Hiring intent in India Inc will rise in 2024 but IT jobs to remain scarce: Report

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).

Seven in Ten Employees Believe They are Underpaid: Report

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.

To respond to this, organizations are planning improvements to payroll over the next 12 months to address accuracy (91%), timeliness of employee pay (88%), data security (89%) and privacy (89%), according to 'The Future of Pay in India 2024' study by ADP, a human capital management solutions company. 

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.

According to the survey, employee well-being has emerged as a key focus for Indian firms in 2024. Up to 62% of the organizations surveyed believe employee well-being, including financial well-being and wealth development, is the most important factor in their HR strategy for the year.

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.

"Companies now recognise they must prioritize their employees' financial well-being to create a motivated workforce and boost productivity, employee retention and satisfaction," said Rahul Goyal, managing director of India and Southeast Asia at ADP.

"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.

In the quest for accurate and efficient payroll, employers are also looking to embrace new technology, with nearly three-quarters (74%) of the organizations surveyed considering using Artificial Intelligence (AI) as a tool to enhance payroll management. More than half (57%) are also willing to invest in AI-power payroll systems to significantly improve accuracy and efficiency, despite concerns about bias and data privacy with a third already using or planning to implement Al-driven tools within six months.

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 the war for talent, companies can no longer adopt a one-size-fits-all approach to pay. They need to get creative and come up with remuneration packages that suit diverse employee needs," said Goyal.

Read more at https://economictimes.indiatimes.com/jobs/hr-policies-trends/seven-in-10-indian-employees-believe-they-are-underpaid-report/articleshow/107914826.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

Employees see AI driving organizations in 4 years; talent shortage stands out despite learning interest, says survey

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.

Almost all employers in India who participated in a survey said their organizations would be driven by artificial intelligence (AI) by 2028. They were also willing to pay more for employees with the relevant skills.

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.

The AWS survey - "Accelerating Al Skills: Preparing the Asia-Pacific Workforce for Jobs of the Future" - released recently was conducted by Access Partnership and covered 1,600 workers and 500 employers in India.

What does this mean in terms of skill requirements?

The survey showed that technology would over time be used by workers of all levels of technical knowledge.

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.

Employees also showed an interest in developing AI skills: 95% have shown keen interest, according to the survey. All skill-based salary hikes were expected across domains.

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.

Motivations apart, employees wanted to be trained in Al as they saw it as a route to higher salaries, better job efficiency and career advancements. There was no gender gap in the expectations, with 96% of women responders looking at such upskilling.

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.

The other interesting insight was the possible impact of Al on non-technical roles. The full extent of Al productivity gains would be felt in 2028, by when the use of Al could see an increase across all levels of technical knowledge workers.

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."

Despite interest, the Al skills gap needs more work to address

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.

The research highlighted the need for collaboration across stakeholders — governments, industries and educators — to implement the right skilling programmes and to help employees close the skilling gap.

Read more at https://economictimes.indiatimes//jobs/hr-policies-trends/employees-see-ai-driving-organisations-in-4-years-talent-shortage-stands-out-despite-learning-interest-says-survey/articleshow/108810055.cms?utm_campaign=cppst

Myth Debunking 101: A higher education degree = A hefty paycheck

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.

Since childhood, one common belief many have is that the more degrees you acquire, the more will be your earning capacity. While the power of higher learning is indisputable, there is no guarantee that it has a correlation with high salary packages.

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.

Is a higher education degree necessary to experience salary growth?

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 rapid pace at which industries are evolving clearly indicates that the skills requirements of today might change tomorrow. Therefore, he says continuous learning and adaptability are equally, if not more, meaningful.

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

Industries and roles in which an individual's skills hold a greater value

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.

Can certifications or upskilling programmes be dependable alternatives for higher education degrees for salary growth?

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.

Courses that are strategically curated to provide practical, up-to-date skills that are directly applicable to current job markets are highly favored, sometimes even over higher education degrees. Such courses can be especially useful for professionals looking to pivot their careers or gain expertise in specific areas, thereby enhancing their growth opportunities and potential for salary increases, he explains.

Strategies that can help individuals maximize their earning capacity

Individuals should focus on continuously upskilling to stay relevant in their industry. Kumar suggests professionals network extensively to uncover opportunities; seek mentorship for guidance and insights; aim for roles in high-growth sectors; and, most importantly, negotiate effectively for salary increases. Additionally, developing soft skills such as leadership, communication and problem-solving can significantly enhance one's value to employers, further boosting the earning potential.

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

Cash-rich NBFCs lure banking professionals for CXO roles amid rapid growth

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.

They are luring bankers who have worked with large banks such as ICICI Bank, Axis Bank, HDFC Bank, IndusInd Bank, and Kotak Mahindra Bank for a decade or more with bigger designations and roles, and hefty pay packages.

"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.

"Also, as per adherence to regulatory guidelines, small/mid-sized NBFC players (those with Rs 5,000 crore or less assets under management) are investing in hiring talent for regulatory roles in risk, audit, control and compliance along with key business hires," she added.

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.

According to her, there is an all-time demand for CXOs and professionals one level below CXOs.

"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.

Some like Monica Agrawal, who heads Korn Ferry's financial services in Asia Pacific as managing director, are of the view that the lure of bigger and meatier roles is one of the primary reasons for senior banking talent shifting to NBFCs.

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.

Many NBFCs are willing to pay salary hikes of 25-40% for new CXO hires versus 20-25% a couple of years ago, search executives said. Salaries could range between Rs 2-4 crore for COs and Rs 4-8 crore for top 
CEO hires, along with lucrative wealth creation opportunities in the form of stock plans such as ESOPs, they said. The NBFC sector has seen a period of rapid growth in the last 12-18 months.
In FY23, NBFCs saw a 12.8% credit growth, surpassing banks at 5.7%, according to a report by the Reserve Bank of India. The sector is expected to grow 14-17% in the upcoming FY25, driven by credit demand across various retail loan segments.

Read more at https://economictimes.indiatimes.com//jobs/c-suite/cash-rich-nbfcs-lure-banking-professionals-for-cxo-roles-amid-rapid-growth/articleshow/108715008.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
The Pool of ‘unemployed CXO’ grows as Old firms refuse to match startup salaries

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. 

Mumbai: Several CXOs laid off by startups are left stranded as traditional companies are not willing to hire them at inflated salary levels and fancy designations that lured these senior professionals to quit large companies for startups a couple of years ago. This has created a burgeoning pool of 'unemployed CXOs' in the job market, officials from startups, large companies and search firms said.

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.

"There are a large number of unemployed CXOs in the startup ecosystem - many of them are currently jobless, because neither are they willing to take pay cuts nor are they able to land a job in a large company that finds them overpriced," said cofounder of an edtech major. "Inflated salary and CXO designations are the two main reasons coming in the way of getting them another job," he added.

"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.

The head of HR at a large finance and investment services company said they are getting a lot of resumes from companies like Paytm, Fi, Udaan, ZestMoney, Khatabook, DealShare, CoinSwitch and others, "but many of these senior-level talent are unemployable as their current salaries are hugely inflated and unrealistic". These CXOs need to do a reality check, search executives 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."

