The year 2016 looks very promising for the Indian job market. With the country’s economy on a positively high-growth trajectory, companies — both small and medium businesses (SMBs) and large enterprises — are fine-tuning their hiring strategies to recruit skilled talent that can supplement the existing resource pool.
Setting the precedent for this trend has been the overall development in Indian industry in 2015. The mushrooming of several multi-national companies, together with governmental reforms, has created an optimistic outlook for the job market in 2016.
Sector-wise growth
2015 was a better year for the job market with hiring activities indicating a growth of about 10 per cent. The New Year could witness aggressive hiring in the private sector, with major recruitments likely to happen in such sectors as engineering, IT and software, banking and financial services, healthcare, and retail. Manufacturing, e-commerce, and Internet-related businesses will dominate as the most promising sectors for jobs in 2016, thanks to initiatives such as Make in India, Digital India, and smart cities; and efforts by the government to promote India as a favorable destination for foreign investments.
Recruiters have started adopting an aptitude-led hiring approach. Hiring managers today assess candidates purely on merit and their inherent skill-sets and competencies. Suitability for a specific role is no longer dependent on past experience; rather, the thrust is on evaluating candidates based on their innovative approach to problem-solving and the value they bring to the table.
One of the main issues in the country today is the lack of skilled, quality talent. Retention of top talent will be the chief priority of recruiters in the coming year and organizations will lure prospective candidates with attractive salary packages and added benefits such as flexible work hours, performance oriented incentives, and job based training.
Adding to the overall positive outlook in the job scene, private sector companies are likely to up the monetary quotient with enticing pay hikes. The Seventh Pay Commission will spell good news for government employees who can expect a big hike in salaries and this will impact pay scales in the private sector as well. Most industry sectors are likely to witness salary hikes to the tune of 12-15 per cent and high quality talent can expect an increase close to 30 per cent – good news for anyone entering the job market or exploring newer career opportunities in 2016.
Key competencies
Even as the demand for skilled talent intensifies, both graduates embarking on their first job venture and seasoned professionals looking for a career change will need to develop the basic competencies that will become critical to employment in the years to come:
Ability to synthesise and interpret data : Data gathering and its skillful interpretation is a prerequisite to any job role and it is important to acquire the necessary analytical abilities to perform better on the job.
Effective communication skills : This is a no-brainer. The future belongs to professionals who can articulate their thoughts in a clear manner and communicate effectively at the workplace. Presentation of thoughts in diverse formats and forms of communication will soon become the basic expectation from skilled talent.
Proactive decision-making : Organisations prefer talent capable of taking ownership of roles and engaging in proactive decision-making that can benefit the business. This will be a skill recruiters will look forward to while hiring top talent in important organisational roles.
2016 promises to be a fruitful year for jobseekers and the market looks upbeat with several lucrative offers and opportunities for talented professionals. With the necessary skills and competencies, you can make it big in the industry of your choice. So if you are looking to change your job or planning to move up the ladder in your current organisation, now is the time to hone your skills and prepare yourself for the long haul.