A recent article posted on The Economic Times talks about the GCCs a clear edge in wooing top leadership talent vis-à-vis the others in the tech cohort. At GCCs, professionals with 18-25 years of experience get Rs 1.6-2.0 crore for the CTO role, Rs 1.5-2.0 crore for the CFO and Rs 1.5-1.8 crore for the chief HR officer. Packages vary based on the pedigree of talent, size and stage of the company and the criticality of the role.

Salaries of CXOs and other senior executives at global capability centres (GCCs) in India have seen an upsurge in the past one year, as these captive offshore units grew up the value chain for multinational corporations, executive search firms and industry experts said.

"The difference in compensation for senior roles arises from three key factors: the nature of work, talent availability, and the cost-of-living index," said Mohammed Faraz Khan, partner, Zinnov Management Consulting.

One of the reasons for the higher compensation is the fact that GCCs look at the top talent from IT services, mature startups and IT product cohorts.

The shift is also happening in the overall demographics, or nature of the GCC job roles in India, with several global roles now being based in India. From primarily an operations centre, the GCCs transitioned into offshore units for analytics and reporting and then to being a market expansion centre to a business driver for the MNCs.

Senior specialist roles such as chief architects, vice-presidents, etc., at GAFAM (Google [Alphabet], Apple, Facebook (Meta], Amazon and Microsoft) organisations are compensated with minimal difference with even their global counterparts - at most 20% difference in India, said Khan.

An estimated 300,000-400,000 jobs are likely to be created in the GCC sector in the next 2-3 years, according to Deloitte's estimates. There is a 40-50% increase in the number of global and senior-level roles based out of India in the last five years, Vamsi Karavadi, director at Deloitte India, told ET.

A recent report posted in the Times of India revealed a significant rise in female Chartered Accountancy qualifiers, now making up 48% of pass-outs, a record high. The overall representation of women CAs has also surged to 30%, up from a mere 8% in 2000. Among the 8.63 lakh students, 43% are females. The outsourcing of accounting and auditing to India has opened up new opportunities.

Outsourcing of accounting & auditing to India bringing in new opportunities and average annual salary of Rs 12.5 lakh for a fresher, as well as the flexibility of pursuing the course and affordable cost of study, are big attractions.

Notably, 75 women aspirants have topped CA exams at different levels in the last decade.

"Chartered accountancy and financial sectors are poised for better growth in India than in countries with an aging population. India has emerged as the hub with most countries outsourcing their accounting work to us. If a burger is sold in US or UK, accounting is done in Gurgaon or Kolkata. And the attractive salary package - the average package here is Rs 12.5 lakh the moment you pass. Our highest package in the last campus placement was Rs 28 lakh and international package was Rs 49 lakh," he added.

A bigger marker is that increasing number of women are taking one of the toughest professional programmes in India. In 2023, of the total 8.63 lakh aspirants 43% were females, against 30% in 2019.

"Young population in India is technologically-empowered, and that's why you can see that 47% of global digital transactions are happening in India, providing ample professional growth opportunities here," he said.

http://timesofindia.indiatimes.com/articleshow/108627341.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

A recent article posted in the Times Ascent talks about how top startups stick to the hiring part. Despite funding challenges, top Indian unicorn startups hired 58,000 employees and experienced a net headcount growth of 25,000 over the past year. Startups absorbed 75% of exiting talent, with significant lateral movement observed among the top 15 unicorns. Despite sector slowdown, confidence in engaging with startups remains high, reflecting their resilience and attractiveness as talent destinationsTop Indian unicorn startups are continuing to add talent despite facing a protracted funding winter and growth challenges.

A group of 27 companies emerged the top employers of talent who exited, showed the data collated for ETby specialist staffing firm Xpheno.

Except for a few, all the other companies either retained or added headcounts during the period despite a broader slowdown in the startup sector and liquidity crunch.

“The continued confidence of talent to engage with startups is an encouraging sign and shows the resilience of this cohort that keeps it shining and desirable among talent,” he added.

“Within the 100 plus unicorns in India, broadly 50% are doing really well and these top ones still remain attractive talent destinations,” added Nawka. “This is also a great opportunity for the startup community to hire top CXO candidates from within the system as there is a lot of lateral movement.”

