As we come to the end of 2014, it is that time of the year when we start analyzing and commenting on the past year trends and the future of the hiring industry in India. Some of these trends are in line with the global recruitment world while others have a local origin and impact.
The HR managers had a tough task at hand as companies continue to be under pressure to hire the best talent at lower costs. For the same, they are resorting to innovative ways and mediums like social media, digital marketing.
The LinkedIn Annual Recruitment Trends Survey for 2015 took into account responses of 4,125 talent acquisition leaders globally, out of which more than 300 were Indian and spread across 14 industries. The findings of the survey revealed the following points:
India amongst the top three passive candidate recruiters
There is a marked increase in the number of companies that are implementing proactive sourcing techniques to reach out to passive candidates, i.e. those candidates who are not actively seeking out a job opportunity.
Social and professional networks the most important future hiring aid
Global hiring leaders consider social and professional networks as the most important recruiting trend of the future. 39 % of their Indian counterparts think the same, followed by employee referral program and upgrading employer brand. 44% of Indian firms were successful at finding quality talent on social professional networks, beating the global figure of 38%, which shows a better understanding of these new digital tools.
Increase in overall hiring volume
Confirming the overall positive sentiment in organizations on recruiting, the total hiring volume percentage has increased from 57% in 2013 to 78% in 2014. On the same lines, the budgets allocated to hiring department have also seen an increment from 50% in 2013 to 71% in 2014.
The NASSCOM HR trends in FY 2015
As expected, the IT sector remained the biggest hiring force in the country, recruiting more than 3.1 million in the FY-2014. The trends for the coming year suggest even greater hiring activity than the current year as evident by the recent news about the Paris-headquartered company Capgemini increasing its Indian workforce to the number 28,000 by 2015. The company started its operations in the country in 1998 and now has a third of its employees working in India. The NASSCOM survey further predicts the following trends in the coming year for Indian HR industry.
• Good news for employees in the IT BPM industry as companies will spend more on employee retention in the form of wage hikes and incentive schemes in the view of increasing attrition rates.
• The current priorities of the HR within the IT-BPM organizations are to actively engage with employees to build an entrepreneurial culture and embrace multiple solutions to meet the niche skill needs.
The ongoing campus placement drive at IITs is showing another side of the story. Top multinationals like Facebook, Google and Oracle have rolled out 40 offers with total compensation exceeding INR 1 crore. IIT-BHU student has got the best offer till now, with Oracle offering up to 4,800 stock units worth $200,000 in addition to a cash component of INR 77.5 lakhs. These compensation packages are a reminder of the fact that job market is still ripe and rewarding with no dearth of new and well paying job opportunities for the deserving candidate. Those who are graduating this year or are looking for a job change will find their best friend in jobsites such as Naukri.com, Timesjobs and Indeed.
The author is a blogger and a digital media enthusiast.