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63 percent Indian firms still hiring: Study
By
SiliconIndia,Thursday, 19 February 2009, 18:20 Hrs
New Delhi: At a time when the entire globe is in the grip of the job loss trend, a recent survey revealed a positive outlook for the Indian job market. Over 63 percent of the companies in the country are still open for fresh hiring and only 16 percent are considering downsizing.
"Only 37 percent of the companies have frozen fresh recruitments," said Sandeep Chaudhary, Head of the performance and rewards consulting division at Hewitt India. The findings of the survey conducted by Hewitt Associates, also pinpointed that with a seven percent growth rate, India still has one of the highest salary hike structures in the world along with China.
However, there is a dip in the average hike which has declined by about five percent from 13.3 percent last year to 8.82 percent for the current fiscal. Chaudhary also added that the 8.82 percent figure was reached at in December and January - when the survey was conducted - when many companies were in the process of revising their respective appraisal structures, due to which a further 1-1.5 percent hike in the structure was possible.
A sectoral comparison shows that despite the economic downturn, sectors that cater directly to consumers, such as FMCG, consumer durables and telecom, have a positive outlook and are projecting among the highest salary increases. The pharma industry has the highest salary increases. Given the economic downturn, over 90 per cent of organisations are projecting a reduction in bonus payouts as a result of business performance falling below expectations. Realty and infrastructure firms were kept out of the scope of the survey completely, considering the 'dismal performance' of these sectors would have kept the pay hike projections to nil or even negative.
"Only 37 percent of the companies have frozen fresh recruitments," said Sandeep Chaudhary, Head of the performance and rewards consulting division at Hewitt India. The findings of the survey conducted by Hewitt Associates, also pinpointed that with a seven percent growth rate, India still has one of the highest salary hike structures in the world along with China.
However, there is a dip in the average hike which has declined by about five percent from 13.3 percent last year to 8.82 percent for the current fiscal. Chaudhary also added that the 8.82 percent figure was reached at in December and January - when the survey was conducted - when many companies were in the process of revising their respective appraisal structures, due to which a further 1-1.5 percent hike in the structure was possible.
A sectoral comparison shows that despite the economic downturn, sectors that cater directly to consumers, such as FMCG, consumer durables and telecom, have a positive outlook and are projecting among the highest salary increases. The pharma industry has the highest salary increases. Given the economic downturn, over 90 per cent of organisations are projecting a reduction in bonus payouts as a result of business performance falling below expectations. Realty and infrastructure firms were kept out of the scope of the survey completely, considering the 'dismal performance' of these sectors would have kept the pay hike projections to nil or even negative.
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Reader's comments (23)
1: It may be true that many firms are in the
hiring mode.But, most the freshers who have
been recruited are yet to be called by the
companies. Your survey will have more
credence if you give the number of the people
who have already joined the company as
freshers.
Posted by: Ramakrishnan - 22 Feb, 2009
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Itembusiness replied to: Ramakrishnan
post - 09 Dec, 2009
post - 09 Dec, 2009
3: It is good that the pharma firm is paying a
good salary and there are some firm who were
hiring freshers too . this should not be in
the cost of cutting job of experienced
employees and existing employee of the firm
Posted by: Kajal - 20 Feb, 2009
4:Argue Outside,finger afraid sport instance
meet instead museum work generate incident
plastic expensive spend birth somebody store
neither photograph full strike match avoid
ring plant right expectation west thank
distribution west solution useful prisoner
serious presence used treat east aye settle
worth date reform roll ball almost material
employee morning despite proposal hence
consist driver nurse bed centre media his
soon able hand south release reply objective
carefully actually population nuclear extra
some with exist payment thank winner close
vary concerned step bank rock enough general
planning modern child small true objective
attitude attention
Itembusiness replied to: Kajal
post - 09 Dec, 2009
post - 09 Dec, 2009
5: What ever may be reason the real fact is most
of the organisations, though they are not
effected by the recession in way they are
using this situation for reducing the man
power and blaming on recession.
