About 55 percent of companies are looking to increase their headcount in 2018, according to Mercer‚??s 2017 India Total Remuneration Survey.
In what could be considered good news for job seekers, 55 percent of firms are looking to increase their headcount in 2018. Organisations are expected to increase salaries by 10 percent across industries and career levels in 2018, according to a survey.
‚??Indian industry continues to project low double-digit increases, driven by a combination of an optimistic economic environment and a scarcity of the right talent," said Shanthi Naresh, India business leader, talent consulting and information solutions, Mercer, which released Mercer‚??s 2017 India Total Remuneration Survey.
In 2018, one in two companies are planning to increase headcount, with shared services and hi-tech leading the pack, similar to what was seen in the past two years. Naresh said that the Indian hi-tech market is undergoing a tremendous change and disruption due to changing nature of jobs.
She added that new technologies like artificial intelligence, machine learning, automation, robotics, IoT have changed the skills required to perform the job and there is a constant upskilling and reskilling in the market. IT employers are increasingly hiring for newer skill sets
"Newer roles are emerging in supply chain planning, analytics, demand planning, computer imagery, store design, merchandising etc. With the evolution in value chain of work and the advent of such transformational roles, companies are looking at increasing headcount,‚?? Naresh said.
From a retention standpoint, the survey said that R&D and sales professionals across levels, continue to challenge organisations while from a hiring standpoint organisations find it hard to attract engineering and sales professionals.
"There has been success with the likes of Chinese smartphone makers, Taiwanese electronics major, Swedish auto maker and the likes, setting up big manufacturing units in India. All this is driving engineering as well R&D jobs to be rated as hot-jobs in India- tough to hire and retain," it said.
In terms of compensation, Mercer said that actual variable pay of 15 percent delivered in 2017, was similar to the target percentage, indicating that business performance in 2016 was aligned more to meeting expectations, rather than exceeding expectations.