Times of attrition and lay-offs are now over

Hiring Process in India is returning to the track slowly and steadily since the U.S. Economic Crises of 2008 followed by recession all over the world. A recent Survey reveals that 46% of the surveyed people who were terminated or resigned from their jobs between June, 2009, and May, 2010, have found new opportunities & 18% of them were re-hired by their previous employers.

According to a Survey conducted by the Consultant firm Mercer, to help employees combat inflation and counter rising costs, the India Inc is looking forward to an average salary hike of 12.7%. Most of the companies have already increased travel and fuel allowances to assist employees in managing rising costs. Despite salary hike the morale of India Inc to recruit more employees has not been dampened at all. At least half of the surveyed companies are looking to hire in functions like sales, marketing, research & development, application development, technical and engineering and about one third of them are also interested in hiring in HR, finance and accounting and information technology this year. On the other hand, some companies have made work-from-home options available to employees in order to cut down travel allowance and training expense. IT-BPO(Business Process Outsource) sector is expected to lead the hiring chart. Permanent hiring is also believed to rise under the cost management strategy. Thus, creation of new jobs and hiring of fresh graduates will continue in the Indian economy this year as well in one way or the other.

However, India despite having third largest number of graduates in the world every year faces a shortfall of two lakh engineers, four lakh graduates in other fields and 1.5 lakh vocationally trained workers. The Government of Andhra Pradesh has been working on creating 15 lakh jobs for graduates in information technology & pharmaceuticals in the state in the next three years.

Even the textile firms in urban areas of Chennai and Bangalore that together form the hub of textile industry in South India are competing with malls, restaurants, retail chains, call centres, courier and security agencies for unskilled, semi-skilled & skilled workers. Chennai & Bangalore, together form the textile hub of South India but due to severe labor shortages and increasing overheads in the apparel and textile firms in cities, they are moving to smaller towns & rural areas where plenty of labor is available at cheaper costs. Not only Southern India is facing biting labor shortage in textile industry but textile firms in Ludhiana, Amritsar, Surat, Ahmedabad and Kolkata are also not using full production capacity due to labor drought.

Thereupon, the Indian Corporate sector has flourishing job opportunities in almost every sector of the economy at present and it is performing well also. Wretched times of attrition and lay-offs are now over.