looking for quality employees at the expense of nothing basically. Now comes how both small firms/companies as well as large firms use their employees for company’s betterment. Small companies having to do more with less, prioritize training employees to be brand ambassadors and optimising sourcing techniques. Large Indian companies are significantly more likely to prioritize data analytics in recruiting and diversity hiring. But all these talent needs are forgotten when it comes to the lay-off policies of the
TOP HR COMPANIES IN INDIA
#1 SutraHR: SutraHR is one of Asia’s top Exec search firms. Pioneers in startup hiring, they have worked with over 500 clients since their inception. They realise the importance of hiring the right talent for growing your business. For more info visit https://sutrahr.com/
#2 ABC Consultants:A pioneer of organised recruitment services in India, ABC Consultants was founded by Dr Bish Agrawal in 1969. Being one of the oldest HR company in India, ABC generates 75% of its revenue from its existing client base. More info can be accumulated through their official website http://www.abcconsultants.in/ .
#3 CareerNet:- It offers simple and cost-effective consultancy to its clients, and has a rich experience in industries such as technology, knowledge services, banking, financial services and insurance. CareerNet (http://www.careernet.co.in/) provides strategic advice in the areas of executive search, recruitment process, outsourcing, talent acquisition strategy, compensation advisory, university recruitment, talent branding, outplacement and exit management, and SOW-based recruitment.
Top 10 Campus Recruiter by Economic Times
· Deloitte- “Deloitte” is the brand under which tens of thousands of dedicated professionals in independent firms throughout the world collaborate to provide audit, consulting, financial advisory, risk management, tax, and related services to select clients.
· Cognizant- Cognizant is one of the world's leading professional services companies, transforming clients' business, operating and technology models for the digital era. Their unique industry-based, consultative approach helps clients envision, build and run more innovative and efficient businesses.
· ICICI Bank- ICICI Bank is an Indian multinational banking and financial services company headquartered in Mumbai, Maharashtra, India, with its registered office in Vadodara.
· Infosys- Infosys, a global leader in technology services & consulting, helps clients in more than 50 countries to create & execute digital transformation strategies.
· Wipro- Wipro India is the USD7.7 billion conglomerate and global leader in technology-enabled solutions. They are a leading provider of IT services in the region, and leverage Wipro’s philosophy of ‘Applying Thought’ to enable business results by catalysing transformation.
Startup ecosystem and some successful startups
Recently, India has evolved as one of the top three countries globally in terms of the number of startups founded. The total venture investment in startups during the last decade is estimated at ₹1117 billion approximately.
The average annual growth in the number of startups that have been funded in the last decade has been 16 percent. In most sectors, there has been an equivalent Indian start-up to that of a foreign start-up.
SOME SUCCESFUL STARTUPS IN INDIA
1. Zomato: Ravi Gururaj, serial entrepreneur and angel investor, said, "Zomato is still the king of the hill among food tech start-ups."He added, "I chose Zomato in my top 10 list for the international expansion and the way it has covered cities one after the other and how it integrated into food ordering after starting with menus.”
2. Flipkart: Flipkart is well-known for its audacious scale, its ability to break barriers. Flipkart is the first Indian unicorn start-up which not only changed the e-commerce game but also the Indian VC valuation perception.
3. InMobi: InMobi is important for taking on Google and innovation.InMobi is the one India tech company that is truly nipping at the heels of global leaders.
4. Paytm: PayTm succeeded for the speed of growth and the switch it made into the new-age commerce from its earlier avatar.
5. Practo: Rajesh Sawhney of GSF Accelerator, says, "The Indian tech start-ups that I think have acquired cult brand status are category leaders.They have created a new user-behaviour and have a certain degree of consumer loyalty."