Sunny days await job seekers as economic recovery hopes to boost cos

India’s projected wage increase is the highest in Asia-Pacific for next year as optimism recalls improving business prospects over the next 12 months, the report adds.

Better days are ahead for job seekers as companies project a positive outlook on business income thanks to the post-pandemic economic recovery and there is also a growing buzz about new opportunities as well as better packages. of remuneration for professionals.

Despite fears over the new Omicron variant of the coronavirus, companies believe the rebound in the labor market could be a harbinger of good days ahead, unless an intense third wave derails the economic recovery.

The pandemic, which hit the country hard in early 2020, has had a negative impact on the labor market, both in the formal and informal segments, in most sectors. Although the consequences of the disruptions induced by the pandemic have not completely abated, the overall employment scenario now looks more positive.

“Omicron or not, we have reason to believe that the days of complete closure are behind us. Everyone, whether employees, employers or government agencies, have realized that ‘the right balance between life and livelihood will have to be found,’ said Balasubramanian A, business manager (consumer and healthcare) at TeamLease Services.

The back-to-office trend is in full swing and companies are optimistic about their recruitment plans aided by robust economic growth, rising consumption levels and expanding immunization coverage.

“We are also seeing an increase in investment in private equity and mergers and acquisitions operations. Immunization coverage is expanding and the shortage of skilled talent in all sectors indicates only a promising employment scenario in 2022, ”said Nitya Vijaykumar, Sr. Knowledge Advisor at SHRM India.

Proceeding with caution, Vijaykumar also said: “Only time will tell if the worst is behind us, but it is clear that almost all sectors appear to be prepared for the future.” The growth that the white-collar employment space has witnessed is expected to continue, he said, adding that the sentiment of hiring in conglomerates, large companies and startups is also very positive, he said. he noted.

According to ManpowerGroup’s latest employment outlook survey, hiring sentiment for the January-March quarter in India is the highest reported in eight years, with 49% of companies planning to add staff in the next three month.

According to the survey, hiring sentiment in India has improved by five percentage points from the previous quarter and by 43 percentage points from the same period a year ago.

As we head into 2022, applicants with specialist and niche skills will be in greater demand than ever. The technology will continue to be in vogue and will provide a significant salary advantage.

“The key ‘theme’ for hiring in 2022 will be specificity – hiring for specific roles, focusing on the right profile. Recruiters will prioritize “who to hire” over “what to hire”. 2022 will be the year of data-driven recruiting, ”said Siddhartha Gupta, CEO of Mercer | Mettl.

“The combination of the pandemic, the ‘Great Resignation’ and the digitization process has forever changed the way we define ‘work’. The ‘9 to 5’ era, ‘Monday to Friday’ is coming to an end, ”Gupta said, adding that“ the idea that productivity equals hours is outdated ”.

In 2022, employees will have a leverage effect in the employee-employer relationship and recruiters will have to rethink their strategy to attract the best talent. Companies will focus on transparent policies on diversity, equity and inclusion, and implement a ‘listening culture’ – the formation of workplace guidelines and policies based on feedback from employees. employees.

Additionally, as attracting and retaining talent remains a challenge, companies are poised to move beyond competitive wages alone and increasingly focus on a wider range of benefits, welfare. , development and overall employee experience.

As companies face increasing challenges in attracting and retaining employees, they plan to grant employees larger increases, around 7-9% on average, and top performers can expect around 1. , 5 to 1.8 times the increases given to average performers, the experts said. .

Global consultancy, brokerage and solutions firm Willis Towers Watson’s Salary Budget Planning Report says wages are set to rise 9.3% next year compared to actual median wage increase of 8% in 2021.

India’s projected wage increase is the highest in Asia-Pacific for next year as optimism recalls improving business prospects over the next 12 months, the report adds.

Sectors likely to be targeted in 2022 are IT, technology, telecoms, communications, media, hospitality, BFSI and real estate. Fintech, Edtech, NBFC, FMCG and Pharma are some of the other industries to watch out for. With the recovery in investment spending, manufacturing companies are also expected to join the recovery.

Experts believe global recruitments could reach pre-pandemic levels by the end of 2022, unless Omicron or any new variant of the coronavirus hits hard. However, this rebound in the labor market will remain deeply uneven sector by sector. Industries that are affected by the constant shift to online and remote work will continue to be impacted by the pandemic.

Going forward, organizations will continue to invest in technology and the continuous retraining of their employees. Much of the hiring across industries is likely to occur in critical functions such as engineering, information technology, technically skilled trades, sales and finance, experts said.

Amid the pandemic uncertainty, employees and employers alike have their concerns for the future world of work, but one thing is sure, the workplace will never be quite the same and they must evolve together.

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