A couple of years ago, startups went aggressive in hiring senior talent. Many were attracted from established companies, but they did not manage to find proper grounding in the startup ecosystem which then entered into a protracted funding winter and faced intense pressure to turn a profit, leading to layoffs.

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

"We will hire based on our budget for a role and fit them into our grade structure," said group president-HR at a diversified conglomerate. "So, if someone is a senior VP or CXO but as per our structure fits into a VP role, we will not elevate the person just to accommodate him/her... If the terms do not suit them, they are free not to accept."

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

"Now even as the valuation has gone down, very few companies have taken a down-round," said the CEO of an executive search firm.

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

For some, it was like a mirage created by a 3-4x jump in pay.

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

How hiring and firing changed in the corner office in 2023 and what to expect in 2024

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:

Jaideep Kewalramani, COO & Head of Employability, TeamLease Edtech says recruitment saw a boost with technology. He highlighted trends such as the integration of advanced technologies like artificial intelligence and machine learning has revolutionized the recruitment process. Automated screening tools, chatbots, and algorithmic assessments are streamlining the initial stages of hiring, enabling recruiters to sift through large volumes of resumes efficiently. "This not only expedites the hiring process but also ensures a more objective evaluation of candidates based on merit and skills," he adds.
Industry specific shifts for CEO level hiring:
Mr Harold D'Souza, Co-Founder and Director, WalkWater Talent Advisors, Executive Search and Talent Advisory Company shares, "Consumer related industries saw relative stability and new CEO hiring was not very high except in new promoter driven entities. Government spending contributed to the growth of manufacturing and infrastructure industries in India and the latter part of the year saw some big hires in Energy, Manufacturing and Infrastructure, especially in new Energy. The BFSI industry saw some big CEO hires largely driven by ending tenures as per regulations, but some hires in new age Fintechs were driven by business model changes. Fintech as an industry emerged as a big employer and a new generation of leaders will emerge from this sector."
The clear trends in CEO hiring according to D'Souza are around movement to larger diversity and inclusion focus, greater stress of sustainability and environmental impact and a move towards a deeper understanding of technology especially new areas like Gen AI and its application. He feels that there is also a better awareness of India's emergence as a go-to economy with a bigger presence in the world.
Kewalramani adds that as businesses undergo rapid growth and transformations, organizations are placing a greater emphasis on reskilling and upskilling initiatives. Instead of resorting to mass layoffs during periods of change, companies are investing in the development of their existing workforce. This proactive approach not only ensures employee retention but also contributes to a more agile and adaptable organizational culture.
Employers are leveraging the gig economy and searching for innovative gig models to tap a seasonal and on demand workforce. Simultaneously, workers are finding new avenues for professional growth through diverse and dynamic engagements.
Human-Centric Approach to Firing:
Kewalramani also adds that on the flip side, the concept of firing or letting go of employees has undergone a transformation as well. Best-in-class organizations are adopting a more human-centric approach, recognizing the impact of job loss on individuals. Outplacement services, career counselling, and support systems are being integrated into the termination process, aiming to assist employees in their transition to new opportunities.
This empathetic approach not only safeguards the well-being of departing employees but also contributes to a positive employer brand. However, not all companies are following these best practices when it comes to firing and layoffs. D'Souza shares that at the senior levels, CEO exits were largely in Tech and related areas, not only in India but globally.
Outlook for 2024:
Our view is that 2024 will see a boom in senior hiring, if there are no other black swan moments. Funding will increase, start ups will see renewed energy , and focus and also learn from past mistakes. 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. The IPO rush of late 2023 will continue post election and this in turn will again lead to?? more CEO hires. D’Souza concludes.
Read more at https://economictimes.indiatimes.com//jobs/c-suite/how-hiring-and-firing-changed-in-the-corner-office-in-2023-and-what-to-expect-in-2024/articleshow/106484856.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
Intent to hire freshers in M&E industry saw 3% decline in H1: Report

A new report at Business Standard by the Press Trust of India talks about how in the first half of 2024, freshers' hiring intent in the media and entertainment industry declined by 3%, while overall fresh hiring intent rose by 6% year-on-year across sectors. Delhi leads in video editing roles, Bengaluru in production assistants, and Mumbai and Delhi in Unity developers.

The intent to hire freshers in the media and entertainment industry showed a decline of 3 per cent during the first half of this calendar year (January-June), according to a report. However, the overall intent to hire freshers rose 6 per cent year-on-year, as per the TeamLease EdTeach's Career Outlook Report HY1 (January-June 2024).

Around 3 per cent decline is expected in intent to hire freshers in the media and entertainment industry, bucking the overall upward trend across many other sectors, the report said. This report is part of TeamLease EdTeach's 'Career Outlook Report HY1', which is based on a survey covering 526 small, medium, and large companies across 18 industries across India.

Further, the report revealed that hiring trends in media and entertainment also found varying preferences for job roles across cities with Delhi dominating in video editing with 27 per cent and Bengaluru leading in production assistants with 23 per cent, it stated.

Mumbai and Delhi were top choices for Unity developers, capturing 25 per cent and 21 per cent, respectively, while Chennai stood for SEO executives with 21 per cent, and Mumbai remained a hotspot for graphic designers at 19 per cent, it added.

"The media and entertainment sector seems to be consolidating its fresher hiring efforts, even as other industries capitalise on the positive economic sentiment," TeamLease EdTech Founder and CEO Shantanu Rooj said.

This could be attributed to factors such as evolving business models, technological disruptions, and changing consumer behaviours, he added.

Read more at https://www.business-standard.com/industry/news/intent-to-hire-freshers-in-m-e-industry-saw-3-decline-in-h1-report-124040900530_1.html

A high number of students are not optimistic about landing their preferred jobs, says survey

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

Students were particular about how much time they were willing to spend at work. About 67% said they do not want to work more than 40-50 hours a week. And 65% of the HR partners said their expectation is 40-45 hours a week of work; 54% of them also said they envision a hybrid work model.

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."

Read more at https://economictimes.indiatimes.com//jobs/fresher/a-high-number-of-students-not-optimistic-about-landing-their-preferred-jobs-says-survey/articleshow/108666592.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
IIM-B placements: 602 students, including 22 with disabilities get offers

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.

The Indian Institute of Management-Bangalore (IIM-B) has successfully concluded summer internship placements for its largest-ever batch of Post Graduate Programme in Management (PGP) and Post Graduate Programme in Business Analytics (PGP-BA). A total of 602 students were placed for the summer, including 22 students with disabilities.

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.

During this rolling placement process, of the 22 students with disabilities, 10 were placed in the placement week and 12 were placed in leading corporates through a targeted drive by Atypical Advantage.

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."

Industry-wise summer placements

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

Finance/banking/investments: Finance, banking, and investment firms made 130 offers, with prominent firms like PwC, Goldman Sachs, and JP Morgan Chase participating.
FMCG/retail: Fast-moving consumer goods (FMCG) and retail sectors collectively made 69 offers, with companies like Hindustan Unilever and Procter & Gamble leading.

