Despite election buzz, India to see strong hiring activity in 2019: Report

Despite India entering the election year, hiring activity is expected to be robust in 2019. Global professional recruitment consultancy Michael Page today released its India Salary Benchmark 2019 report which said that there will be an increased demand for Indian senior executives equipped with business and stakeholder management experience.

Nicolas Dumoulin, Managing Director, Michael Page India, told Moneycontrol that hiring activity has accelerated in 2019. “The hiring will be robust across senior and mid-level roles,” he added.

Dumoulin explained that while India has a strong pool of senior leaders, due to the increased pace of market growth, this has given rise to an acute shortage of available talent at this level.

"The limited candidate pool has driven up the cost for senior talent over the years. Professionals moving jobs at this management level can expect 20 to 25 percent increases on their compensation package," he added. Dumoulin said that in the Indian context, money is still a big motivator for professionals to join a new company.

As Indian businesses focus their efforts on professionalising their operations, Michael Page India foresees increased demand for talent in business partnering functions such as human resources, finance and legal.

In particular, recruitment activity in the technology sector is anticipated to grow significantly with new chief technology officer and chief information officer roles. Rapid advancement in the digital space has led to a surge in demand for professionals skilled in big data, machine learning and data science.

Among the sectors, Michael Page India said that consumer-facing sectors such as pharmaceuticals, FMCG and e-commerce will see a growth.

Dumoulin said that the ‘Make in India’ programme is boosting manufacturing activity. This, he added, will drive jobs in the sector in this year.

Hiring trends across sectors

Banking and financial services:

• NBFCs and private banking platforms will require experience in SME lending, affordable housing and senior relationship management.
• Global investment firms are focused on expansion opportunities across private equity and for new products such as credit, special situations, real estate and infrastructure.

Healthcare and life sciences:

• Multinational pharmaceutical companies consolidating procurement by setting up globally shared service centres.
• Increased gender and industry diversity demonstrated through changes at the leadership level and from other industries such as FMCG, retail, telecommunications and e-commerce.
• Professionals securing a new role can expect 20 to 25 percent salary increase.

Technology, digital and analytics:

• High demand for individuals with experience in new age technology such as artificial intelligence, Internet of Things, machine learning and blockchain.
• Technological progression across industries has led to an increased demand for analytics professionals as organisations make more data-driven business decisions
• The niche areas of demand in the digital space include computer vision, natural language processing (NLP) and speech analytics.

Human resources:

• Demand for HR experts to implement solid onboarding policies with a robust framework that includes training and induction to increase employee retention.
• Increase in hiring for senior professionals within Indian organisations and startups.
• Average salary increases of 15 to 18 percent observed when professionals secure a new role.