India Inc may ramp up hiring by 15 per cent in FY'11
Date: 25-Mar-2010
NEW
DELHI: India Inc is likely to witness 10-15 per cent increase in hiring in
2010-11, led by the telecom sector which is forecast to provide awhopping over
one lakh jobs, global consultancy Ernst & Young has
said.
"Indian job market seems
to be striking right chord with country's working population, as more and more
vacancies are being created and filled across sectors. On a conservative stand,
percentage increase in hiring in the new fiscal can be between 10-15 per cent,"
Ernst & Young Partner and National Head (People & Organisation) N S
Rajan told PTI.
"The telecom
growth story would continue in the fiscal and hiring activity in this sector is
likely to be in excess of 1,00,000 jobs," Rajan
said.
Other sectors that are
likely to lead hiring in the new fiscal include pharmaceuticals, FMCG and
education, as they are facing a talent crunch at
present.
Ernst & Young,
however, believes that despite the ensuing euphoria over rising number of jobs,
companies are likely to approach hiring with caution due to the hard lesson
learnt in the past.
Although
most companies are doing away with hiring freeze imposed during the economic
downturn, they are likely to hire strategically and look for long-term talent
needs and not near term staffing
requirements.
Moreover, Ernst
& Young believes that while hiring would continue mostly to meet the
replacement demand created as a result of erstwhile hiring freeze, there are
likely to be mixed trends in the level of hiring activity across
sectors.
"Though
hiring has picked up in the economy across sectors like pharmaceutical,
chemical, auto, insurance, education, retail and IT, it is unlikely that the
bullish hiring trends of 2007 will be restored within the next one year," Rajan
said.
In sectors like
auto/auto-components, banking, financial services and insurance (BFSI), and real
estate, the hiring is on the rise to primarily fill in vacancies resulting from
significant downsizing in the past and to meet future expansion
plans.
Interestingly, most
companies are expecting higher attrition levels over the next few months on
account of jobs coming back into economy resulting in increments being used as a
tool to retain talent.
Posted By : Senior Correspondent
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