Manufacturing/construction/energy: Manufacturing firms contributed 55 offers, with Tata Steel and Asian Paints being notable recruiters.

Ecommerce/payments/telecom: The ecommerce, payments, and telecom sectors offered 45 positions, including 11 from Amazon.

IT Software/services/security: IT-related firms extended 43 offers, with Google, Microsoft, and Pinelabs among the prominent recruiters.

Conglomerates: Business conglomerates made 41 offers, including participation from Aditya Birla Group and Vedanta.

Foundations/governance/education: Foundations, governance, and education sectors collectively made 29 offers.

Healthcare: Healthcare firms offered 19 positions, with Sun Pharmaceuticals and Sparsh Hospital leading the way.

Key trends in IIM Bangalore's 2024 summer placements

The IIM Bangalore placement report noted that while consulting firms made the maximum number of offers, the ratio of students interning in consulting firms fell marginally. Many candidates sought out opportunities in finance, banking and investment, which also made more offers this year.

The 55 offers by manufacturing firms were in areas like supply chain and new product entry, while the 45 offers made from the e-commerce, payments and telecom sectors mainly consisted of digital marketing and card business roles.

IT firms have offered jobs in areas like IT consulting and product management, and business conglomerates offer general management roles. Analytics and artificial intelligence firms offer involved projects in new business applications, while the healthcare sector is recruited for marketing and new business initiatives.

Read more at https://www.business-standard.com/management/news/iim-b-placements-602-students-including-12-with-disabilities-get-offers-124013100183_1.html

60% of students choose job security over pay hikes: Unstop 2024 Talent Report

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.

Amid concerns around the job market and layoffs, 60% of students surveyed in the Unstop 2024 Talent Report chose job security over pay hikes; 53% said their biggest fear was the inability to find 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.

Meanwhile, the gender pay disparity is alive and kicking, found the annual report by the talent discovery, engagement and hiring platform for students and graduates. In Arts, Science & Commerce streams, the most common offer for men was Rs 6-10 lakh; for women, it was Rs 2-5 lakh.

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.

The report shared insights and trends about the hiring and talent scenario in India, revealing that 81% of HR professionals agreed that their organizations are actively hiring. 88% of HR practitioners expressed a strong preference for Skill-based hiring, prioritizing candidates' abilities over other factors such as experience, academics, references, internships, and projects.

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.

There exists a significant disconnect between the perceptions of recruiters, university partners (Training and Placement Officers) and students, the report found. While 91% of students believe their college curricula offer an adequate level of preparedness for a job, 66% of recruiters and 42% of university partners feel the skill gap and lack of preparation, respectively, are major challenges in campus recruitment.

"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.

Read more at https://economictimes.indiatimes.com/jobs/fresher/60-students-choose-job-security-over-pay-hikes-unstop-2024-talent-report/articleshow/108643613.cms?from=mdr#

40% Campus Hires in 2023 Were Women; IT Attracts Highest Participation

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.

The report encompasses a sample size of 550,000 BTech candidates from all regions of the country for the financial year 2022-23. Notably, the findings indicate a significant rise in female participation, with women constituting one-third of all candidates engaged in campus hiring processes.

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).

A regional breakdown of female participation across five zones — Central, East, North, South, and West — showed South India leading the pack with the highest share of female participation at 39 per cent, followed by West India at 34 per cent. Central India, North India, and East India recorded participation rates of 28 per cent, 27 per cent, and 24 per cent, respectively.

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.

Read more at https://www.business-standard.com/education/news/40-campus-hires-in-2023-were-women-it-attracts-highest-participation-124032000150_1.html

Big Four accounting firms escalate hiring of techies amid digital focus

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.

The Big Four accounting firms have increased the hiring of people from technology backgrounds in India amid an increased focus of their clients on digital transformation, especially after the COVID-19 pandemic.

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.

“Today over 50 per cent of our workforce is from STEM and technology background,” it said, adding that it continues to hire significantly in the areas of AI, cloud computing, data analytics and cybersecurity to help its clients in transformation.

STEM stands for science, technology, engineering and mathematics.

Deloitte India, another Big Four firm, said that before the Covid-19 pandemic, 25 per cent of its total staff was from a tech background. 
Now, this number has increased to 46 per cent.

“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.

“Our tech hiring is geared to these realities.”

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 India said digital transformation has led to increased demand for technology professionals who can drive innovation and efficiency within various sectors, including but not limited to technology services.

“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.

“Our talent strategy is aligned to market realities, the needs of our clients and our needs within the firm.”

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.

Deloitte India said that apart from hiring new techies, there is also a focus on training incoming and existing professionals in new and emerging technologies.

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

PwC India also said that it stays “committed to our investments in digital upskilling of our workforce”.

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

“We are constantly looking to hire fresh talent specializing in advanced analytics, cybersecurity and such specialized talent may not always be easily available at scale through lateral hires, so the demand for tech talent will continue to remain high,” said Tuteja.

“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.

Sehgal of PwC India added, “It is reasonable to anticipate that the demand for technology professionals will continue to remain high.”

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

Avg pay packages of new management recruits see 40% rise in last 2 years: Study

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 average salary of management graduates of the Institute of Management Technology, Ghaziabad has increased by as much as 40 per cent in the 2022-23 placement cycle, as compared to the previous two years, according to a study.

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.

"IMT Ghaziabad has maintained a consistent record of 100 per cent placement for its students.

"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.

According to Talwar, participating in global rankings such as Financial Times and QS and a few others will help the institute in the quality and diversity of roles across industry sectors.

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 QS World Business Master's Ranking 2024 is an internationally recognized benchmark for assessing business schools. The ranking is based on several parameters such as employability, academic reputation, diversity, and more.

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.

Read more at https://www.business-standard.com/management/news/avg-pay-packages-of-new-mgmt-recruits-see-40-rise-in-last-2-years-study-123110200268_1.html

Fundraising through SME IPOs hit a new high in FY24, Rs 5,579 crore raised

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.

The initial public offerings (IPOs) by small and medium enterprises (SMEs) hit a new high in 2023-2024 (FY24). In this financial year, data from the Prime Database showed that 190 companies raised Rs 5,579 crore through the SME IPO route.

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.

High-net-worth individuals (HNIs) and savvy investors initially shifted their focus to SME IPOs because the mainboard IPOs had dried up at the beginning of the year. In the first two months of the financial year, only two mainboard IPOs hit the market, while the SME IPO segment saw 17 issues during the same period.

The returns delivered by SME IPOs attracted more investors.

The BSE SME IPO index, which tracks the stock price of companies listed on BSE’s SME platform, has more than doubled so far this financial year. During the same period, the BSE IPO Index, which tracks the performance of newly listed firms on the mainboard, has risen 67 per cent.

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

Markets regulator Securities and Exchange Board of India (SEBI) has flagged concerns of manipulation at both the trading and issuance of SME stocks. And is investigating investment banks regarding inflated subscriptions in SME IPOs. Recently, Sebi chief Madhabi Puri Buch said the regulator is working to introduce more disclosures to safeguard investors.