Read more at https://timesascent.com/articles/where--how-to-use-gen-ai-the-ms-way/158520

Recent article posted in The Economic Times talks about how the recruitments come at a time when the Big Four firms are strengthening service lines, scaling up advisory practices and filling replacement hiring. Deloitte's actions exemplify this trend, hiring over 50 lateral partners in the past year, with nearly half from rival firms, particularly bolstering cyber, risk, financial services, and tech divisions

The Big Four firms are preparing for another wave of substantial partner movement as they scale their advisory practices, start replacement hirings, all while managing the challenges of an expanding, ambitious pool of partner base.The imperative to strengthen service lines and recruit partners is underscored by Deloitte's actions; over the past 12 months, the firm has hired around 53 lateral partners, with nearly half coming from competing firms, often as part of large team transitions.

Yezdi Nagporewalla, CEO, KPMG India said he had observed a recent trend where partners are approaching his firm in teams of 2-3 or larger groups.

KPMG has been facing partner turnover, losing over 50 in three years. The firm is in active talks with partners at rival firms-EY, PwC and KPMG-and IT MNCs to recruit tech and advisory talent, preferring smaller teams for easier integration.

We continue to attract, retain, and groom very talented professionals across our services," said Nagporewalla.

The most notable feature in the latest round of movements has been Deloitte and Pwc hiring teams from EY. Also, for the first time, partners from India's largest professional services firm have shown their willingness to move to rival firms.

A recent article posted on the ET HR world talks about how the Indian law firms are expanding beyond metros, focusing on smaller centres like Nashik, Indore, Chandigarh, Jaipur, Pune, Ahmedabad, and Kochi. These firms believe that physical offices in these areas are crucial for their growing corporate and private client portfolios, as well as for cost arbitrage and client retention. Global captives of multinationals, companies in the automobile, electronics, renewable, and real estate sectors are also considering expanding their operations in these areas.

Representatives of Khaitan & Co., Desai & Diwanji, Khaitan Legal Associates, Economic Laws Practice said there's a strong commercial case for physical offices in small towns that account for their burgeoning corporate and private client portfolios, possess a pipeline of people who can be hired and offer a substantial cost arbitrage. Besides, physical proximity will help in client retention, they said.

The company is in the process of hiring for its new offices.

Mumbai-headquartered Desai & Diwanji recently opened offices in Pune and Indore. The expansion is part of a broader strategy to leverage capabilities to better assist existing and new clients in underserved locations, said senior partner Shreevardhan Sinha.

"We anticipate a growing demand for legal services to support various business activities, including general corporate, business advisory, compliance, real estate transactions and dispute resolution," said Sinha.

"The office will help expand our reach to nearby tier 2 cities in Maharashtra, Gujarat and Madhya Pradesh," senior partner Sakate Khaitan said, while not being too far from the key hub of Mumbai.

"There is talent available locally and also talent that now sees an advantage in... relocating to tier 2 cities as it's perceived to be a better quality of life," said Sinhji of Khaitan & Co. "There is a cost arbitrage for us — cost of living is lower, as is cost of operations and this positively impacts our margins." Economic Laws Practice (ELP) is also planning offices in such towns and cities, said managing partner Suhail Nathani.

Read more at: https://hr.economictimes.indiatimes.com/news/trends/top-law-firms-rule-in-favour-of-smaller-cities-plan-to-hire-local-talent-in-nashik-pune-indore-jaipur-chandigarh/109449695

According to A recent article in The Economic Times which talks about the high probability of Broking Companies giving out generous increments. Bonuses to top employees, where bonuses at some of the leading companies could range from three to seven months of additional pay. Average increments could be in the range of 10-15%, with high performers, especially in technology and product development roles, likely taking home 30-40% more

Bonuses at some of the leading companies could range from three to seven months of additional pay, said top executives. Average increments could be in the range of 10-15%, with high performers, especially in technology and product development roles, likely taking home 30-40% more, they said.

Officials said the focus is on ring-fencing manpower across levels - especially high-potential talent. As the Nifty 50 stays north of 22,000 levels despite recent corrections, attrition in the industry is at an elevated level of 40-60%.

Since April 1, India has witnessed the opening of 58.5 million demat accounts, the highest recorded in any financial year. Additionally, in the current fiscal year, 70 companies have collectively raised 60,000 crore from public issues, compared with 37 companies garnering 52,000 crore in the entire preceding year.

Pressure to Retain Talent

"We have also rolled out ESOP plans across levels. Higher bonuses, retention bonuses, and performance- or tenure-linked stock options will also be paid out to critical talent and key people in the organisation."

