2018 to see more hirings, salary rise of 10%: Mercer's pay survey
Source: PTI|Jan 11, 2018, 11.04 AM IST
Salaries are expected to grow by 10 per cent across industries and career levels as organisations are likely to increase headcount this year, says a report.
According to Mercer's 2017 India Total Remuneration Survey, companies are likely to dole out 10 per cent salary increase across industries in 2018, consistent with 2016 and 2017.
The survey of 791 organisations across industry sectors found that 55 per cent companies intend to hire in the next 12 months, as ag ..
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Democratising the job market for engineering graduates
Source: IANS|Jan 07, 2018, 12.30 PM IST
When InfosysBSE 2.28 % founder N.R. Narayana Murthy says the trend of stagnation of starting salaries for software engineers for six to seven years is "worrisome", we should be nervous. What does it imply for the job market? It's only a handful of engineering graduates who get six-digit dollar offers.
As you look beyond the top 200 colleges in India, the number of placements is down dramatically over the past few years. Simply put, there are more engineering seats in Indian colleges than students, and there are more graduates than there are jobs.
The demand-supply gap is worse in engineering schools in tier 2 and tier 3 cities. Very few recruiters approach these colleges because they are remotely located, even knowing it would mean missing out on brilliant talent.
The news of a revival of economic indices -- manufacturing, core sector expansion, merchandise exports -- is buttressed by anecdotal references to Tata Steel and infrastructure major L&T seeing a demand surge from fast-tracked infrastructure projects. The IT sector, which once absorbed engineers like a sponge does water, expects the addition of only 200,000 new jobs in 2018, in the face of a series of protectionist moves being brought in by the US, the biggest market for the $150 billion sunrise sector.
Analysts say new job openings in digital technologies, e-commerce and Artificial Intelligence (AI) in the domestic IT sector can at best add between 50,000 to 100,000 in a country that produces a million engineering graduates each year.
Everyone is worried -- students, parents, college managements, including the engineering and management education accrediting body, the All India Council for Technical Education (AICTE). In fact, AICTE has since last year mandated that all engineering colleges should let their students participate in a semester-long internship in industry.
Uber ex-CEO Travis Kalanick plans to reportedly sell 29% of stake
Source:ET Bureau|Dec 25, 2017, 06.30 AM IST
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A World Economic Forum report says women are paid a little over half as much as men in workplaces worldwide.
To close this gap, some firms have made it illegal to ask women interviewees about past salaries. ET Wealth asks experts whether India should also adopt the practice.
When women had begun joining the workforce in India and their contribution was being questioned, companies would decide on how much to pay on the basis of gender. However, this is no longer true as the industry has evolved over the past decade. As perceptions about women in the workplace have shifted and many women have shattered the glass ceiling, companies are recognising their contribution and the need for diversity at the workplace.
If companies stop asking women about previous salaries, the recruiter would tend to 'guess', using other factors as proxy, which could worsen the situation. This would result in women getting salaries that are lesser than in their previous jobs.
In a study, we looked at four common functional areas—IT software and hardware, finance, sales and marketing, and three cross-sections of work experience (5-6 years, 9-10 years and above 15 years). In the first two brackets of work experience, we found that across functional areas, there is no wage disparity between men and women.
Hiring will increase in sectors like IT, startups, telecom and BPO: Indian Staffing Federation
NEW DELHI: Amidst all gloom of job losses, Indian Staffing Federation on Tuesday said that the staffing industry expects hiring to increase on sectors like IT, startups, telecom and BPO with substantial increase in flexi staffing in the IT sector.
"Despite the current layoffs and negativity in certain sectors, Indian jobs market seems to look positive in sectors like IT, Startups, Telecom and BPO and blue collar roles will gain prominence in these sectors," Rituparna Chakraborty of ISF said at the 11th National Employment Conference of the apex flexi staffing body.
"With the current fall in jobs between April and December 2016 where India just created 2.31 lakhs jobs (according to government’s labor survey) these initiatives are most welcomed to streamline the roadmap for skilling and creating more employment opportunities," ISF said at the event.
As per the recent report by Indian Staffing Federation only 15 major sectors drove the entire jobs market growth in just 11 states.
However, this is meagre as every year 12 million people are added to the country's workforce and 5 million people look out of agriculture for new job opportunities. ISF estimates that at least 70 – 80 million jobs need to be created per year.
"Thus, the need of the hour is to welcome other forms of employment which will help make people employable including flexi staffing," it said citing the example of IT industry where despite lay-offs flexi hiring is expected to grow 53% by 2018. ..
According to Chakraborty, the future of employment is not jobs but creating an ecosystem which enables our youth to create their own work.
"In the long run the narrative shall shift away from permanent jobs vs temporary jobs, formal jobs vs informal jobs to a job of dignity irrespective of the form of employment," she added.
CXO hiring mandate up 25-40% since January
MUMBAI: CXO recruitment is picking up after a slowdown last year. Executive search firms and experts say there has been a 25-40% increase in hiring mandates for CXO roles since early January on the back of improved economic sentiment, liquidity returning to the system, Indian companies expanding overseas and more clarity on the business front.
All this has led to a flurry of activity after a slump in 2016 due to a combination of factors such as Brexit, the US elections and excessive presdisure on global business apart from domestic concerns such as demonetisation, corporate debt and an uncertain business environment.
"CXO mandate has increased significantly since January," said R Suresh, managing director, RGF Executive Search. "CXO mandates had dropped to 10 or less per month in 2016. This January we got back to about 15 mandates and till now, in February, we have already got about 10 mandates."
Sentiment appears to have improved with companies embarking on global collaborations, the private equity environment becoming active and pro-growth signals from the government. Also, a number of smaller companies from China and the Far East are investing in India.
"As far as business sentiment is concerned, positives outweigh negatives," said Harsh Mariwala, chairman, Marico. "The negatives are global economy, demonetisation, short-term impact of GST (goods and services tax), elections, while the positives include low inflation, attraction of foreign resources and India standing out as a growth economy. I would say it's a mixed bag and I am cautiously optimistic."
Mandates are coming in across the board, with automobile, retail, financial services (digital, fintech), nonbank financial services, medical devices, technology-enabled services and infrastructure leading the pack. "We are seeing an upward movement in CXO hiring with about 25% increase in January over a year ago," said Navnit Singh, managing director of India for Korn/Ferry International.
"Overall, economy is expected to look better with GST coming in. A lot of activity is happening on consulting side, automobile industry has picked up. FMCG (fast-moving consumer goods) has started picking up again after a plateau of about three months. Healthcare is seeing slow and steady growth."
While C-suite hiring decisions would be delayed previously, search experts now see an urgency to close positions at this level.
"The start of 2017 saw new direction from companies wanting to be prepared to capture the potential growth. Therefore the CXO level positions should be in place to drive such efforts," said Nicolas Dumoulin, managing director, Michael Page India.
"The recent uncertainty that stemmed from various factors has blown off and it's back to business," agreed K Sudarshan, managing partner for India, EMA Partners International, who's seen a 30-40% pickup in CXO mandates. Kris Lakshmikanth, chairman and managing director at The Head Hunters India, said that after a practically blank sla