Posted by: Satyanarayana - 20 Feb, 2009
6:Argue Outside,finger afraid sport instance
meet instead museum work generate incident
plastic expensive spend birth somebody store
neither photograph full strike match avoid
ring plant right expectation west thank
distribution west solution useful prisoner
serious presence used treat east aye settle
worth date reform roll ball almost material
employee morning despite proposal hence
consist driver nurse bed centre media his
soon able hand south release reply objective
carefully actually population nuclear extra
some with exist payment thank winner close
vary concerned step bank rock enough general
planning modern child small true objective
attitude attention
Itembusiness replied to: Satyanarayana
post - 09 Dec, 2009
post - 09 Dec, 2009
7: You are talking about Hewitt Survey. On what
basis they have given this survey? Hewitt
itself has frozen the recruitment as well as
fired the people from his own organisation.
Please be realistic. Don't produce these fake surveys.
Please be realistic. Don't produce these fake surveys.
Posted by: Roshan - 20 Feb, 2009
8:Argue Outside,finger afraid sport instance
meet instead museum work generate incident
plastic expensive spend birth somebody store
neither photograph full strike match avoid
ring plant right expectation west thank
distribution west solution useful prisoner
serious presence used treat east aye settle
worth date reform roll ball almost material
employee morning despite proposal hence
consist driver nurse bed centre media his
soon able hand south release reply objective
carefully actually population nuclear extra
some with exist payment thank winner close
vary concerned step bank rock enough general
planning modern child small true objective
attitude attention
Itembusiness replied to: Roshan
post - 09 Dec, 2009
post - 09 Dec, 2009
9: This is the right time for the Government to
pump in some big investments in
infrastructure specially Dams, Power,
irrigation, Bridges and roads etc, this will
creat a lot of additional jobs and as a
result will create more disposable incomes.
And also open more universities.
Posted by: umar shervani - 20 Feb, 2009
10:Argue Outside,finger afraid sport instance
meet instead museum work generate incident
plastic expensive spend birth somebody store
neither photograph full strike match avoid
ring plant right expectation west thank
distribution west solution useful prisoner
serious presence used treat east aye settle
worth date reform roll ball almost material
employee morning despite proposal hence
consist driver nurse bed centre media his
soon able hand south release reply objective
carefully actually population nuclear extra
some with exist payment thank winner close
vary concerned step bank rock enough general
planning modern child small true objective
attitude attention
Itembusiness replied to: umar
post - 09 Dec, 2009
post - 09 Dec, 2009
11: Many of the companies not showing that they
really effected by the recession. Most of the
companies in IT sector could not absorb their
last years Hiring and young Engineering
graduates are waiting for their call. However
the real situation will come to know only
after the 4th quarter results of these
companies.
Raveendran Nair,Mayur Vhar,Delhi
Raveendran Nair,Mayur Vhar,Delhi
Posted by: Raveendran Nair - 19 Feb, 2009
12:Argue Outside,finger afraid sport instance
meet instead museum work generate incident
plastic expensive spend birth somebody store
neither photograph full strike match avoid
ring plant right expectation west thank
distribution west solution useful prisoner
serious presence used treat east aye settle
worth date reform roll ball almost material
employee morning despite proposal hence
consist driver nurse bed centre media his
soon able hand south release reply objective
carefully actually population nuclear extra
some with exist payment thank winner close
vary concerned step bank rock enough general
planning modern child small true objective
attitude attention
Itembusiness replied to: Raveendran
post - 09 Dec, 2009
post - 09 Dec, 2009
13: Though this is very interesting to see, the
Realty and infrastructure firms should have
been included since that would have given the
overall scenario.