Most brokerages are in the process of finalising their increments and bonuses for the fiscal and will announce the new packages and bonus payouts starting mid-April.

"As per our survey for broking companies, we see 60% of them are optimistic of getting salary hikes exceeding 10% and 30% are confident of seeing hikes in high single digits" said Aditva Naravan Mishra, CEO. Ciel HR Services.

Read more at:

A recent article in The Economic Times discusses the previous few years in India's IT job market, which has seen a progressive reduction in entry-level roles; this year, a further decline is expected, as well as less college hiring. Although there have been small gains in hiring activity, the underlying momentum will not emerge until the second half of the year.

In a recent interview with ET Now, Ramani Dathi, CFO of TeamLease Services, shared insights into the current landscape of the IT job market, shedding light on trends, challenges, and evolving skill requirements.

"That worked for last year. But this year, even at entry level, the campus hiring will be lower than the last two years' trends. Whether that would be 50% lower, 60% lower, we are not very sure and, at least going by the indications, there can be a drop in campus hiring numbers as well for this year," she warned.

Despite ongoing uncertainties, opportunities exist in global development centres, albeit at a slower pace. Proactive upskilling remains crucial for navigating the evolving IT job landscape.

Addressing the state of the IT sector, Dathi emphasized the ongoing challenges, including a consistent drop in headcounts across IT service companies over the past five quarters. While there have been slight upticks in hiring activity in February and March, particularly in a few companies, it's premature to conclude a significant turnaround. Real momentum in hiring trends may only materialize in the second half of the year.

Shift towards Niche Skill Sets

"Right now, there is a clear need for upskilling," Dathi said, highlighting a shift in demand towards niche skill sets, especially in artificial intelligence (AI) and machine learning (ML), and transformative initiatives.

"Especially at junior levels, it looks like Al to some extent has impacted because more and more IT companies are investing in Al and they are trying to optimise employee productivity and it is already reflecting in the numbers of many of the IT service companies," she added.

"So, upskilling, be it an initiative by the companies or by employees on their own, is really an important one now."

Discussing the readiness of the Indian IT sector and the need for educational reform, Dathi emphasized the importance of continuous curriculum updates to align with industry requirements. While some colleges have adapted their programs to cater to IT service company needs, there's still a gap in addressing emerging technologies like AI and ML. Companies are investing directly in L&D initiatives to bridge this skills gap and remain competitive.

"So, this kind of continuous upgradation is also happening to some extent. But whether is it exactly fulfilling the needs right now is the question and we believe even for Al and ML, the colleges or the curriculum are not fully updated. They have not even started to that extent, so that is why companies are spending directly on their L&D to upskill," she added.

Looking ahead, Dathi stressed the need for patience in assessing hiring trends, expecting the second half of the year to potentially reveal more definitive patterns. The growth of global delivery or development centres (GCCs/GDCs) presents opportunities for IT job seekers, albeit at a slower pace compared to traditional hiring volumes. Navigating the evolving job market requires a proactive approach to upskilling and adapting to emerging trends.

https://economictimes.indiatimes.com/jobs/fresher/job-openings-entry-level-tech-hiring-takes-a-hit-campus-placements-could-fall-by-over-50-this-year/articleshow/109125726.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cpps

A recent article in Business Standard by Vasudha Mukherjee talks about how FPSB India and IIM Bangalore team up to offer financial planning education, including scholarships and networking events, aiming to enhance the profession in India.

The collaboration will use the expertise of the two institutions to provide working professionals and students with a “learning experience” that meets industry needs. The two institutions will jointly create continuous professional development resources and “curate” initiatives and events to make education and training accessible to finance students, according to a press release.

The two institutes will also jointly organise workshops, seminars and conferences to facilitate knowledge exchange and networking opportunities for professionals and students.

Professor Rishikesha T Krishnan, director of IIM Bangalore, said, "We are delighted to collaborate with FPSB India in our shared mission to bridge the gap between academia and industry in personal finance. Together, we will leverage our combined expertise to equip future finance professionals with the skills and knowledge needed to thrive in today's dynamic business environment."

A recent article posted in Business Standard by Mr Sundar Sethuraman talks about why Investors should not take long-term positions in SME IPOs unless they are familiar with the sector and the company, analyst cautions.

This financial year’s tally bettered the fundraising in the previous financial year when 125 companies raised Rs 2,235 crore. Retail exuberance, bolstered by strong after-listing performances, is the main reason for robust fundraising through the SME segment.

The returns delivered by SME IPOs attracted more investors.

