2018 to witness higher recruitment and better compensation

2018 to witness higher recruitment and better compensation: A Wisdomjobs.com survey

 Gaurika(ChandigarhCityNews)

• 30% of the companies will be recruiting with a specific intention of countering the threat from startups in their industry
• 60% of companies will be hiring more women; 40% to hire candidates in the experience range of 2 to 5 years
• 30% recruiters expect IT sector to see the largest hiring this year; 60% believe compensation rising at the junior and middle levels

With recruitment seeing a steady rise in the last quarter of the preceding year, the recruitment market appears to be well on the way to recovering from the recession it faced in the first half of 2017. Wisdomjobs.com,one of India’s leading end to end online recruitment and career solutions portals, released a Report “Hiring Pattern and Compensation Analysis in 2018”.Wisdomjobs.com surveyed 140 companies and 350+ recruiters operating in 10 sectors namely IT, Retail, Hospitality, FMCG, Healthcare, Automobiles, Infrastructure, Education, ITeS, and BFSI to understand their hiring intentions. The markets covered under this survey are Hyderabad, Bangalore, Mumbai, Chennai, Pune, Delhi, Kolkata andAhmedabad.

With the industry managing to ride out the impacts of demonetization, the revision in H1B regulations, and the implementation of GST, the sentiments are positive w.r.t hiring activity in 2018. Sectors like Agriculture, Education and Healthcare sectors, which saw healthy hiring trends in 2017, are expected to continue growing steadily.

As companies try hard to retain existing talent, they will invest more on their skill development, upskilling, and training. Several companies are upskilling their workforces by hiring laterally while others are focusing on hiring fresher talent and training them to acquire new, in-demand skills.

 Key findings

• Around 60% of the companies surveyed said that they plan to hire in significant numbers this year.
• Nearly 30% of the companies said they will be recruiting with a specific intention of countering the threat from startups in their industry.
• 52% of the companies said they will hire majorly from metro cities, and Tier I cities.
• 58% of companies surveyed plan to invest up to 10% of their HR budgets on skill development and training of their existing employees while nearly 10% of them plan on investing more than 20% of their budgets on the same.
• Nearly 60% of companies surveyed said that they are looking at hiring more women this year.

• 45% of companies said they will be reviewing the compensation and benefits offered by them; 32% said they will be focusing on employee retention, and 27% said they will focus on creating a better workplace.

Industry-wise trends

• Nearly 30% of recruiters surveyed said that the IT sector will see the largest hiring this year.
• 22% felt that the Engineering sector would see a rise in hiring.
• 19% of recruiters estimated that the Infrastructure sector would bring more jobs.
• 15% of those surveyed felt that the Healthcare sector will see the maximum volume of hiring this year.
• 12% of respondents felt that the Retail sector would see the largest hiring in 2018.
• 9% felt that the Automobiles sector will see significant job creation this year.

 Functional areas in demand

• Nearly 28% of respondents said that Sales/Business Development will be the most in-demand functional area in 2018.
• 24% said that Marketing would be the most in-demand functional area this year.
• 19% of those surveyed said that HR professionals will be the most sought after for hiring this year while 13% feel that talent demand for Administrators will be the highest.
• 9% felt that Finance would be the functional area seeing the highest talent demand in 2018.

 Demand by experience range

• Nearly 40% of companies surveyed said that they plan to hire candidates in the experience range of 2 to 5 years in 2018.
• 29% of companies said they will hire candidates with an experience range of 5-10 years in 2018.
• This year, 18% of employers are looking to hire candidates with a work experience of less than 2 years.
• Only 9% of companies said they will hire candidates with a work experience of more than 10 years.

Compensation trends

• Nearly 54% of the companies surveyed said that compensation is likely to stay the same while 39% said compensation is likely to grow this year. Less than 5% said that it will see a decline.
• Nearly 60% said that compensation would rise at the junior and middle levels