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New Year bonanza: Job market eyes 8.75 lakh hiring in formal sector

As per survey, Indian employees are expected to see an overall projected salary increase of 9 per cent per cent.

By: PTI | New Delhi |
Updated: January 2, 2017 1:17:39 pm
new year, new job, jobs, job market, hiring, job 2017, 2017, job news, indian express news, MyHiringClub.com, JobPortal.com, Though overall job market outlook looks a little bleak, top performers would have little to worry as companies would look at retaining talent as they would want to avoid cost incurred in hiring new talent, experts said.

The New Year is expected to bring good news for job seekers with the country’s organised sector set to generate about 8.75 lakh new jobs, though the average salary hike is likely to be in single digit, say experts. The hiring outlook for India got a significant blow post-demonetisation and segments like real estate, construction, infrastructure and high-end automobiles are expected to be impacted in the longer term, experts said but will eventually benefit by creating more “formal” jobs.

According to the latest results of MyHiringClub.com & JobPortal.co.in Employment Trend Survey (MJETS) 2017, that covered 6,790 companies across 12 industry sectors in 21 major cities, the organised sector in India is set to create about 8.75 lakh new jobs in 2017.

“In current economical and political condition manufacturing & engineering sector is the top list to create more new jobs in 2017,” Rajesh Kumar, CEO, MyHiringClub.com & JobPortal.co.in said. Kumar said that “tier II and tier III cities will create more new jobs compare to metros with companies preferring to set-up their units in these cities compared to metros and attrition will be lowest in 2017 since last 5 years”.

Also read: Things to keep in mind while applying for a job in 2017

As per survey, Indian employees are expected to see an overall projected salary increase of 9 per cent per cent. Projected salary increases were highest in the manufacturing and engineering sector at 9.9 per cent, followed by banking and financial services at 9.7 per cent, while the lowest sectorial increments were in hospitality sectors at 5.3 per cent.

Though overall job market outlook looks a little bleak, top performers would have little to worry as companies would look at retaining talent as they would want to avoid cost incurred in hiring new talent, experts said. According to workforce solutions provider Kelly Services India Managing Director Thammaiah BN, more global product companies are expected to setup their offshore operations in India creating a demand for skilled resources.

“We also expect a boost in contract jobs and skilled employees will be sought after. Central government’s programmes such as Digital India, Smart Cities will see more companies capitalising on this opportunity. We expect 30,000 – 50,000 new IT jobs being added in 2017,” it said.

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