“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.

Stock exchanges have implemented additional surveillance mechanisms on SME stocks and tightened norms for migration to the mainboard. The SME platform was introduced in 2012, operates separately from the mainboard, and adheres to different rules.

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

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.

“It has a small float compared to the mainboard, and it is prone to price manipulation. In some cases, quite a few of these SME IPOs have given superb returns of up to 10x. However, the question is how many can sustain these higher levels. There are signs of the euphoria petering off slowly thanks to the concerns raised by Sebi and actions against NBFCs against IPO funding,” said Ambareesh Baliga, independent equity analyst.

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

“If you have applied for an IPO based on the subscriptions or grey market premium, one should exit within a couple of days,” said Baliga.

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

IIM Bangalore, FPSB launch executive programme in finance planning

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 Financial Planning Standards Board India (FPSB India), which sets professional standards for the profession, and the Indian Institute of Management Bangalore (IIM Bangalore) have signed an agreement to offer an executive education programme in financial planning.

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.

As part of the agreement, FPSB India will grant five merit-based scholarships to candidates with the "requisite skills, knowledge, and certifications for a successful career as a Certified Financial Planner (CFP) professional".

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

"This collaboration signifies a significant milestone in our efforts to elevate the financial planning profession in India. By partnering with IIM Bangalore, we aim to offer students unparalleled opportunities to excel in the professional financial planning sector and contribute to industry growth," said Krishan Mishra, chief executive officer of FPSB India.

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."

Read more at https://www.business-standard.com/education/news/iim-bangalore-fpsb-launch-finance-program-for-students-and-professionals-124032900323_1.html

Navigating India's IT Job Market: Trends, Challenges, and Opportunities

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.

India's IT job market has seen a steady decline in entry-level jobs over the past few years, with a further drop anticipated this year, along with fewer campus hirings. While some upticks were observed in hiring activity, real momentum may only materialize in the latter 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.

Dathi said even last year, the campus hiring was on the relatively lower side, but since the cost of entry-level jobs in IT is really low, companies went ahead with entry-level hiring and spent on L&D and upskilling.

"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.

Dathi emphasized a shift towards niche skill sets like Al and ML, necessitating upskilling initiatives. Challenges persist in aligning educational curricula with industry demands, prompting companies to invest in LSD.

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.

State of the IT Sector

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.

"It would be too early to say whether it has already bottomed out because consistently for the last five quarters, we are seeing a headcount drop in core employee base of IT service companies and almost no hirings in terms of new positions happening," she said.

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.

While Al implementation has impacted junior-level positions, opportunities persist for mid and senior-level roles requiring specialized skills. Upskilling, both for existing employees and new talent, is essential to meet evolving industry demands.

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

Challenges in Education and Talent Development 

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.

"We see this kind of transition every few years and in fact, many colleges and especially on the IT front hiring, have changed and updated their curriculum depending on the requirements of some of the large IT service companies like Infosys, Wipro and TCS," Dathi said.

"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.

Future Outlook

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.

Read more at:


Broking Companies Likely to Give Out Generous Increments, Bonuses to Top Talent Across The Board

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

MUMBAI: Brokerage executives and the thousands of bright young people who run Mumbai's buzzing dealing rooms and research, sales and product desks will likely get record incentive payouts and bonuses this year, matching the handsome rewards for both D-Street veterans and recent converts to the equity culture through a period of unprecedented gains for India's entire risk-asset spectrum.

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.

"Payouts across the industry are expected to be attractive this year," said Niren Srivastava, group CHRO, Motilal Oswal Financial Services. "We have been on a growth path and that has continued in FY24, too."

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%.

To be sure, FY24 has proven to be exceptional for the broking industry, which witnessed an average growth of 30% in revenues and about 25% expansion in net profits, said Dhiraj Relli, MD and CEO, of HDFC Securities. "We anticipate a 10-12% increment in the industry, with an expected bonus range of 25-30%," Relli said.

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.

"The market is hot, and we have added one lakh active accounts every month over the last three months. Our focus is on retention of top talent who would be adequately rewarded this fiscal," said Vikrant Birajdar, CHRO at discount broking platform 5paisa.com.

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.

While larger companies with a bigger employee base are likely to pay average increments of 11-12%, some of the smaller entities will pay about 14-15% to retain critical talent.

"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.

"As retail investors have been participating more in the capital markets and the IPO markets are reviving, we see a gradual rise in hiring in this industry, led by the new-age fintech companies like Groww, 5Paisa and Zerodha. This phenomenon puts pressure on the industry players to retain their talent by giving attractive salary hikes."

Read more at:


Top Law Firms Rule in Favour of Smaller Cities

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.

Leading Indian law firms are expanding beyond the metros with several looking to set up offices and hire local talent in smaller centers such as Nashik, Indore, Chandigarh, Jaipur, Pune, Ahmedabad and Kochi.

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.

"India's growth story over the last decades has also brought about an increase in a new set of clients, who are seeking quality legal services in tier 2 cities," said Amar Sinhji, executive director, human resources, Khaitan & Co. "As a result, we have expanded by setting up offices in Ahmedabad, Pune and will look at one or two more similar towns."

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

Global captives of multinationals as well companies in the automobile, electronics, renewable and real estate sectors, apart from startups, are also looking at expanding their operations into these areas for similar reasons - the cost advantage and availability of people.

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.

Cost Arbitrage

"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.

"To succeed in these markets, firms will need to understand the prevailing dynamics, build strong networks, and offer specialised services tailored to the needs of local businesses." The firm may also open up in Ahmedabad. Khaitan Legal Associates is in the process of setting up a satellite office in Nashik.

"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.

Apart from the presence of sizable business activity and wealth, the availability of high-quality local talent, many from  a growing number of private colleges and National Law Universities, is also luring the legal firms.

"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.

"We have established a presence where our clients have manufacturing units, such as Pune and Ahmedabad," he said.

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

Big Four Set for Another Wave of Partner Poaching

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.

Deloitte is hiring more than 25 partners from EY in advisory businesses— largely cyber, risk, financial services and tech — out of which 13 have joined with the remainder in various stages of negotiations and expected to join in the next few months.

In all, about 50 partners will be joining Deloitte in the next few months, including more than 25 from KPMG.

"Given our robust growth rate and goal to double our business within 3-4 years, we continue to hire talented individuals, including partners spanning various capabilities and industry expertise. We hold a strong bullish stance on the growth of the Indian economy and will maintain aggressive investment," said Romal Shetty, CEO, Deloitte, South Asia.

Rival PwC recently poached five partners from Accenture and is in the market to add more large teams. Over the last few months, PwC has hired 25 partners, most from competing firms.

Meanwhile, EY, the market leader, has opted for a more selective approach to hiring, securing a senior rainmaker in consulting services, a partner leading an 8-10-member team in capital management solutions, and three additional partners specializing in risk management.

Heightened partner activity of the Big Four firms in India since the pandemic is reflected in their projected combined revenues exceeding Rs 40,000 crore for FY23. Last month, total partner count across the four professional services firms surpassed 3,000, with robust hiring continuing at senior levels.