However, the exuberance on the part of investors has also raised concerns about the segment.

“The kind of fundraising and response we saw in the SME segment was a bit of a surprise, even when the markets have been down. There seems to be a lot of froth in the segment. Sebi’s action will have an impact and should lead to a slowdown,” said a banker on the condition of anonymity.

The minimum application size for SME issues is around Rs 1 lakh, compared to Rs 15,000 for the mainboard issues.

The higher ticket size which was intended to discourage retail investors, is no longer a deterrent as most investors are comfortable placing bids worth Rs 1 lakh or more.

Baliga said investors should not take long-term positions in SME IPOs unless they are familiar with the sector and the company.

Read more at https://www.business-standard.com/markets/news/fundraising-through-sme-ipos-hit-a-new-high-in-fy24-rs-5-579-crore-raised-124032500218_1.html

A recent study by the Press Trust of India posted on The Business Standard talks about IMT Ghaziabad seeing a 40% rise in average salary for management graduates. The majority of offers are from BFSI, IT/ITES, FMCG, and consulting sectors. Debuts in QS World Business Master's Ranking 2024.

The internal study by the Institute of Management Technology, Ghaziabad noted that the number of first-time recruiters constituted 40 per cent of the total recruiters in the 2022-23 placement cycle.

"The BFSI, IT/ITES, FMCG, consumer durables, and consulting sectors have generated more than 75% of the offers, indicating positive growth in career outcomes for our students. We have to remember that many of these firms are multinational in nature," Vishal Talwar, Director of IMT Ghaziabad said.

IMT Ghaziabad has recently made its debut in the QS World Business Master's Ranking 2024, with a global rank of 151+ Band in Master's in Management, 101+ Band in Master's in Marketing, and 151+ Band in Master's in Finance.

The IMT Ghaziabad's inclusion in this ranking is a significant milestone for the institution and demonstrates its commitment to providing quality education and producing competent business professionals, Talwar said.

A recent article at Business Standard by Mr Raghav Aggarwal talks about how Big Four firms in India are boosting tech hiring post-Covid to address client digital needs. Over 50% of their workforce is STEM, focusing on AI, cloud computing, and cybersecurity. Continuous demand for tech talent across functions drives ongoing hiring and upskilling efforts.

EY India said that it has expanded its overall tech talent pool by 3x in the last three years across service lines including consulting, tax, assurance, and strategy & transactions.

STEM stands for science, technology, engineering and mathematics.

“Technology and digital transformation are essential to fuel growth both within our organisation and the solutions we create to address client challenges,” said Deepti Sagar, chief people and experience officer at Deloitte India.

Akhilesh Tuteja, partner and national leader of Technology, Media & Telecommunications at KPMG in India added that over the past few years, they have grown the tech talent pool by 20-25 per cent year-on-year.

“PwC continues to invest in areas of Business Transformation, Cybersecurity, ESG, Data Analytics and Big Data, Artificial Intelligence and Machine Learning, Cloud Computing and Digital Transformation,” said Shirin Sehgal, chief people officer at PwC India.

These firms said that tech skills today are not required just in the traditionally technology-driven functions, but also to improve how other functions take place.

“We are adopting a persona-based training,” said Sagar.

The companies said that tech hiring may stay high for some time, especially in areas like artificial intelligence (AI), cybersecurity and cloud computing.

“As emerging technologies like AI continue to disrupt the way we work, we expect the demand for technology talent will grow even more,” said EY India.

Read more at https://www.business-standard.com/industry/news/big-four-accounting-firms-escalate-hiring-of-techies-amid-digital-focus-124040300849_1.html#

A recent article posted in the Business Standard talks about how HirePro's report revealed a 5% increase in female hires in 2023, with women constituting 40% of new hires. The study, based on 550,000 BTech candidates, shows IT attracting the most female candidates. South India leads in female participation at 39%, reflecting progress in fostering gender diversity in campus hiring. 

In 2023, 40% of the newly hired candidates were women, marking a five per cent surge from the previous year's figures, according to a report released by HirePro, an AI-powered recruitment automation firm. Titled "State of Female Participation in Campus Hiring in India," the HirePro report provides insights into gender diversity trends in the hiring landscape, as well as the increasing representation of women in campus hiring across India.

According to the report, the proportion of women taking part in campus hiring exams stands at 34 per cent, with IT attracting the highest share of female candidates. Other industries with a significant share of female candidates in campus hiring included banking, financial services, and insurance (BFSI), along with research and development (R&D).

