Press Esc to close
Thursday 23 October 2014
News updated at 11:22 AM IST
Weather
Max: 0°C
Min : 0°C
In Bangalore
Sunny day

Job market to see modest hiring, 10-15% pay hike next year

New Delhi, Dec 21, 2012 (PTI)
File Photo

After remaining mostly stagnant in 2012 due to global economic slowdown, Indian job market is expected to grow only at a modest pace next year, although still better than other countries, while high-performers can look forward to pay hikes of 10-15 per cent in 2013.

The public sector could emerge as the major ground for any large-scale hirings, especially banks, even as recruitment activities in human capital intensive sectors like technology, as also for functions like sales and marketing in other sectors, would track the macro-economic developments.

The hiring numbers for public sector banks are expected in the range of 50,000 to 70,000 people in 2013, while the private sector banking space could also see a fair amount of such activities if licenses are given to new players.


Retail sector is also expected to see large-scale hirings after the entry of foreign players into this business.

When it comes to salary hikes, the average for most of the sectors is expected in single digits as part of cost-saving efforts, even though companies would be doling out 10-15 per cent pay increments to good performers, experts say.

At the same time, the companies may not hesitate to lay off non-performers and carry out restructuring exercises to do away with non-performing business units.

Manpower India Managing Director A G Rao said that the companies would not hesitate to pay a salary hike of 10-15 per cent to performers, but at the same time some will remain very objective and cost cautious due to the economic scenario.

"We also see a growing trend of organisations using new age tools like work from home, flexi working and performance linked bonus, ESOP's, Global opportunity etc. as tools of retention / compensation of employees," Rao said.

The year 2012 has proved to be a mixed bag for the Indian job market as most sectors were slow on their business and employment outlook, but the coming year holds promise driven by the government's reform push.

Hiring took a hit this year largely on the back of global slowdown as well as slower growth rate of Indian economy.

"The year 2012 began with a lot of promise as the job market in India was estimated to grow at 15 per cent. But the sharp economic downturn in India and the impact of the European crisis adversely affected hiring across sectors like IT, telecom, hospitality, retail and infrastructure," Randstad India MD and CEO E Balaji said.

Go to Top

Photo Gallery
A major fire that broke out in the crackers market in Faridabad...

A major fire that broke out in the crackers market in Faridabad...

On the eve of Diwali Renowned sand artist Sudarsan Pattnaik created a sand sculpture of Kali...

On the eve of Diwali Renowned sand artist Sudarsan Pattnaik created a sand sculpture of Kali...

Indian passengers rest on a crowded platform ahead of Diwali, the Hindu festival of lights...

Indian passengers rest on a crowded platform ahead of Diwali, the Hindu festival of lights...

Indian soccer player Peter Biaksangzuala, center, performs flips as he celebrates a goal...

Indian soccer player Peter Biaksangzuala, center, performs flips as he celebrates a goal...

Woman buying earthen lamps at a market ahead of the Diwali festival...

Woman buying earthen lamps at a market ahead of the Diwali festival...

School children paint their faces during Diwali celebrations...

School children paint their faces during Diwali celebrations...

A huge rangoli in front of Swaminarayan Temple...

A huge rangoli in front of Swaminarayan Temple...

Volunteers of Azad Hind taking out a procession to mark the Azad Hind Foundation Day...

Volunteers of Azad Hind taking out a procession to mark the Azad Hind Foundation Day...

Family members paying tribute to police martyrs during Police Commemoration Day...

Family members paying tribute to police martyrs during Police Commemoration Day...

TRS activists set affire chairs at the TDP office in Nalgonda...

TRS activists set affire chairs at the TDP office in Nalgonda...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bangalore - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523