Trends of Employment In 2018

Recent studies show that 2018 will see an increase in both the headcount and salary of several companies across the country. It is expected that salaries will grow by an average of 10 percent across industries, according to Mercer’s 2017 India Total Remuneration Survey. A raise of 10 percent in salaries was also seen in the previous two years, 2016 and 2017.

In addition, 2018 will see more people being hired in comparison to 2017. The survey, which was taken across 791 organizations across the country, revealed that 55 percent of the organizations are planning to increase their headcount in the coming 12 months, in comparison to only 48 percent the previous year.

Analysis by the experts

According to Shanti Naresh, the business leader of Mercer in India, and an expert in talent consulting and information solutions, the growth in Indian industries is still on the lower side. This is mostly due to the scarcity of right talent for the industry. Still the economic environment in the country is optimistic and hence the growth looks promising in the future.

He added that with the evolving shared services sector in the country, new roles are emerging in the supply chain. These new roles are encouraging the companies, especially in sectors like retail, manufacturing and pharmaceuticals, to increase their headcount.  Almost every other company in the shared services and the hi-tech sector is following this trend.

According to Dilpreet Singh, the vice president human resources of IBM India and South Asia, a severe challenge India is facing is because there is a huge gap between the skills needed in the industry and the higher education being offered in the country.

New Jobs

With the advancement of technology in the business sector, a whole new spectrum of jobs – colloquially referred to as “new collar jobs” - has been created. These jobs need skilled professionals who are familiar with the state-of-the-art state of the information technology in use. This also includes people who are skilled in aspects of cloud computing, data sciences, security and cognitive sciences. These jobs require people with deep knowledge base rooted in higher education.

A downward trend has been noticed in terms of attrition, with the    overall attrition coming down from 13.3 percent in last year to 11.5 this year – down by 1.8 percent. This shows that lesser amount of people are quitting their jobs now and there is an upward trend in terms of people looking for job stability.

India is at a crossroad where the present education system is outdated and not training the next generation aptly for the skills in direct demand in the market. To catch up with the international standards of skilled labour, India will both need a change in the current education system, as well as  expose its young professionals to the new tools in demand in the market. A whole new economic system awaits in the form of data sciences and cloud computing. The sooner India can have a generation of indigenous experts working in these fields, the sooner India can make a global impact on the world economic scene.

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