Commenting on the findings, HirePro's Chief Operating Officer, S Pasupathi, remarked that the data underscores India's strides towards fostering gender equality in the workforce. The report serves as a tangible testament to the collective efforts aimed at enhancing gender diversity and inclusivity in campus hiring practices.

According to a recent survey conducted by Sreeradha Basu, editor at The Economics Times, talks about the Unstop 2024 Talent Report which surveyed over 11,000 students, university partners, and HR professionals, revealing key insights about the job market in India. Among the findings, 60% of students prioritize job security over pay raises, with 53% expressing fear of not finding a job in their preferred field.

The survey covered 11,000-plus students, university partners and HR professionals found that only 7% of Indian colleges achieve a 100% placement record.

In engineering colleges, average salary was nearly the same for men and women though in B-Schools, 55% of men received an offer of over Rs 16 lakh, compared to 45% of women.

Unstop's report also revealed a drop from the previous year's 14% to 10% of students interested in working for startups, with 45% of B-school students preferring established and legacy firms. In comparison, 52% of engineering students expressed openness to working with any company. Marketing emerged as the top preferred domain for B-school students, while Finance and Analytics topped the list for Arts and Science students.

"By highlighting the preferences and concerns of students and HR professionals, we aim to bridge the gap between talent supply and demand, enabling more informed decision-making and fostering a more efficient and effective hiring process," said Ankit Aggarwal, Founder and CEO of Unstop in a statement.

A recent article posted in The Business Standard talks about how IIM-B concluded summer internships for its largest-ever batch, placing 602 students, including 22 with disabilities. Notable trends: consulting firms led in offers, the finance sector saw increased interest, and diverse opportunities arose across manufacturing, e-commerce, IT, and healthcare sectors.

Placements, held from November 6 to 11, saw 484 students (437 PGP and 47 PGP-BA) securing positions, with an additional 115 students (89 PGP and 26 PGP-BA) placed in a subsequent rolling placement process. Additionally, three PGP students secured summer internships through individual efforts.

Prof Ganesh N Prabhu, the chairperson of career development services at IIM Bangalore, highlighted the diversity of opportunities during the rolling placements. He said, "The rolling summer placements saw many first-time recruiters offering roles in strategy, marketing, products, finance, analytics and investments – some of the projects offered were more interesting and challenging than those offered during the summer placement week."

Consulting: Consulting firms led with the highest number of offers (158), including a record 45 offers from Accenture Strategy.

A recent survey conducted by Debleena Majumdar an Editor in The Economics Times talks about challenges faced by students in finding desired placements, with 50% uncertain about job prospects in their field. Only 7% of surveyed campuses achieved full placement success. HR leaders advocate curriculum changes to enhance employability, prioritizing skills over experience.

This has not been an easy year for students to find the right placement, according to Unstop, a talent discovery, engagement and hiring platform for students and graduates.

The annual Unstop Talent Report 2024 showed that 50% of the students in a survey believe they will not get a job in their chosen or preferred field, and 3 of 6 students chose job security over pay hikes in their search criteria. While colleges have been trying hard this year to get appropriate placements, the report painted a grim statistic that just 7% of the surveyed campuses found 100% placement success this year.

The report was based on insights from a survey of 11,000 students, university partners and human resource practitioners, and included additional conversations with HR leaders.

From the industry point of view, 68% of the human resource leaders said college curricula needs to be changed to make students more employable. In fact, 88% of them said they prefer skills over experience, academics or references.

While students agreed with this view, 91% of them said the coursework is adequate. This again shows a skill gap. The gap was also visible in terms of the methods of engagement: 77% of students said they prefer engaging through competitions while 38% of the companies chose social media campaigns to build brand awareness. 

Colleges have been trying to innovate to match the changing corporate dynamics. Within the campuses, 89% of university partners spoke about competitions and on-campus initiatives leading to possible placements.

Hiring Trends

Among the human resources professionals surveyed, 81% said their organizations are actively hiring; 19% said they are not hiring currently. Of these, 11% said they are facing a hiring freeze and 8% reported having no open positions.

Underscoring the employability dilemma, 79% of the students said that going off-campus might help them get better jobs. This percentage was even higher at 88% for arts, science and commerce students.

The gender gap in pay

In arts, science and commerce, 36% of men received offers between Rs 6 lakh and Rs 10 lakh per annum. Just 19% of the women received offers in the same salary brackets.