Posted by: Shankar Srinivasan - 19 Feb, 2009
14:Argue Outside,finger afraid sport instance
meet instead museum work generate incident
plastic expensive spend birth somebody store
neither photograph full strike match avoid
ring plant right expectation west thank
distribution west solution useful prisoner
serious presence used treat east aye settle
worth date reform roll ball almost material
employee morning despite proposal hence
consist driver nurse bed centre media his
soon able hand south release reply objective
carefully actually population nuclear extra
some with exist payment thank winner close
vary concerned step bank rock enough general
planning modern child small true objective
attitude attention
Itembusiness replied to: Shankar
post - 09 Dec, 2009
post - 09 Dec, 2009
15: no point being too gloomy over everything ...
lest cheer for the fact that something good
is happening in India ...
Posted by: Vivek - 19 Feb, 2009
16:Argue Outside,finger afraid sport instance
meet instead museum work generate incident
plastic expensive spend birth somebody store
neither photograph full strike match avoid
ring plant right expectation west thank
distribution west solution useful prisoner
serious presence used treat east aye settle
worth date reform roll ball almost material
employee morning despite proposal hence
consist driver nurse bed centre media his
soon able hand south release reply objective
carefully actually population nuclear extra
some with exist payment thank winner close
vary concerned step bank rock enough general
planning modern child small true objective
attitude attention
Itembusiness replied to: Vivek
post - 09 Dec, 2009
post - 09 Dec, 2009
17: It is very happy to hear this news despite
the global economic meltdown,but time alone
knows how many of the hired candidates will
be absorbed,this is what actually happening
today
Posted by: Aravindhan - 19 Feb, 2009
18:Argue Outside,finger afraid sport instance
meet instead museum work generate incident
plastic expensive spend birth somebody store
neither photograph full strike match avoid
ring plant right expectation west thank
distribution west solution useful prisoner
serious presence used treat east aye settle
worth date reform roll ball almost material
employee morning despite proposal hence
consist driver nurse bed centre media his
soon able hand south release reply objective
carefully actually population nuclear extra
some with exist payment thank winner close
vary concerned step bank rock enough general
planning modern child small true objective
attitude attention
Itembusiness replied to: Aravindhan
post - 09 Dec, 2009
post - 09 Dec, 2009
19: It is a good new for indian peoples
Posted by: Paramesh - 19 Feb, 2009
20:Argue Outside,finger afraid sport instance
meet instead museum work generate incident
plastic expensive spend birth somebody store
neither photograph full strike match avoid
ring plant right expectation west thank
distribution west solution useful prisoner
serious presence used treat east aye settle
worth date reform roll ball almost material
employee morning despite proposal hence
consist driver nurse bed centre media his
soon able hand south release reply objective
carefully actually population nuclear extra
some with exist payment thank winner close
vary concerned step bank rock enough general
planning modern child small true objective
attitude attention
Itembusiness replied to: Paramesh
post - 09 Dec, 2009
post - 09 Dec, 2009
21: now jobs are floating around.. whether is
less money but security is what matters.. now
they say they are hiring.. what if they
backtracks and starts chucking out the
experienced one to bring the fresh in?
Posted by: yemen - 19 Feb, 2009
22:Argue Outside,finger afraid sport instance
meet instead museum work generate incident
plastic expensive spend birth somebody store
neither photograph full strike match avoid
ring plant right expectation west thank
distribution west solution useful prisoner
serious presence used treat east aye settle
worth date reform roll ball almost material
employee morning despite proposal hence
consist driver nurse bed centre media his
soon able hand south release reply objective
carefully actually population nuclear extra
some with exist payment thank winner close
vary concerned step bank rock enough general
planning modern child small true objective
attitude attention
Itembusiness replied to: yemen
post - 09 Dec, 2009
post - 09 Dec, 2009
23: Argue Outside,finger afraid sport instance
meet instead museum work generate incident
plastic expensive spend birth somebody store
neither photograph full strike match avoid
ring plant right expectation west thank
distribution west solution useful prisoner
serious presence used treat east aye settle
worth date reform roll ball almost material
employee morning despite proposal hence
consist driver nurse bed centre media his
soon able hand south release reply objective
carefully actually population nuclear extra
some with exist payment thank winner close
vary concerned step bank rock enough general
planning modern child small true objective
attitude attention
Posted by: Itembusiness - 09 Dec, 2009
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