8.5 lakh new jobs, 20% pay hike, experts say

[karthick]

8.5 lakh new jobs, 20% pay hike, experts say

It may rain jobs in the new year as companies are gearing up to add over 8 lakh new employees to their payrolls and dole out salary hikes of up to 20 per cent to best performers in 2014, say experts.

As per estimates of various human resource consultants, the year 2014 seems very promising for job market unlike 2013, when hirings went slow across mid and senior levels and recruitments were done only to replace 'key' gaps.

In the new year, the country is likely to witness a huge surge of opportunities for job seekers with more and more corporates investing in their businesses.

"Yes, 2014 looks bullish on hiring. 2014 will be seen as a good happening year from the jobs perspective as the global economy is improving and India being one of the largest service provider for the global market," leading executive search firm GlobalHunt MD Sunil Goel said.

According to industry estimates, over 8.5 lakh new jobs may be created in the calendar year 2014. The issuance of new banking licences will be a major contributor, while IT, healthcare, agri-business, infrastructure and education sectors are also likely to witness robust hiring trends.

"Last calendar year was not good either for job seekers or for employers due to uncertain and fluctuated economical and political conditions. 2014 is coming with positive vibes for jobseekers and expecting to create 8.5 lacs new jobs in different sectors," Rajesh Kumar, CEO, MyHiringClub.com and FlikJobs.com said.

With regards to salary, the average hike for most sectors is expected in single digits, while top performers can expect pay rise of around 15-20 per cent in 2014, experts say.

"This New Year is going to bring cheer for employees with a salary hike of double-digit of at least 10-12 per cent. In 2014, companies are expected to revise the compensation package and explore a more motivational approach," Indian Staffing Federation vice-president Rituparna Chakraborty said.

"All indications are that the average increase will be around 10 per cent across the industries. However, as pressure is mounting on companies to keep its growth intact, high achievers will be getting increase better than last year, which may range between 15-18 per cent in different sectors," GHCL Ltd VP and head-human resources Rajesh Tripathi said.

Echoing similar sentiments, Vdopia's spokesperson, Preetesh Chouhan, VP-APAC, believes ideally a high performer receives an incremental hike of 12-15 per cent in comparison to an average rise in salary.

According to Changeyourboss.com CEO Bhupender Mehta, sectors like services, mining, construction and infrastructure are expected to up their hiring activities and companies are expected to give 12 per cent average salary hike.

Lighthouse Partners' managing partner Rajiv Burman said a new government in 2014 should emphasise on promoting growth and therefore hiring trends will also improve. The pay hikes could be 5 per cent for average performers and 10-20 per cent for high achievers, he said.

Courtesy: Times of India

[Sudhakar]

Thanks for the share.

If you are sure, this would be good news for all job seekers. 

[Pallavi Ruchika]

I believe the IT jobs these days do not have the same salary hike, as they use to earlier, given the high inflation.

In 2004 to 2008, people with an engineering degree would get a salary of about 6 Lakhs per annum. But even today in 2017, people get the same salary i.e 6 lakhs, which is equivalent to 3 Lakhs or even less of 2004 levels.
Thats the reason people are leaving corporate jobs and starting their own business, as it pays them lot more than what they would get in a job. I read in Economic times that new engineering graduates are very positive about job prospects but I doubt if they would be happy with the current economic scenario.

The election of Donald Trump and H1B visa rules have made it extremely hard for IT companies to survive in India. Even Washington Post says that the new american president is focusing on creating more jobs in america which would directly affect India. I have seen many graduates opting for Government jobs. But for how long can government support about 3 million young people graduating each year. I believe the government of India needs to focus on more job creation by private sector than that by public sector companies.

Also the salary has to meet the inflation pressures. Otherwise graduates would be left underemployed.