Double dip recession, fiscal cliff, debt crisis, none of these global threats impacted the sentiments of the average Indian employee to a large extent in 2012.
Double dip recession, fiscal cliff, debt crisis, none of these global threats impacted the sentiments of the average Indian employee to a large extent in 2012. Infact, according to multiple employment surveys, unlike the rest of the world, the country's workforce is bullish about the Indian economy in 2013 as well. CNBC-TV18’s Mitra Joshi reports from Mumbai.
2012 may have been a challenging year, but Indian employees remained optimistic about the health of the economy and their companies, according to a Randstad work monitor survey 2012.
An aggregate of 72 percent employees in the survey said they were satisfied with the economic situation. While 83 percent believe that Indian economy will improve further in 2013. In comparison, only 41 percent of the average workforce feel that the economic situation was good.
Also, 90 percent of Indian employees feel their organisation was in good financial health, the highest in the world.
Where is this optimism coming from?
The survey shows that almost 80 percent of employees got wage hikes in India in 2012 and that is building confidence.
E Balaji, MD & CEO, Randstad India says, "People got 8 percent, 9 percent or double digit, so at least that brings confidence, it is not comparable to 20 percent wage increases earlier, but at least people are getting wage increases, in other parts of the world it is not there."
The government also added to the momentum as it unleashed its reform agenda in the second half of 2012, which in turn pushed the stock markets to CY highs and had a positive impact on multiple sectors.
"As you know, the Sensex has registered 25 percent growth this year, many of the industries linked to financial services whether it is asset management companies, mutual funds, stock brokerage firms, they started ramping up in the second half," adds Balaji.
What are the likely trends on the hiring front in 2013?
"Apart from generic hiring of so many IT people, software engineers, FMCG people. I also expect that hiring in 2013 will happen in an overall manner, specialised and niche hiring will pick up, areas like analytics, statistical modeling, phd kind of profile,” Balaji further added.
And on the attrition front, another team lease survey says attrition levels were relatively low in 2012 and same is expected in 2013 since employees avoid unnecessary risk of jumping jobs.