Hiring, hikes finally set to improve after demonetization lull
There's good news for employees. The lull in the job sector post demonetization has finally started on an upward trend and is set to continue on the path in 2018. The effects will be seen in two significant aspects: hiring, which has rebounded to 24% in October-December, and hikes, which are expected to grow 10-15%. However, these apply only to the "right" talent.
The last year has been bad in terms of hiring
The advent of AI and other technologies had already hit the job market hard. The hiatus was intensified by last year's demonetization. There were huge layoffs in many sectors, though 60% firms managed to retain their workforce. According to ManpowerGroup's Employment Outlook Survey, the percentage of employers planning to hire was 22% in January-March, which fell to 19% in April-June and 16% in July-September.
Things seem to have picked up now
But trends are changing for the better. The same survey showed a rise in hiring to 22% in the last 2017 quarter, which is expected to continue. Companies in mobile manufacturing, fintech, financial services, retail, media, e-commerce and startups are expected to hire the most.
There's been some changes in hiring styles too
However, how and for what companies hire might see some change. For one, more corporates are expected to use social media to find talent. Though the advent of new tech has reduced the need for manpower in lower runks, it has also driven up demand for specialists in these emerging technologies. Recent times have seen new trends in hiring, including increase in contractual staffing.
Increments are set to increase to up to 15%
Increments are set to rise too. In 2017, the median rate of hikes fell to below 10%, though specialized talent and top performers received good rewards. Now it will surpass 12% across sectors; Kelly Services has put the expected hikes for different sectors at 8% for IT, 15% for e-commerce and startups, 8-15% for pharma, life sciences and FMCG, and 10-15% for ITES.
