Indian job mkt optimistic amid layoffs globally

Staffing services firm Ma Foi Randstad8217;s MD and CEO E Balaji said that India is so far insulated from the layoffs happening mostly in the developed world.

8220;The Indian employment market is cautiously optimistic,8221; he noted.

Going by estimates,about 1.5 million new jobs are created annually in the country,which is way lower than the number of people entering the labour market every year.

Global HR major Hay Group8217;s Mayank Pande said that hiring activities are still on the accelerator,with recruitments expected to grow exponentially in the retail sector.

8220;Companies are more serious about getting the right talent8230; many are looking for lesser number but more impactful people,8221; he pointed out.

Unlike the trend in pre-crisis period 2007-08 when companies were ready to hire people at any cost,experts opined that many entities are now weighing various factors,including expenses before making the recruitment.

Pande said that sectors such as defence,hospitality,nuclear power and retail are likely to drive hiring activities in the coming years.

In India,small and medium companies increase their workforce by about 10 to 15 per cent annually while large corporations augment their head count by around five per cent every year,according to estimates.

In signs that global economic conditions are becoming more tough,many global corporations 8212; spread across diverse sectors 8212; including Cisco,Nokia,Research In Motion RIM,Credit Suisse,and US-based Merck amp; Co have unveiled massive job cuts.

Thousands of jobs are expected to be trimmed by various entities in the coming months,as part of aggressive cost-cutting measures.

American pharma major Merck amp; Co on Friday announced plans to slash around 13,000 jobs. In recent weeks,Blackberry-maker Research In Motion said it would cut 2,000 jobs while Cisco intends to reduce its workforce by about

6,500.