Most valued skills by recruiters

Beyond technical and domain-specific skills, recruiters are looking for skills in problem-solving, critical thinking, communication, adaptability and creativity.

Students are finding multiple ways to upskill themselves — through competitions, online courses, live projects, guest lectures and internships. However, there is still a long road ahead. Lack of preparation is a big reason for not getting the right placements, according to 42% of the university partners surveyed. Mentorship emerged as an important need but university partners said there are time challenges in matching mentors with the right skills with students. About 28% of them conduct monthly workshops by industry professionals and 11% conduct them once a year, according to the survey.

Work preferences

The report revealed a 10% year-on-year drop in students looking to work with startups. The ongoing funding crunch and news about layoffs at some startups probably drove this. A large percentage, 45%, of B-school students said they would prefer working with established and legacy firms, with marketing emerging as their top domain of interest. Engineering students seemed to be more flexible: 52% expressed openness to working with any company. For arts and science students, finance analytics domains were the most preferred.

Consulting was the topmost choice of work sector for B-school students and tech topped the list for engineers. FMCG also remained a key choice for management students. Students wanting to join a company look at feedback from online reviews, college alumni working in the company and from employees, said the survey. 

Work mode and timing

Sharing more information about the report's objective, Ankit Aggarwal, Founder and CEO of Unstop, said, "By highlighting the preferences and concerns of students and HR professionals, we aim to bridge the gap between talent supply and demand, enabling more informed decision-making and fostering a more efficient and effective hiring process."

According to a recent article by Debleena Majumdar on The Economic Times which talks about how hiring and firing has changed in the offices in 2023 and what can we expect from the same in 2024. 2024 will see a boom in senior hiring, if there are no other black swan moments. The Indian economy especially post the election results will see a big boost and this will result in Indian companies hiring bigger global leadership for new business to lead their ambitious growth plans.

Overall hiring shifts:

A recent article by Rica Bhattacharyya, posted on The Economic Times speaks about how Several CXOs laid off by startups are struggling to find new roles as companies are unwilling to hire them at the inflated salary levels and fancy designations that attracted them to startups in the first place. This situation has led to a growing pool of 'unemployed CXOs' in the job market. Many of these executives are finding it challenging to secure new positions due to their above-market compensation packages and lofty titles. 

Many of these laid-off CXOs have made themselves expensive outliers with their above-market compensation packages and lofty titles doled out by small and young internet companies, they said.

"We are flooded with resumes from CXOs and senior start-up professionals who are currently without a job, many of whom have unrealistic expectations that large companies are not willing to meet," said CEO of an executive search firm. "There are many resumes doing the rounds from startups such as Byju's, Paytm, Pharmeasy, Udaan, etc, who are difficult to place at their inflated salaries," he said.

"Mature industries have their compensation levels which are far lower than the digital sector," said the Managing Partner of a leadership search firm. "A lot of candidates who have lost jobs are sitting on the sidelines without jobs as they are unable to reconcile to the new reality."

With this increased supply in the job market, there is not much war for talent now.

In 2021-22, startups inflated salaries in many ways – including high bonuses and overvalued stocks – to attract talent from established companies.

"Candidates still have the illusion of high stock value when the reality is, they are overpriced and unaffordable."

Many of these CXOs – in their early to mid-40s – earn salaries of Rs 5-7 crore and get attractive bonuses and perks, when they should not be more than Rs 1.0-1.5 crore, said the CEO of a startup who did not wish to be named.

Read more at https://economictimes.indiatimes.com/jobs/c-suite/pool-of-unemployed-cxos-grows-as-old-firms-refuse-to-match-startup-salaries/articleshow/108826276.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

A recent article by Rica Bhattacharyya & Shilpy Sinha, posted on The Economic Times speaks about how Leading NBFCs are attracting top CEO and CXO talent from major Indian banks like ICICI Bank and HDFC Bank. Recent moves include executives joining Poonawala Fincorp and L&T Finance, reflecting the sector's rapid growth. 

Leading non-banking finance companies (NBFCs), flush with funds from global and local private equity firms, are increasingly poaching CEO and CXO talent from large Indian banks amid a rise in loan demand, higher credit spending, and large-scale digitisation drive.

Demand for senior professionals in NBFCs has shot up in the last 12-18 months, company officials and search executives said.

"Higher traction from domestic and global investors has propelled the momentum for intensive growth and expansion within the NBFC sector," said Shuvharshika Mishra, partner, of wholesale banking, consumer lending and insurance, at executive search firm Native.

