Tuesday, August 09, 2011

Indian jobs market remains optimistic

Indian jobs market remains optimistic

There is a spurt of layoffs worldwide which has been triggered by tough business conditions. But Indian employment market, even in such conditions, remains optimistic about the buoyant hiring prospects in the retail sector.  

In India companies are now focussing more on getting the right talent rather than recruiting in large numbers.  

Staffing services firm, Ma Foi Randstad, is of the opinion that till now India remains insulated from the phenomenan of worldwidelayoffs happening at present.  Thus the Indian employment market seems "cautiously optimistic."

It is estimated that about 1.5 million new jobs are being created annually in India, which is way less than the number of people entering the labour market every year.  

Global HR major Hay Group's Mayank Pande said, "Hiring activities are still on the accelerator, with recruitments expected to grow exponentially in the retail sector."

Companies, in India, are now more serious about getting the right talent... many are looking for lesser number but more skilled and efficient people. Companies are also now weighing expenses before recruitment.  

Sectors like defence, hospitality, nuclear power and retail are likely to increase hiring activities in the coming years. Here, small and medium companies increase their workforce by about 10 to 15 per cent every year, while large corporations increase their head count by around five per cent every year, says an estimate.  

Many global corporations  like Cisco, Nokia, Research In Motion (RIM), Credit Suisse, and US-based Merck & Co have decided to have massive job cuts in the wake of tough global economic  conditions. There are also aggressive cost cutting measures that are being taken. 

American pharma major Merck & Co has recently announced their plans to slash around 13,000 jobs. In the same way Blackberry-maker Research In Motion said it would cut 2,000 jobs while Cisco intends to reduce its workforce by about 6,500. 

Source: The Economic Times

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