Come 2011 and India will be the hottest destination for job aspirants. The New Year is expected to be not only abound with new jobs, but also promises a good 20 percent hike in salaries.
As per various reports, India will be No 1 in terms of job creation in the world, well ahead of bigger economies like the US and China.
The most important aspect is that the jobs will be created in all sectors. Manufacturing, finance, insurance, real estate, services, wholesale, retail trade… everybody is optimistic about the coming bounty.
Even the government seems to be in consonance with the prevalent mood. Labour Minister Harish Rawat has said that the government is confident of creating 58 million additional jobs by the end of the 11th Five Year Plan in 2012.
While in the US, where the economy is still struggling to rise after the recession, only 9 percent American companies have decided to hire next year.
According to the Forbes list of best countries for new jobs next year, India has already surpassed China and claimed first position with a whopping 42 percent net hiring outlook for the first quarter of 2011.
"The results are striking, if not surprising," Forbes said referring to "that unbelievable job growth" reflected in the survey of 64,000 human resource directors and senior hiring managers from public and private companies worldwide.
So, it’s time for job seekers to update their resumes and post them on different employment seeking websites and grab the best of the opportunities.
Online job portal Monster.com`s managing director (India/ Middle East/South East Asia), Sanjay Modi, said India is going to emerge as a huge sourcing ground for global jobs across segments, positions and profiles.
At a time when the world’s biggest economies are still grappling under recession and are finding it hard to tackle job losses, India has stood tall and provided jobs for not only its own people, but is also creating job opportunities for world powers.
Ma Foi Randstad, a leading integrated HR services provider, says the organised sector in India has created 7,39,064 jobs between January-September 2010 and 3,94,700 more jobs are getting added in the current quarter.
Government has already pegged the economic growth forecast for the year ending March 31, 2011, at 8.75 percent. So it’s good news on all fronts.
In 2014-15, employment is expected to rise to be 572 million as against 506 million estimated for 2009-10, according to available government data.
According to human resource consultancy firm Manpower, India will see a robust growth of job opportunities at around 42 percent. While at the same time other big economies such as China will see a 40 percent increase, and Taiwan 37 percent. Brazil, one of the fast developing economies, will witness a 36 percent increase followed by Turkey and Singapore with 27 and 26 percent respectively.
In the service sector, 51 percent companies are readying to provide new jobs. Forty-five percent of the companies in manufacturing sector are preparing to create jobs. While 37 percent of the companies in transportation sector are coming up with new jobs, the percentage of job-producing companies in administrative as well as education sector is 36 percent. Mining, construction, finance, insurance and realty sectors will give 34 percent of jobs. Retail sector stands a bit down in creating jobs, at 33 percent.
“Almost all sectors of the Indian economy would hire (in 2011)," staffing services firm Futurestep`s country manager Asim Handa said. Futurestep is part of global HR firm Korn/Ferry International.
The year 2011 comes with a bang as companies are creating new jobs and at the same time, India Inc is also expected to offer at least 20 percent hike in salaries. The percentage is also expected to go up depending on one’s performance. The bosses will also consider incentives and bonus to hold back their talented employees.
Monster.com`s Modi said organisations would have to look at new ways of structuring compensation by considering a bonus, incentives and stock options, among other steps to motivate and retain talent.
P Thiruvengadamc, senior director, Deloitte Touché Tohmatsu India Pvt Ltd said, “I do not anticipate huge increases in salaries (in 2011), but performance would be rewarded and the levels of increase could be of the order of 11 to 18 percent.”
With such huge opportunities knocking at our doors, it reflects a more-than-anticipated growth for freshers as well as experienced executive in a few sectors.