Research shows that employers are partly in control of turnover and that there are clear solutions to reduce it. To better retain employees, it’s important to set a clear career path for employees, pay them competitively, and cultivate a healthy workplace culture.
In the current financial year, several top corporate houses across industries have projected an increase in manpower by up to 15 per cent, according to a new survey by Genius Consultant. Around 42.06 per cent of the companies have put the estimated rise in manpower strength in their organizations between one and 15 percent, reveals the survey.
The survey conducted among 881 corporate houses included the likes of companies including Siemens India, BOSCH, Glaxo, TIL Ltd, Barclays, Deloitte, Edelweiss, ShapoorjiandPallonji, Lawrence and Mayo, Maruti Suzuki and BhartiAirtel. The projected figure of recruitment of male and female candidates stood at 57.77 percent and 42.23 percent, respectively, in 2018-19, according to the survey.
Around 21 percent of the companies were of the view that the major candidate sourcing avenue will be through job portals and lesser through advertisements, the report said. The survey also reveals that 53.17 percent of the companies said 1-5 years of work experience levels will bag the most opportunities in the financial year 2018-19.
A sizeable 68.25 per cent of the respondents emphasized that background checks remained crucial before recruiting a candidate. The pan-India survey was undertaken over a period of two-and-a-half months beginning from the first week of March this year.
The chairman and managing director, Genius Consultants, R.P. Yadav said, “the Genius’s survey report show that Indian industries are witnessing more pronounced sub-segment differences within industries. Interestingly, 57.14 percentof the corporate participants consider that there will be both new and replacement employment across industries. This year, southern and western zones of India havebeen projected to have the brightest hiring scenario. Whereas 41.27 percent of corporates believe that minimum 5-10 percent of increment is expected in FY 2018-19. In a nutshell, the HR industry is going to be driven by optimistic economic environment.”
Other key highlights of the survey
- 57.14 percent of the respondents say that both new and replacement hiring is expected across industries.
- 33.33 percent of HRs feels that candidates having 1-3 years of experience face the major bottlenecks in recruiting.
- 5-10percentis the range of increment that 41.27percentof corporates are expecting.
- 65.08percentof the applicants say that anticipated attrition level will be between 5-15 percent. But 39.68 percent of junior level employees are more exposed to attrition.
- Similar to last year, Southern zone has been projected to have the brightest hiring scenario for organizations and industries at 32.54percent.
- Manufacturing, Construction & Engineering, Real Estate – 24.83%
- FMCG – 2.61%
- Retail – 3.26%
- IT/ITES/BPO – 12.41%
- Banking & Finance – 5.88%
- Auto & Auto Ancillaries – 3.92%
- Telecom, Pharma/Medical, Hospitality, Heavy Equipment, Facility, Electrical/Instrumentation/Automation, Education/Teaching/Training, Consulting etc. made up for the remaining 47.09%.
The survey saw participation from top notch brands such as– Siemens India,CESC, BOSCH, Emami, Larsen & Turbo, GLAXO, HNGIL,TIL Limited, Usha Martin, Barclays, AGAPPE, Delloite, Edelweiss, Shapoorji&Pallonji, Stellar Furniture, IL&FS Transportation Network, Lawrence & Mayo, TESCO, Zuventus Healthcare, Tofflon India, Avis, JNU,Maruti Suzuki, Karvy, BhartiAirtel, VivantaTaj, Marriot International, KPCL, Frankie Faber India Pvt Ltd, Fives India Engineering & Projects Pvt Ltd, MedmaInfomatix, Honda Motorcycle & Scooter India Private Limited and many more.
(Genius Consultants’ annual hiring, compensation and attrition trend survey aims to understand a wide range of current and emerging HR Trends in organizations across India and provide them with a reference point on key aspects such as projected manpower strengths, major bottlenecks in recruiting, range of increments, anticipated attrition, projected trend in hiring male and female candidate, brightest hiring zone in India.)