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Raining Jobs in Retail Sector |
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Estimated to grow to the value of US $500 billion by 2010, retail sector is one of the most rapidly growing sectors in India. Organised retail chains are still at its infancy and occupies a market share of 5 per cent vis-à-vis the unorganized, family owned retail outlets. Moreover, the entry of new players in the retail sector has triggered the biggest controversy of the recent times in the form of protest from unorganized retailers.
With the exceptional and the unusual pace of growth in the retailing sector, a major benefit to the Indian economy is the rate at which the employment opportunities or jobs are being created in the sector.
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The sector is witnessing a trend similar to what became popular for the IT and the BPO sector in terms of the creation of jobs. It would be appropriate to say that it's raining jobs in the retail sector.
The recent years have seen numerous Indian and foreign big players like reliance, Wal-Mart, Pantaloons etc entering and expanding in the Indian market. Keeping pace with its rapid expansion plans, Big Bazaar and Pantaloons have plan to recruit more than 1,00,000 people together by the year 2010. Similarly, Reliance also plans to recruit around a million people for its retail business in the next four years i.e. having a workforce which Wal-Mart was able to build in 30 years. Big players like Tatas are opening retail chains in different formats. The organised retail sector has also seen its employee base increasing from 5.4 lakh to 16 lakh in the last couple of years. It has been estimated that the organised sector will create 11.5 lakh jobs and the unorganized sector is expected to add more than 2 million jobs to the Indian economy by 2010. Ironically, the challenge the sector currently facing is about acquiring and retaining the right talent.
The high attrition rates have already become a matter of concern for the HR professionals of the industry. The current attrition rate in the industry ranges from 39 percent to 52 percent. Many big players in the industry are projecting and offering the opportunities with them as a career with attractive salary packages inclusive of various other benefits like certification for the training and development, insurance schemes, short and long term growth prospects etc. all this has helped to make the jobs in the sector - not just a job but a career!
Types of jobs
The sector has vacancies from the entry level to senior management level. From front-end sales personnel to technology experts, from HR to supply chain, business development, from research to product development and marketing, the sector is facing a deficiency of skilled and experienced professionals, especially at the middle and the senior level management. The Indian retailers are conducting fast paced and aggressive recruitment for various key roles.
Front end jobs
The most lucrative option (part time as well as full time) for the youth is the front-end jobs in the retail outlets like the malls etc. Sales executives, Store manager / Assistant Store managers, Retail manager helps coordinating the day-to-day operations of the store and interacting with the customers. The average starting salary in the retail industry is Rs 4,000 per month, with the bracket extending from Rs 3,000 to Rs 12,000.the incentives offered (many-a times as much as 20% of a single purchase) also act as an attraction for the job seekers.
Flexi-jobs
The retail sector has a 365-day and a 24*7 working schedule. Realizing the manpower shortage, the sector also offer opportunities for homemakers and the people who want to work for less number of hours in a day or have the option of flexible working hours. Recently pantaloon has started hiring women professionals to work part time and on flexi-time option. Hiring in contract basis for a specified amount of time is also gaining momentum in the sector.
The retail sector and the jobs in the sector have emerged as much more than just managing the store outlets. In today's global scenario with MNC's being the major players, students have the option of crossing over to explore diverse fields and markets.
Institutes offering retail courses
Both the number of institutes offering specialized courses in retail and the students showing interests in these courses is on rise. There is also an increase in the number of retail management programmes and institutes. Keeping in mind the increasing gap between the demand and supply of the professionals in the retail sector, many big retail players have started their own institutes to bridge the gap.
The Retailers Association of India (RAI) has also started conducting a competitive test called Common Admission Retail Test (CART), to select students for admission to the Association's Post Graduate Programme in Retail Management (PGPRM), The programme is being offered through 15 Business schools chosen across the country. Such specialized programs help to impart knowledge and an understanding of the concepts and processes involved in retailing. They also equip the students with the required skills (technical, operational and conceptual) to make a successful career in the sector.
Apart from the existing players, many foreign players are planning to enter and tap the Indian retail markets. Therefore, the sector is all set to see various new records in terms of the creation of employment. It is and will provide ample opportunities in all fields in the retail sector and has become a lucrative option for the job seekers. It would be appropriate to conclude that it is raining jobs in the retail sector!!
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