The 2019 India Salary Guide by recuritment firm, Kelly Services India, provides a comprehensive perspective on the current salary trends in the country. The report studies the bullish traits becoming apparent in some industries when it comes to hiring. With the gig economy on the rise and making itself felt, there are organizations today that are willing to explore hybrid-hiring models as well.
While changing models like the gig workforce reduces the risk of employees being poached, it has increased the need to engage workers better. The salary has always been an important part of the talent equation. It might not be enough alone to make a person accept and stay on a job but it is one of the primary factors that affect employee decisions, experience and perception of the job.
The market outlook points out that sectors such as GICs, automobile, consumer goods and retail are looking positive in terms of hiring along with the start-up ecosystem. With the government having opened up the option of fixed-term employment to all sectors, 2018 saw a boost in contractual hiring. While that looks hopeful, the report also forebodes that 2019 will see 18.9 Mn individuals go unemployed in India. Interestingly enough, the APAC region had been predicted to create 23 Mn jobs between 2017-2019.
The report puts forth the following projections regarding the primary sectors in India:
• Almost 25 per cent of the current jobs in the BFSI industry could be under threat of being cut by 2022.
• The pick-up in the pace of hiring that start-ups underwent in 2018 when demand went up by 20-25 per cent, will continue in 2019 as well.
• The Indian online retail sector that was valued at $15 Bn in 2016, is predicted to grow more than 1200 per cent to a valuation of $200 Bn by 2026.
• The infrastructure space, scheduled to reach $6.6 trillion by 2025 will have the potential to create a wide array of jobs.
• Kelly predicts, based on their gather internal data that big retail players will be looking at a 25 to 30 per cent jump in hiring.
• Around 1,100 GICS extend employment to 9,00,000 individuals in India and this number is projected to rise which would eventually lead to the creation of more jobs that are functionally specialized.
• The pharmaceutical industry however seems to be preparing to be muted this year with regard to hiring.
• With regard to IT firms, flexi staffing would be the way forward predicts the report. This would allow these firms to meet their unplanned and contingent talent needs with greater ease.
While salaries necessarily adapt to the talent demand for each sector, a common trend seems to the salary boosts being proved to HiPos to keep them engaged since these high potential employees are the key to effective succession planning.
While changing models like the gig workforce reduces the risk of employees being poached, it has increased the need to engage workers better. The salary has always been an important part of the talent equation. It might not be enough alone to make a person accept and stay on a job but it is one of the primary factors that affect employee decisions, experience and perception of the job. How organizations plan to keep upwith these trends will determine how they keep with the needs and demands of the best suited talent.
Image source: India Salary Guide 2019 by Kelly Services India