Professional services firms in India are experiencing double-digit growth rates, outpacing their counterparts in mature markets, largely due to the sluggish economic conditions in the West.

"The strong business environment has raised the need for senior expertise, prompting our ongoing investment in key areas such as business and digital transformation, cybersecurity, and emerging technologies," said Sanjeev Krishan, chairman, PwC India. "PwC's unique inclusive culture enables professionals and thought leaders to be authentic, while we provide full support for their career advancement."

The four firms are seeing an unprecedented surge in demand for advisory services following the pandemic-induced acceleration of trends in digital services, risk management, government, and cybersecurity businesses.

Consequently, they have been actively seeking leadership talent capable of delivering high-quality services on large projects for both domestic and multinational companies.

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.

"They feel more comfortable moving as a team due to their experience working within cross-functional teams internally or closely with other partners," said Nagporewalla.

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.

"As a firm with growth aspirations, we are constantly on the lookout for good talent, especially those with proven leadership skills and a strong track record.

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

Incidentally, in the last four years, IT giant Accenture has also been a favourite hunting ground for all the Big Four firms for tech talent required to manage and deliver larger tech transformation projects.

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.

"After the embarrassing failure of EY's Everest project, the firm's partners are now much more open to discussions. Previously, EY operated as a fortress, and partners were hesitant to consider other firms due to the stability and scale offered. However, with the partner pyramid significantly expanding, particularly in the last three years, growth opportunities are becoming limited. Additionally, Deloitte and PwC are now aggressively investing and have substantial scale too; that is prompting partners to consider relocation," explained a senior partner who was actively involved in hiring from EY. 

Read more at:https://economictimes.indiatimes.com/jobs/hr-policies-trends/big-four-set-for-another-wave-of-partner-poachings/articleshow/109112642.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

Top Startups Stick to Hiring Path Despite a Rough Period

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.

Data from top 15 unicorns by talent movements — including the likes of BigBasket, Delhivery, Flipkart, IndiaMART, Meesho, Ola, PhonePe, Swiggy, Udaan, Zoho, Zomato — showed that over the last 12 months, this cohort of firms let go of 33,000 employees but hired 58,000, to record a 25,000 net headcount growth. This reflects visible talent retention among startups despite the continued rough quarters since late 2022.

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

Among these, 18 are startups accounting for 75% of the talent absorptions. Further 8out of these 18 startups are from within the top 15 unicorns studied, denoting a significant lateral exchange of talent within the Top 15. The remaining nine firms that classify as large and established enterprises absorbed 25% of the attrited talent.

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.

“It's critical to note that these startups have tackled attrition and also collectively clocked net headcount growth during one of the slowest years for macro talent activity,” said Anil Ethanur, co-founder, Xpheno.

“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.

“Many of these top unicorns are organically doing well. Even if they have laid off people it was more due to optimisation rather than real cash crunch,” said Amit Nawka, partner, deals and startups at PwC. “The overall slowdown in the sector provided them an opportunity to cut the flab after and let go off many wrong hires who were hired during the peak of 20212022,” he said.

“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.”

The analysis is based on a study of the talent loss pattern of Top 15 Indian unicorns by attrition count. The estimated attrition rates are converted to the absolute count of employees who left over the year.

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

From just 8% in 2000, share of women CAs now 30%

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.

NEW DELHI: Not only topping different levels of Chartered Accountancy exams, female aspirants now comprise a record 48% of the qualifiers or pass-outs. In the overall pool, women CAs now have a 30% share, making a massive jump from just 8% in 2000. In the student base of 8.63 lakh too, 43% are females.

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.

Significantly, now there are more women toppers — four of six in the final and intermediate exams in 2020 and all toppers in both old & new course exams in 2021. Women candidates repeated their 2021 feat in next two years too.

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

In 2023, Institute of Chartered Accountants of India introduced a new course in sync with the National Education Policy, 2020. ICAI president Ranjeet Kumar Agarwal told TOI, "Participation of women in this profession in accountancy, tax and finance is increasing phenomenally."

"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.

In 2019, of the 2.91 lakh CAs, 73,807 were women, which rose to 1.2 lakh (out of 3.9 lakh) in 2023. It was 70,047 in 2018 and 64,685 in 2017.

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.

"Growing opportunities in accounting and auditing and return on investment of a five-year course costing Rs 75,000 is seen as biggest draw," Agarwal said.

"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.

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Global Capacity Centers Pay More to Hire Top Talent

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 MNCs are also moving an increasing number of global and senior-level roles to the GCCs in India. This is prompting them to woo top talent by paying higher than the compensation offered by many in the technology industry including products, services and tech-enabled startups (barring a handful of large IT firms), they said.

Taking a benchmark at the 75th percentile of the talent pool, technology leadership roles such as (chief technology officer) are rewarded about 14% better in GCCs on an average compared with IT services companies, according to data from specialist staffing firm Xpheno, shared exclusively with ET. Chief financial officers get around 12% higher, while for the HR head, it could be 25% higher.

Based on skill and fitment level, professionals and senior executives on the 75th percentile are the ones who are in the top bracket.

This is giving 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 16-2.0 crore for the CTO role, Rs 1.5-2.0 crore for the CFO and Rs 15-1.8 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.

"Keeping the scale of IT services and the advantage of well-known large employer brands aside, it has been observed that GCCs are offering a more compelling proposition for C-suite to talent," said Siddharth Verma, business head - Xpheno Executive Search.

"As an observation of leadership roles, it was found that the executive compensation across the number one roles in mainstream functions is sometimes better than the rest of the technology pack of firms," he added.

As the CXO packages (CTC) are at the higher end of the compensation grid, even a 10% difference provides a competitive lead for GCCs in attracting talent.

"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.

"GCCs play a pivotal role in core business functions (of MNCs), involving IP-protected work with significant impact and growth potential. Consequently, senior leaders at GCCs command higher compensation, which is tied to restricted stock units (RSUs), incentivising them to contribute critical value to the business actively," he added.

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.

"Factors of stability, longer horizon, international access, and brand attractiveness continue to operate in favour of GCCs desirability being higher," said Verma.

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.

Experts said there is also a trend of lowering the compensation differential of senior executives at GCCs in India vis-à-vis their global counterparts.

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.

"Recent years have underscored the equal productivity of GCCs compared to headquarters, particularly as they engage in higher-order work This trend positions GCCs to command premium compensation, leading to a reduction in the compensation differential," added 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.

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Fintech firm Revolut plans to hire 1,500 staff by end of year: Report

A recent article by Reuters, posted on The Economic Times speaks about how Revolut says it has 10,000 employees globally, up from "just over 8,000" at the start of the year. It plans to increase its workforce further to 11,500 by the end of 2024, a 40% boost overall. 

The majority of new jobs will be in sales, customer support and anti-financial crime teams.


Revolut, which operates a financial services app, was once ranked the UK's most valuable start-up with an approximate $33 billion valuation in 2021.

