What Does 2018 Have in Store for the Job Market?
After a challenging 2017, India’s IT job market seems to be getting back on its feet. With campus recruitments, better job offers, salary levels, and diversity of recruiters, the job market in India is signalling green shoots.
In a discussion with PTI, Rituparna Chakraborty, Co-founder of Teamlease Services, stated, “2018 is set to swing the pendulum further into the job growth zone. Businesses in almost all sectors — notably, financial services, retail and e-commerce and media and entertainment — are looking to hire talent at an even faster pace.”
The aggressive hiring is evident in campus recruitments. Just a month ago, business schools were struggling hard for placement with only 20% students landing jobs (Source – Assocham). But now campus recruitments or pre-placement offers have risen 25-30% in top tier colleges. This year, Amazon reportedly visited almost 90 B-schools and engineering colleges for recruitment. Some of the other top employers hiring in 2018 include Cognizant, Deloitte, ICICI Bank, Wipro, Capgemini, EY, HC Tech, Accenture and KPMG.
Better Pay Hike
India Inc is promising better pay hikes of 10-15 per cent for the right talent in 2018. But this isn’t applicable to all. Talented professionals with an eye on the future who have put in the effort to aggressively re-skill themselves to meet current challenges are the ones benefiting the most. Average salary hikes in India will be the highest in the world, averaging 10%, compared to hikes in developed markets like Japan with 2%, US with 3% and UK with 2.9% and emerging markets like China with 7%.
In 2018, India is all set to witness an average salary hike of 10 to 15%, which is highest in Asia Pacific. The highest projected salary rise is seen in the energy, FMCG and retail sectors. However, given the downward trend in the year-on-year salary growth, Indian employees could see a single digit salary increase in 2018 for the first time since 2011, states Willis Towers Watson, broking and solutions company. Salary allocation for top performers in 2017 grew to 39%, up from last year’s 38% but the budget set aside for average performance decreased by 1% to 27%.
2018 to be Better Than 2017
OECD predicts that economic growth in India will shoot to 7%, recovering from the transitory adverse impact of GST, an effort to choke off the black economy, and demonetisation. Creating more and better quality jobs is necessary to promote inclusive growth for both women and men.
According to NACE’s Job Outlook 2018 survey, employers see job market shifting from ‘good’ to ‘very good’. As the Indian job market is in a revival mode, experts suggest that specialised skills like Full Stack Development, IoT, Data mining, Deep learning, Machine Learning, Artificial intelligence, Big Data, Blockchain, Devops, Cloud computing will be in focus.
This blog first published here