The job market in India has shown a major boost in this quarter with 84 percent employers stating that the workforce of their respective firms is going to increase in 2014-15. In this article, we will find out the reasons behind the recent rise in job opportunities in the Indian economy.
Introduction
A recent survey by HeadHonchos.com, a job search and career portal has confirmed that 84.1 percent employers expect new job creations to take place in 2014. Most of them stated that hiring would rise and hiring will take place beyond normal replacement hiring in order to check attrition. And following Narendra Modi’s landslide victory, HR experts are of the view that that there will be a 30 percent growth in job market 2014 India and 15-20 million jobs will be created in the near future. In contrast, there was modest hiring in the Indian economy in 2013, with certain sector such as banking hiring somewhere between 50,000-70,000 people. The pay hike in salaries which was limited to 10-15% last year, has gone up to 20 % for best performers.
As per estimates of industry experts, over 8.5 lakh jobs may be created in this calendar year. The issuing of licenses to sectors such as healthcare, IT, education, infrastructure and education sectors is likely to create a lot of job opportunities for freshers as well as working professionals. The job market in India has recovered from the fluctuating economic as well as political conditions which were a major cause of concern for job seekers as well as employers in 2013. A recent employment outlook survey by MyHiringclub.com has also confirmed that Indian companies, especially in the IT and ITES sectors are likely to go on a major recruitment drive in the third quarter of 2014.
Factors behind the Turnaround in the Job Market
Despite questions surrounding the impact of changes taking place in the global macroeconomic situation on India, most of HR consultancy firms are of the view that recruitment trends across different sectors looks bullish. The major factors behind turnaround in the job market are mentioned below:-
- Last year, hiring trends were slow across mid as well as senior levels. But the election of an investor friendly leader Narendra Modi has given organizations enough confidence to invest in their respective businesses once again, thereby causing talent search. After decades, a government with clear majority has come to power in India. Policy making and bill passing will be much more efficient than before.
- The revival of the US labor market has also caused an increase in spends in the IT sector, which in turn has boosted the employment opportunities of professionals with IT/ITes backgrounds in 2014.
- The government is planning to create more than 100 million jobs in the long run by attracting investments in the infrastructure, manufacturing and mining sectors. Moreover, the plan to create 100 new cities will also give a major boost to the certain sectors such as real estate, thereby triggering jobs. The flexible staffing policies which have been passed by the center for the manufacturing sector have been welcomed by corporates who were looking for a business friendly atmosphere.
Future Outlook of Various Sectors
The recent government initiatives, increased industry participation as well as the increase in the number of startup ventures have been some of the major factors which have been responsible for the significant improvement in India’s job market. Apart from a spurt in the number of job vacancies across different sectors which have been mentioned above, the economy is also expected to grow by somewhere between 5.5-6%, which according to some leading HR experts will help in boosting the job creation process by more than 20%.
The Indian IT sector is likely to improve in the Fiscal Year 2014-15 with all Tier-1 companies promising to deliver 15% growth. Region wise, there will be a boost in the number of new startups in IT hubs such as Bangalore, Delhi/NCR, and Pune. Similarly, the marketing and advertising industry is also experiencing huge boost in revenues. While the global ad revenue is expected to grow by 6.5 percent in 2014, the Indian ad revenue should grow by 11.3 percent in the coming year with online medium again being the major driver of this growth. Online advertising market is around Rs. 3,000 crores. It is a major employment generator giving rise to a number of new marketing jobs in Delhi and other metros where there are maximum users of internet.
The recruitment and staffing policies of different organizations is shaped not just by their changing corporate needs but also by amendments in government policies as well. If you are engaged in any one of the industries which have been mentioned above and want to switch your job, then this is the best time to do so. Even if you are not engaged in the manufacturing, mining or infrastructure sector, you can find ample job opportunities if you are involved in other sectors like healthcare, education or IT. Therefore, there is a great scope for personal as well as financial growth for skilled working professionals who are looking for a job change.
The job market 2014 India has shown remarkable improvement following the election of a stable government in the sector. The new staffing policies which have been passed by the center have revived the interest of major players in sectors like manufacturing and infrastructure which has given a big boost to the job creation process.
Author : Devika Arora
Devika Arora is an avid writer who compiles significant facts and analyzes the present state of affairs related to careers. She writes informative articles and guest posts pertaining to jobs in India. The above article discusses about sales jobs.
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