For Indians planning to relocate to India, the main drivers are the relatively stable economy and a work culture that provides global exposure
It is estimated that NRI hiring will double in 2013. Why are the NRI coming back, how will it benefit domestic companies and which sectors will accommodate the influx?
“An estimated 3,00,000 Indian professionals working overseas are expected to return between 2011-2015. Are there suitable jobs available to them? Is a better life awaiting them on their return? In a nutshell- is India ready for them, and more importantly are they ready for a new India?” These estimates and questions are a part of a report by Kelly Services, a global major in providing workforce solutions, entitled, “Reverse Migration of Engineering Professionals into India.” Kelly is not the only one; every few months, headhunting firms and recruitment consultants release surveys about hiring trends in the country and in the recent past, every survey has something for the Non Resident Indian. A recent survey by MyHiringClub.com, a global recruitment tendering platform, states that India is expected to hire around 50,000 NRI professionals this year, compared to 27,983 recruited last year.
What is it that is drawing them back to India? What are the sectors that will induct global talent with international exposure?
Of the estimated 25 million NRIs, many of them went abroad either to study or in search of better jobs and plum salaries. While the US and European economies are still struggling, India today, offers better employment opportunities as compared to some of its global peers. According to survey results conducted by MyHiringClub.com and FlikJobs.com, despite all the talk of a gloomy economy, India was able to create 700,000 jobs in 2012. The number in 2013 is expected to top 1.1 million. It is not only jobs that are being created across sectors, but also the fact that salaries are increasing each year that has made the return of NRIs a sweet deal. A December 2012 report from Hay Group, “Top Executives’ Compensation Report 2012-13,” reveals that the compensation of CEOs and their top executives is set to increase by 9% & 9.4 % respectively in 2013. Sunil Goel, Director, Global Hunt India, a recruitment firm, says, “The compensation offered by companies in India is comparable to that being offered by companies in the developed nations.”
For Indians planning to relocate to India, the main drivers seem to be the relatively stable economy, at par salary, better value for their skills and a work culture that provides global exposure. From a company’s perspective, it is a win-win situation, as they can have access to talent who has better exposure to technology. Besides having on-board a workforce with a global perspective, the other positive would be in terms of accelerated learning process for the local workforce. In fact it is the growing desire in India Inc to induct global talent with international exposure that will result in a near doubling in the recruitment of non-resident Indians (NRIs) this year.
Can all industries / sectors accommodate the NRI influx? Sunil lists retail, information technology, financial services, automobile, healthcare and oil & gas as the sectors that have ready and available jobs for NRIs. MyHiringClub.com survey states that IT & ITeS is expected to create 11,450 jobs, followed by FMCG (8,930), automobile & manufacturing (7,341), infrastructure (4,894), pharma & healthcare (3,245), telecom (1,391) and banking & financial services (1,391).
Reverse brain drain may be a good sign, however the questions remains as to whether they’ll be able to adjust in a new India. Says Kamal Karanth, MD, Kelly Services, India, "Indian MNCs have expanded and the work culture has an international flavour." He further adds, "Though the work culture may vary from city to city and company to company, still if people are willing to unlearn and learn things adapting to the new workplace can be much easier."