As the situation gradually starts to normalise, job opportunities will play a pivotal role in the post-pandemic world. More and more job seekers across India are curious to know the hiring trends, expected salaries and the sectors that are offering maximum opportunities and an attractive pay scale.
Raj Das, Global Co-Founder and CEO of Hirect India, provides details on the expected hiring pattern, attrition rate, salary package and other important issues. Hirect is a chat-based direct hiring platform designed for high growth startups and SMEs to meet their hiring needs.
Hiring trends in India have changed significantly and as we return to pre-covid levels there is an increase in requirement for ideal candidates. Predominantly, interviews are still happening virtually and most companies are following a hybrid working model.
Research shows that the attrition rate of large companies with more than 10,000 employees is 30.8 per cent and of companies with less than 50 employees is at 27 per cent. While 2021 has been the year of revival for several industries amidst the Covid-19 pandemic, it was also a year of many firsts. Adoption of technology across sectors has been redoubled while more and more companies transformed their organizational strategies and goals to accommodate the new normal.
The salary expectation for experienced and freshers will vary across industries and sectors. However, as per the data salary expectations for freshers in India range between Rs. 2 Lakh to Rs. 8 Lakh with an average annual salary of 2.5 Lakhs.
Similarly, the salary expectation for experienced personnel will vary depending on the number of years of industry experience one has and the kind of skills and expertise HE/SHE possesses.
SECTORS WITNESSING GROWTH IN HIRING
The country’s job market is opening up again and recruiters across the country are indicating a robust hiring sentiment in the forthcoming quarter on the back of income growth projections and superior export performance over the coming fiscal. However, sectors like IT, Telecom, FMCG, BFSI, FMCG, E-Commerece, Education, E-Mobility and Pharma sectors are expected to see an upward trajectory in the current year.
However, if we see the domain-specific growth then, there is an enhanced goal to hire people in sales roles followed by IT industry in the quarter of FY23.
OPPORTUNITIES FOR FRESHERS
Hiring for freshers has surged in the last 4 months of the year and is expected to grow further in the upcoming months. Do note that the continued growth of startups is adding to the demand for entry-level employees across industries and sectors.
The preference for a sector among freshers is usually determined by the candidate’s interests and the availability of jobs in that particular sector. However, it is found that the IT, BFSI and Manufacturing sectors are the most preferred among freshers.
A survey conducted on 5,000 students from top engineering colleges across India, found that IT, BFSI and Manufacturing sectors were the most preferred among fresh graduates with a whopping 82 per cent of respondents opting for these three sectors as these sectors offer better career prospects and job stability.
HIGHEST PAY SCALE
The IT sector is considered to have the highest pay scale. The reason behind this is the increasing demand for tech and IT professionals. An IT professional’s salary ranges from Rs 10 lakh to Rs 1 crore per year, depending on the company and the person’s skill set. Also, the finance sector is one of the highest paying sectors and more people are inclined towards the finance sector.
SKILLS IN DEMAND
The top 3 skills required by both experienced and freshers professionals are:
Communication: They need to be able to communicate with people from different backgrounds and cultures across the world. Having good communication skills helps in expressing ideas effectively and sets you apart from the crowd.
Ethics: Staying true to work ethics and principles builds integrity and credibility to one’s personality and is important for a growing career.
Teamwork: In order to achieve a common goal, collaborating with other team members is of the utmost importance. They need to be able to work in teams, take feedback from colleagues and clients, and give feedback as well.