The company applied for a UK banking licence more than two years ago but is still awaiting approval.The financial technology industry has slumped as funding from increasingly risk-averse investors has dried up globally.Various technology firms, banks and fintechs have announced job cuts in recent years,


Francesca Carlesi, CEO of Revolut UK: "We are delighted to be expanding across our global markets, including the UK, with hundreds of new roles across a range of specialities, all at a time when others are cutting back.Revolut has previously changed the number of employees it says it has.In its delayed 2022 accounts, the company revised down its 2021 employee numbers to 2,365 from 4,655. The company said the numbers were restated to more accurately reflect employment changes throughout the year.

In September 2019, Revolut CEO Nikolay Storonsky told Reuters the company had 1,500 people and planned to be around 5,000 by the summer 2020. (Reporting by Elizabeth Howcroft; Editing by Sinead Cruise and Jan Harvey)

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Small cities home to big dream jobs: Hiring scene in tier 2, 3 cities gets busy

According to a recent circular posted by The Economic Times which talks about how the Job opportunities are growing across sectors in tier 2 and 3 cities, and professionals are eager to join, recruiters and firms said. Escalating living costs and infrastructural challenges in metros are prompting executives to move to smaller cities. Companies, on their part, are drawn by cheaper land costs, lower salaries and easy talent availability, besides rising disposable incomes in these cities

Job opportunities are growing across sectors in tier 2 and 3 cities, and professionals are eager to join, recruiters and firms said. Escalating living costs and infrastructural challenges in metros are prompting executives to move to smaller cities. Companies, on their part, are drawn by cheaper land costs, lower salaries and easy talent availability, besides rising disposable incomes in these cities.

Bengaluru: Whenever Emaar India announces a new project in a tier-2 city, the real estate developer's chief HR officer Madhuri Mehta's LinkedIn account gets flooded with messages from professionals looking for jobs back in their hometowns.

"These people are a potential talent pool," said Mehta, citing instances of professionals who want to move back home...from, say, Delhi to Mohali. She said Emaar is hiring actively in cities like Indore, Jaipur, Mohali and Lucknow, where they have projects running.

Job opportunities are growing across sectors in tier 2 and 3 cities, and professionals are eager to join, recruiters and companies said.

While escalating living costs and mounting infrastructural challenges in metros are prompting executives to move to smaller cities, companies, on their part, are drawn by cheaper land costs, lower salaries and easy talent availability, besides rising disposable incomes in these cities.

Active tier 2/3 white-collar job openings on popular job boards and portals have grown by 41% year on year, data shared with ET by recruiting firm Xpheno showed.

Those hiring in smaller cities include Bajai Finserv, IBM, Accenture, Infosys, Genpact, Vodafone Idea, Airtel, Infoss BPM, IDFC First Bank, HDFC, the data showed.

Companies are not just hiring people who want to move back to their hometowns; they are actively tapping local talent as well

Instead of hiring talent from smaller cities and placing them in offices in metros, we are taking our offices closer to talent pools across India," said Thirukkumaran Nagarajan, HR head at IBM India/South Asia.

The technology company has expanded to cities including Gandhinagar, Bhubaneswar, Kochi, Mysuru and Coimbatore.

"By bringing offices closer to these cities, IBM benefits from a broader talent base, while employees gain the advantage of working in their home regions, promoting a balanced work-life environment," Nagarajan said.

While many states and cities have been building IT parks and other infrastructure to attract investments and create jobs for ears now, Covid lockdown-linked remote working showcased such locations as effective work centres, experts said.


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Hiring surge in travel and tourism: What it means for mid-career and senior roles

A recent article posted by The Economic Times talks about how India's travel and tourism sector has rebounded post-pandemic, contributing Rs 16.5 trillion to the economy and creating 39 million jobs by 2020. The sector is also witnessing a spike in demand for Al specialists and data operations in the hospitality industry.

India's travel and tourism has seen quite a rebound after the pandemic, with the sector estimated to contribute Rs 16.5 trillion to the economy over the last year. It is also one of the sectors that has been generating employment, and in both large and small cities. By 2020, it had created 39 million jobs, 8% of our country's workforce.


According to data from TeamLease Degree

Apprenticeship, tourism talent demand saw a 44% spike in August 2023. And 1.6 million more jobs are expected to be added through the year. By 2033, it estimates 58.2 million jobs to be added in the sector.

Two other trends are driving transformation in the sector. First, there are emerging specialised travel verticals for destination weddings, religious tourism, international tourism, adventure sports, ecotourism, cultural tourism and rural tourism. Sustainable tourism is also seeing a global interest.


The iobs do not iust include full-time employment but also include gig models to address talent demand when there is a high influx of tourists. From January 2023,

TeamLease Degree Apprenticeship reports a 14% increase in gig roles with some of the roles including tour guides, photographers and translators. This is expected to increase by 18-20% over the next two years.


Types of jobs in demand

The jobs that are expecting a high demand include sales (18% increase), business development (17% increase), chefs (15% increase), travel consultants (15% increase), tour operators (15% increase), travel agents (15% increase), hoteliers (15% increase), guides (20% increase), wildlife experts (12% increase), and transportation providers (15% increase).


As of March 2024, half of the online jobs in the domain were for freshers or for people with 0-3 years of experience. There were also intermediate level roles for people with 4-6 years of experience - comprising 30% of the open postings - and top management positions for people with over 15 years of experience - comprising 20% of the open job market demand.

Mid level and senior level role demand Sachin Alug, CEO, NLB Services, says mid-career positions typically require 5-8 years of relevant experience in the industry, whereas senior-level positions typically require 10-plus years of experience, specifically in leadership roles. Senior-level positions demand extensive experience in leadership with the ability to make strategic decisions, and drive change for organisational success.

With a nearly 45% increase in budget allocation this year, infrastructural developments and strategic alliances, the landscape seems promising. While there are opportunities and talent available, the inevitable role of upskilling comes into play to equip the workforce with the latest trends and upcoming developments with the long-term vision to sustain the growth momentum of the industry at the macro level. Viewing this situation from the organisational perspective, upskilling programmes will lead to improved customer service and an increase in customer retention.


"We believe it is the responsibility of the organisations to provide an academy or relevant resources to groom their employees.

It's more of an investment to help us build a team with diverse skill sets," Pittie says.



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MNCs now offer best salary package to seasoned professionals to scale up their GCCs in India

According to a recent article by Rica Bhattacharyya posted on The Economic Times which talks about Industry leaders report that talks about how multinational corporations are offering substantial compensation packages to recruit experienced professionals for their global capability centers (GCCs) in India. Over the past two years, there has been a noticeable increase in GCCs offering annual salaries ranging from Rs 3-6 crore to specialized leadership talent.


Multinationals are increasingly lining up top dollar offers in a bid to attract seasoned professionals who can help rapidly scale up their global capability centres (GCCs) in India, said industry executives.


The proportion of GCCs paying Rs 3-6 crore a year to niche leadership talent has grown over the past two years as the captive units have risen up the value chain with an increasing number of strategic leadership and global roles based out of India, according to search firms and company executives.