Geetha Menon, head corporate HR at finance and investment services company IIFL, said, "With an economic upswing, higher credit spending, rise in loan demand and an overall optimism in the market, NBFCs are willing pay that extra needed to attract top talent," said Geetha Menon, head corporate HR, IIFL.

"Also, we are becoming very digitally savvy and innovation is happening at a rapid scale. There is a talent war in the market and good talent will command a premium," Menon said.

Also, experts said, that usually NBFCs have more flexibility compared to banks, which are guided by more stringent regulations, to loosen their purse strings, thus enabling them to sometimes pay higher than banks to attract senior professionals.

A recent article By Riya Tandon, posted at The Economics Times talks about the modern job market, the belief that higher education guarantees higher earnings is being challenged. While degrees can open doors initially, they don't guarantee long-term salary growth. Continuous learning and adaptability are crucial in rapidly evolving industries. Industries like technology and digital marketing prioritize skills and practical experience over formal education.

So does having a higher education degree still hold relevance in the current employment landscape that continues to evolve and where the skill requirement changes every other day? Maybe we should be speaking about skills instead of degrees alone in today's circumstances. This is why it is important to debunk some myths around this topic and get some clarity.

While a higher education degree can open doors to initial opportunities and potentially higher starting salaries, it is not the sole determinant of long-term salary growth, says Krishna Kumar, CEO, Learnbay, an upskilling platform.

The key here is to focus on acquiring degrees and investing in lifelong learning to remain relevant and achieve sustained salary growth.

In Kumar's opinion, skills and practical experience often precede formal education in technology, digital marketing and creative fields. Talking about roles, he lists software development, digital marketing specialists and graphic designers as some of the professions that value the ability to perform tasks effectively, innovative thinking and staying abreast of the latest trends and technologies. These sectors are more inclined to evaluate an individual's portfolio, work experience and skill set during the hiring process rather than just their educational background, according to him.

Certifications and upskilling programmes are undoubtedly getting recognised as valuable alternatives to traditional higher education degrees, says Kumar. This is even more so in fast-evolving fields like information technology, digital marketing and project management.

Strategies that can help individuals maximize their earning capacity

It wouldn't be wrong to say that a higher education degree can widen your spectrum of knowledge and increase your chances for a better pay structure. But in the end, it's your ability to stay relevant through constant learning and upskilling that can ensure professional growth.

Read more at https://economictimes.indiatimes.com//jobs/fresher/myth-debunking-101-a-higher-education-degree-a-hefty-paycheck/articleshow/108451210.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

A recent survey conducted by Debleena Majumdar, posted on The Economics Times talks about how employers in India are preparing for an Al-driven future, valuing Al skills. AWS survey reveals expectations and benefits across departments. Upskilling interest spans generations, emphasizing the need for effective Al training programs and career path awareness.

According to Amazon Web Services (AWS) research on Al usage trends in workplaces, 99% of the employers surveyed expected their organizations to use Al-powered solutions and tools by 2028. The finance departments would be the biggest beneficiary of Al, said most (97%) employers. Others said IT (96%), research and development (96%), sales and marketing (96%), business operations (95%), HR (94%) and legal (92% would get major benefits. Apart from that, 71% expected task automation to be the top benefit of AI.

What does this mean in terms of skill requirements?

The report highlighted that employers in India valued employees with strong Al skills. They were willing to pay at least 54% more to hire such talent.

The survey's findings suggested increments of over 65% for people in IT and 62% for employees in research and development. These areas with the highest expected pay increases corresponded with the areas where significant innovations and development of new use cases through generative Al were expected.

While 95% of Gen Z were interested in upskilling, 90% of the baby boomers also showed an interest in upskilling. This indicates an interest in Al across career stages.

Rupa Chanda, Director of Trade, Investment and Innovation Division, United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP), said, "This report shows that the future of work demands a workforce equipped with Al proficiency to navigate emerging challenges and harness opportunities for sustainable and equitable economic growth and development as well as inclusive innovation."

While hiring Al talent has become a priority for 96% of the employers in India, 79% said they cannot find the Al talent they need. The research also showed a training awareness gap: 91% of employers said they did not know how to implement an Al workforce training programme. Not just that, 86% of workers were not sure about the relevant career paths where Al skills would be useful.

