Article: Workforce and salaries to increase in 2016: Michael Page report

Compensation & Benefits

Workforce and salaries to increase in 2016: Michael Page report

The recent report by Michael Page is evidence that organizations are adopting a robust approach towards recruitment and retention.
Workforce and salaries to increase in 2016: Michael Page report

The 2015/16 India Salary and Employment Outlook – a research conducted by recruitment consultants Michael Page – gives a clear picture of the recruitment scenario in India. The report combines qualitative and quantitative research data. The respondents for the survey were 240 employers who come from Sales & Marketing, Human Resources, Finance and Financial Services sectors and ranging from large to medium and small enterprises.

Following are the 5 key take-aways of the report

  1. Recruitment activity: Most of the companies responded positively with regards to their hiring activities. It was seen that 76 per cent of the respondents are looking at increasing their headcount in the next 12 months.

  2. Wage increments and bonuses: In addition to the positive growth in recruitment numbers, the report states that 99 per cent of the organizations will be giving a wage hike to their employees in the next 12 months. It is seen that 100 per cent of the finance and accounting sector employees will receive an increment in their wages.

  3. Retention and counter-offers: To retain talent, organizations are implementing various policies – 61% of the respondents provide flexible working hours and offsite activities and work from home being the other most used methods - to provide work-life balance to their employees. Furthermore, large number of employers make counter-offers to employees who are looking at making a switch to avail higher remuneration. 

  4. Skills in demand: It has been noted that there is a great demand of skills in financial/product control, sales development and analytics and big data. It has been noticed that there is a dearth of experts in the aforementioned skills and so talent with any of those skills are offered a premium pay package. The report states “In order to attract talent with these highly sought-after skills, employers will need to offer competitive salaries with clear career progression as well as training and development opportunities.”

  5. Hiring based on Aptitude: In one of the recent-seen trends, it has been observed that many organizations are prioritizing hiring candidates who display adequate skills and acumen with regards to the job profile as opposed to the tradition methods of evaluating on the basis of experience.

It has been 18 months since the new government came into power, and there have been significant developments which have initiated a financial influx in India’s manufacturing sector. Also, with the vast amount of investments directed towards e-commerce, it has emerged as the fastest growing segment and is attracting talent from other industries such as FMCG, Retail and FMCD. Even though companies in India failed to show improvement in their revenue numbers for Q3, the economic sentiment has not yet being affected when it comes to both hiring and investment in talent.  

 

Topics: Compensation & Benefits, Recruitment

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