In addition, these units are trying to shed the “back office” stereotype to attract senior professionals from across industry sectors, they said.


About 16-18% of the large GCCs hiring for leadership positions are offering their top executives in the Rs 3-6 crore a year range, up from less than 10% about two years ago, according to compensation data from executive search firm Xpheno.


Salaries of managing directors or country heads of some of the larger GCCs have reached the $1 million mark (about Rs 8.3 crore) with maturity and increase in the capacity of the centres, said people in the know.


Salary packages at some corner offices have nearly doubled in the past three-four years, they said.


Over the last couple of years, GCCs in India have been turning into business drivers for the global multinationals from the earlier back-office operations for delivery of services, said Siddharth Verma, head of executive search at Xpheno.

Senior talent with knowledge of artificial intelligence (AI), machine learning (ML) and other emerging technologies are the most sought-after, according to those in the know. Companies are also looking to attract talent from the pool of Indians in the US and Europe who may be willing to relocate, they said.


“GCCs are prioritising professionals with skill sets in AI and ML. Earlier it was good to have skill but now it is more of a must have for many of the CXO roles for which we are also looking at the returning Indian talent pool,” said Meenakshi Thakar, partner at Transearch India.


Jaspreet Singh, partner, Grant Thornton Bharat, said, “The salary hike for senior roles in global capability centres in India is driven by increased demand for highly skilled professionals due to the expansion of GCCs into more complex tasks like AI and digital transformation.”


According to a survey conducted by ANSR, a consulting company that helps build and scale up GCCs, more than 90% of the GCCs in India plan to harness the potential of AI, ML and cognitive computing technologies in the next two-three years. More than $60 billion is projected to be spent on AI and integration in the next three years, while AI could potentially contribute $150-275 billion in operating profits across retail, travel and financial services GCCs, it said.

 Read more at:


Hiring for new roles to take 27% effort of HR professionals in FY25

According to a recent report by PTI posted on Business Standard which talks about how the report  revealed that 32 per cent of hiring is expected to be in the level of those having 4-8 years of work experience

Recruitment activities are expected to be focused on filing new positions in 2024-25 as hiring for fresh openings will make up 27 per cent of talent hunting efforts of employers across sectors, a report said on Thursday.

Hiring for replacements for existing positions will take at least 23 per cent of recruitment efforts in the current fiscal, said staffing solutions and HR services provider Genius Consultants' Hiring, Compensation, and Attrition Management report

"The hiring outlook for 2024-25 across the industry indicates a strong focus on new position hiring, which will make up 27 per cent of recruitment efforts. This strategic direction reflects a commitment to meeting the evolving demands of the market and the infusion of fresh talent," Genius Consultants CMD R P Yadav told PTI.

While replacement hiring will still be necessary, comprising 23 per cent of recruitment activities, the primary goal is to drive growth and innovation by creating new roles that align with the future needs of the industry, he said.

The report by Genius Consultants is based on a survey among 1,114 human resource professionals and C-suite executives between March 1 and April

15 this year.

The report further revealed that 32 per cent of hiring is expected to be in the level of those having4-8 years of work experience.

In terms of experience levels, the data prioritises employees with 4 to 8 years of experience, while 26 per cent in the 1-4 years of experience level, only 15 per cent is projected to be recruiting freshers, it stated.

The report also revealed that in FY25, non-contractual temporary roles are expected to account for 27 per cent of the hiring initiatives, followed by fixed term contractual hiring with 25 per cent, gig-staffing 24 per cent, while permanent positions make up for the remaining 24 per cent.

Read more at: https://www.business-standard.com/industry/news/hiring-for-new-roles-to-take-27-effort-of-hr-professionals-in-fy25-report-124052301168_1.html fy24/articleshow/110381775.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

IIM-Nagpur student lands its highest-ever 38L/yr package

According to a recent article by The Times of India which talks about how the Indian Institute of Management-Nagpur (IIM-Nagpur) has been successful in placing the entire outgoing postgraduate programme (PGP) in management 2022-24 batch during campus placements this year, with the highest package being §38.40 lakh per annum.

The Indian Institute of Management-Nagpur (IIM-Nagpur) has been successful in placing the entire outgoing postgraduate programme (PGP) in management 2022-24 batch during campus placements this year, with the highest package being §38.40 lakh per annum.

The successful placements also hold significance because all the 255 students have secured job offers at a time when premier institutes like IITs are unable to place their all students during campus drives due to volatile job market.

The batch would be graduating during the 8th convocation ceremony on Saturday.The institute also registered a 27% increase in the salaries offered to its students, while over 60 new recruiters participated in campus placements this year.The highest package of {38.40 lakh per annum was landed by a student who also has a BTech in computer science. The package has been offered by an information technology enabled services (ITES) firm.

The top 20% and top 50% CTC averaged

BFSI (banking finance services and insurance) sectors, which were also the most sought after offering roles in product management, strategy & consulting, sales & marketing, finance, general management.

The new companies also belonged to sectors like consulting, conglomerate, manufacturing, logistics, FMCG, pharma and e-commerce etc.

Bhimaraya Metri, director, IIM-N said it is a matter of pride that the institute pulled off 100% placements in the midst of a weak job market."It took us some time but we were able to see all students through. The intellectual capital of IIM Nagpur in the form of experienced faculty members and Nagpur's robust connectivity attracted the recruiters," he said.

Rahul Chaturvedi, in-charge, career development services, said since its inception in 2015, IIM-N has been able to record 100% campus placement. "At a time when many top-ranked institutions were struggling to get all their students placed, IIM-Nagpur takes pride in claiming that we successfully achieved 100% placement despite many of our recruiters from previous years faced diminished need for new talent and remained absent this year-on," he said.


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38% IITians from class of 2024 yet to be placed: RT

According to a recent article by Hemali Chhapi  posted on The Times of India which talks about how here was a time when the IITs would see recruiters land up at their gates a day before the hiring season began, and the famed 'day zero' came into being.

Far from that glorified time, the class of 2024 has had a rough start to their professional careers.Around 38% IITians across all 23 campuses are yet to be placed, shows responses to RTI applications filed by IIT Kanpur alumnus Dheeraj Singh.place the current batch or recommend graduates to firms looking to hire engineers. IIT-Bombay and Birla Institute of Technology and Science have also reached out to its alumni.IIT Delhi has mailed its alumni seeking help to place the current batch or recommend graduates to firms looking to hire engineers. IIT-Bombay and Birla Institute of Technology and Science have also reached out to its alumni.

"7,000+ IIT students yet to get placements this year'

As the placement session for the academic year

2023-24 at IIT-Delhi draws to a close, we find ourselves faced with a significant challenge.

Despite our best efforts, approximately 400 students are yet to secure job placements. In light of this, we are reaching out to our esteemed alumni network, seeking your assistance in providing job opportunities for these graduating students, according to RTI responses.

From offering students jobs in their organisations to providing referrals and recommendations to even extending internship opportunities, the appeal goes on to ask old students to support their juniors.