According to a survey conducted by The Economic Times, Seven out of 10 employees in India believe they are always, often, or sometimes underpaid. Most employees believe term salary is the most important aspect of a job. Organizations plan to improve payroll accuracy, timeliness, data security, and privacy. Employee well-being, including financial health and wealth creation, is a top priority.

The survey, produced in collaboration with The Economic Times HRWorld, interviewed more than 200 senior leaders from Indian organizations with 500-2,500 full-time employees.

Financial well-being refers to an individual’s overall financial health and stability. It encompasses areas such as income, budgeting, saving, and wealth creation such as financial planning and investment.

"For most employees, pay is the foundation of their financial wellness and wealth creation. Knowing how much and when they will be paid provides them with greater peace of mind, allowing them to better manage life's challenges and plan for the future," he said.

The study also revealed a notable shift towards alternative compensation methods such as digital currencies and stock options, marking a departure from traditional practices and embracing a more personalized approach to rewards.

In 2024, India anticipates a 19% overall increase in hiring, led by a strong 25% in manufacturing. The report suggests a 3% rise in IT hiring and a shift to a 60% hybrid work model. Workforce demographics may see a positive change with a 36% female representation. Notably, direct walk-ins for hiring are diminishing, with employers favoring online platforms and professional networks.

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India's hiring landscape is poised for growth in 2024, with overall intent increasing 19 percent compared to the previous year, according to a report by recruitment platform Taggd.

The manufacturing sector leads the way with a robust hiring intent of 25 percent, underscoring a positive outlook for industrial expansion.

Manufacturing companies plan to hire 15-30 percent more graduates from the 2024 batch than they did from the 2023 batch, indicating a positive trend in the manufacturing sector, the report, titled ‘India Decoding Jobs 2024’ noted. It was launched at a Confederation of Indian Industry (CII) event.

The Banking, Financial Services, and Insurance (BFSI) sector also stands out with a substantial 25 percent hiring intent, indicating a strong focus on talent acquisition in the financial domain.

Similarly, the automotive industry is set to witness a 20 percent surge in hiring intent, reflective of the sector's anticipation of increased demand. The Internet business and Global In-house Centre sectors share a promising outlook, with a significant hiring intent of 20 percent, highlighting the continued importance of technology and global operations.

Meanwhile, the pharmaceutical industry displays a 16 percent rise in hiring intent, emphasising sustained growth in the healthcare sector.

Hiring in IT to remain subdued

The information technology (IT) sector showed a more conservative hiring intent increase of 3 percent, potentially reflecting a nuanced approach amid evolving industry dynamics.

While volume growth in most IT companies has been impacted, salaries for IT employees have increased by approximately 15 percent, offering some support. On the other hand, non-IT hiring is experiencing growth, particularly in smaller towns.

Top IT services firms are projected to hire between 50,000 and 100,000 employees during fiscal year 2024, representing a significant decline from the net hiring of over 250,000 in the previous year.

“If we look at the hiring numbers, they will reach a normalised rate within the next six to nine months. Though the demand may not touch the post-pandemic ramp numbers this year, the demand for tech talent will continue from non-IT sectors, where digital initiatives are bringing up new opportunities,” Sharma said.

Remote work to decline, diverse hiring anticipated

In 2023, the employment landscape witnessed a predominant trend towards hybrid work models, constituting 56 percent of hiring intent, while 37 percent opted for traditional office-based setups, and 7 percent embraced remote work.

A nuanced shift is anticipated in 2024, as the hybrid model strengthens its position at 60 percent, indicating a further embrace of flexible work arrangements.

Work from office-only scenarios is expected to register a decline to 33 percent, reflecting a strategic balance, while the remote work component remains steady at 7 percent. The report said this points towards an evolving approach to work modes, emphasising the adaptability and resilience of organisations in shaping the future of work.

In 2024, the projected diversity percentages for the workforce signify a positive evolution, with an expected increase in female representation to 36 percent, while the male percentage is anticipated to decrease to 64 percent. The current workforce distribution stands at 33 percent females and 67 percent males.

No more direct walk-ins

In 2024, companies won’t be going for ‘walk-in’ hiring. This method refers to a process where job seekers can directly visit a company or organisation without a prior appointment or scheduled interview. Instead of applying online or through a formal application process, individuals can physically walk into a company's office and express their interest in a job opportunity.

Hiring sources preferred by employers include professional networking and social media (67 percent), internal referrals (50 percent), company websites (33 percent), consultants (22 percent), campus hiring (22 percent) and job portals (17 percent).