Higher recruitment, better compensation in offing this year: Report
NEW DELHI:The Indian job market is likely to witness higher recruitment and better compensation this year, as around 60 per cent companies said that they plan to hire in significant numbers this year, says a survey.
According to Wisdomjobs.com's 'Hiring Pattern and Compensation Analysis in 2018', recruitment sentiments are positive for this year as the industry has managed to ride out the impacts of demonetisation, the revision in H1B visa regulations and the implementations of GST.
Nearly 54 per cent of the companies surveyed said that compensation is likely to stay the same while 39 per cent said compensation is likely to grow this year. Less than 5 per cent said that it will see a decline, the report noted.
"Nearly 60 per cent said that compensation would rise at the junior and middle levels," the report noted.
Around 60 per cent of the companies surveyed said they plan to hire in significant numbers this year, and nearly 30 per cent companies said they will be recruiting with a specific intention of countering the threat from startups in their industry.
"Millennial hiring is expected to proceed aggressively with the creation of a multitude of openings for new age technologies in the IT and technology sectors," Wisdomjobs.com Founder & CEO Ajay Kolla said.
Kolla further noted that sectors such as manufacturing, ITeS, transport and hospitality, which saw a fall in hiring in 2017, are also expected to make a partial recovery this year.
Sectors like agriculture, education and healthcare sectors, which saw healthy hiring trends in 2017, are expected to continue growing steadily, the report added.
Wisdomjobs.com surveyed 140 companies and more than 350 recruiters operating in 10 sectors namely IT, retail, hospitality, FMCG, healthcare, automobiles, infrastructure, education, ITeS and BFSI to understand their hiring intentions.The markets covered under this survey are Hyderabad, Bangalore, Mumbai, Chennai, Pune, Delhi, Kolkata and Ahmedabad.