The economy of India is showing the signs of an upturn in the recent times. According to the reports of the Ministry of Labour and Employment, India, the unemployment rate in the country has decreased to 4.90% in the year 2013 from 5.20% in 2012. When we look at the reports on unemployment rate during the year 1983 to 2013, the average unemployment rate recorded is 7.32%. Now the situation has changed to a great extent. According to the experts, the hiring activities in India will get better day by day. Moreover, employment generation will outgrowth with an attractive salary to the right talent.
With an increase in the overseas investment in various sectors, the job market in India is expected to get a further boost in the coming years. The major industries in which a robust hiring growth is expected include IT, pharma, manufacturing, engineering, retail, and healthcare. Along with these industries, the telecom, and financial services industries are also likely to generate enormous job opportunities for candidates across the nation. In addition, the manufacturing sector followed by mining and infrastructure sector is expected to generate over 100 million jobs in the next 10 years. Furthermore, the government initiatives such as ‘Make in India’ program and ‘100 smart cities’ plan are also expected to fuel the job growth in India.
Furthermore, with technological advancements the competition in the Indian job market is getting more and more tough. Employers are making all the efforts to attract and retain the key talent. For this purpose, numerous organizations are coming up with various solutions such as increased general compensation, employee wellness programs, financial wellness, retirement models, partnering with colleges and other educational institutions and so on. Highly skilled and long-term worker are the key needs of today’s employers. On the contrary, the needs of potential employees include higher remuneration, long-term growth potential, better designation, suitable location, flexible timings, alignment with company culture. Considering all these issues, companies have started working towards ensuring job satisfaction for their employees.
As per the reports of prominent job portals in India, there is an increase in the hiring activities since from the beginning of 2014. These hiring activities are likely to grow significantly in the coming years. Moreover, social media recruiting will gain more popularity followed by referrals and mobile recruitment. Therefore, job seekers including freshers and professionals need to be conscious enough while updating anything n their social media wall as the employers are expected to screen online networking sites to screen a candidate.