"On behalf of the Office of Career Services

(OCS) at IIT-Delhi, we appeal to you to consider extending a helping hand to our students. Your support and efforts in this matter will not only be greatly appreciated but will also serve as a crucial steppingstone for these students as they embark on their professional journeys," it


Birla Institute of Technology and Science first reached out to its alumni two months ago, and so did many other institutes, some informally, some other loudly.

IIT-Bombay also reached out to former students for assistance. While placements are still on and will go on till June end, about 10% of the batch - or 250 candidates - who are participating in placements are yet to find a job. According to an RTI by Singh, last year, 329 candidates were not placed and 171 of them from the class of 2022failed to find a job.

V Ramgopal Rao, BITS group vice-chancellor, said, "Everywhere, placements are 20% to 30% lower.

some institute is saying all students have been placed, the quality of jobs leaves much to be desired. This is the first year when ChatGPT and large language models have started showing their impact. If two people can do the work of three people, we are already 30% down in hiring. There has already been a lot of overhiring and many countries are holding elections this year, so companies are adopting a wait-and-watch policy."

"Over 7,000 IIT students are yet to be placed via campus placement this year across all the 23

IITs. Two years ago, this unplaced number was half at 3,400. While the number of students sitting in placements has gone up 1.2 times, the number of unplaced students has doubled to 2.3 times in two years," said Singh.

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Retail, ecommerce create job openings for freshers and experienced professionals

A recent report by Debleena Majumdar posted on The Economic Times talks about how India reveals increasing job opportunities in retail and e-commerce, with retail seeking fresh hires and e-commerce targeting experienced professionals. Applications for retail jobs rose by 8% in 2023, driven by young talent aged 18-30. The logistics sector, crucial for delivery, is also thriving, especially in tier-1 cities.


Job opportunities seem to be opening up in retail and e-commerce - the former is looking for fresh hires and the latter is on the lookout for seasoned professionals, shows a recent report by GI Group Holding India.


The applications for retail jobs were up by 8% in 2023 versus the previous year. A lot of this was fuelled by young talent with 87% of the applications being of 18-30 years of age.

With ecommerce and retail providing omnichannel convenience, the logistics sector that enables the delivery of goods and services is also seeing bright days. Customer behaviour in tier-1 cities are fuelling job demand in e-commerce and retail: so the chunk of hiring in retail and e-commerce is happening in the large cities.

Sonal Arora, Country Manager at GI Group Holding India, says, "The phenomenal growth of retail, e-commerce and logistics sectors in last few years is not just a testimony to the resilience and potential of the Indian provider of job opportunities to the 20 million-plus youth who ioin the Indian workforce every year. As per Gi Group Holding India's recently released report, The Great Indian Consumption Story, 52% of retailers are keen to hire fresh graduates this year, while 42% of e-commerce ventures are actively seeking seasoned professionals. This dual focus on experience and fresh perspectives highlights the sector's commitment to nurturing a diverse workforce and fostering growth across all sectors. Diversity hiring is a focus, with 30% of retailers seeking female candidates and 40% of e-commerce firms prioritising DEI initiatives."

In logistics, however, active jobs fell by 13.9% in Q3 FY 24, according to the report. But new postings have increased by 10.2% in the beginning of 2024 and could increase further during the peak season.

According to insights from Naukri, hiring in the FMCG sector witnessed an 11% upswing this month over April 2023, fuelled by rising demand in rural areas. Roles such as sales managers, supply chain executives, and brand managers were among the most sought-after profiles, with cities like Mumbai, Kolkata and Chennai driving this growth.


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E-commerce, BFSI, hospitality sectors driving job market in 2024: Report

A recent report by PTI posted on The Economic Times talks about how the demand for workforce in BFSI increased the maximum by 21 per cent during the first four months of this calender year.

The e-commerce sector saw an increase of 17 per cent, services and hospitality industries reported a growth of 13 per cent, according to a report by professional networking platform Apna.


E-commerce, BFSI (banking, financial services, and insurance), and hospitality sectors witnessed an increased demands for talents in the first four months of 2024, indicating a recovery in overall job market, a report said on Thursday. Driven by economic recovery, the demand for workforce in BFSI increased the maximum by 21 per cent during the first four months of this calender year. The e-commerce sector saw an increase of 17 per reported a growth of 13 per cent, according to a report by professional networking platform Apna.

The report is based on the data on Apna platform during 2023 and 2024.

It also found that the job market in the southern part of India saw a growth of 23 per cent compared to 18 per cent last year, with cities like Hyderabad, Bengaluru and Chennai leading in terms of total number of job postings.

The adoption of digitalisation is becoming increasingly evident in tier I and III cities like Lucknow, Coimbatore, and Gwalior that have been witnessing a surge in job postings.

"Cities such as Hyderabad, Bengaluru, and Chennai are at the forefront of the growth in the job landscape. This trend showcases the strength of southern India's iob market and underscores the expanding opportunities fuelled by digitalisation.

"From bustling metropolitan areas to

emerging tier II and tier III cities like Lucknow, Coimbatore, and Gwalior, our platform reflects a dynamic landscape, offering promising prospects for job seekers nationwide," apna.co CEO and founder Nirmit Parikh said.

The platform has registered a 21 per cent year-on-year increase in the number of iob applications from freshers and an 18 per cent rise from women job seekers during the reporting period.

The total number of applications received during the period reached approximately 1.7 crore, up 15 per cent from a year ago, the report added.


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GCCs open multiple career opportunities for freshers

A recent report by Riya Tandon posted on The Economic Times talks about how India's economy has experienced significant growth due to the establishment of global capability centres (GCCs), which benefit from the country's skilled workforce, low operational costs, and digitisation.These offshore units, set up by multinational corporations, centralise various business functions and operations to improve productivity, presenting numerous job and career advancement opportunities, especially for early career professionals.

More global companies are opening these offshore units to perform numerous business functions and operations, and innovations to enhance productivity. As a result, these centres present endless job and growth opportunities for early career professionals.

Hence, it would be beneficial for young minds to understand the roles, skills and pay at GCCs if they want a career in this segment.

At the moment, GCCs offer unique learning opportunities, exposure to global processes, and chances for rapid career advancement for early career professionals, she adds.

GCCs come armed with fresh ideas and perspectives as well as in-built operating systems with all the necessary functions in place, says Ravi Tangirala, Head of MassMutual India. Elaborating further, he says though these entities are innovation hubs, they function with operational efficiency, maintaining cost arbitrage.

To taste success in the current technologically advanced atmosphere of GCCs, individuals need to acquire and hone a certain set of skills.

When hiring entry-level professionals, Kaur says CC employers desire a combination of skills, qualifications and attributes. Technical skills, communication skills, problem-solving skills, teamwork and collaboration, along with adaptability and learning agility, are highly sought after for entry-level roles.

Additionally, knowledge of analytics tools, and digital marketing as well as familiarity with emerging technologies such as cybersecurity, AI and cloud computing can help grab exciting job opportunities in the sector. Soft skills like cultural sensitivity are also essential for success in a global environment, she says.

Tangirala also recommends acquiring skills and qualifications around cloud computing,

AI, ML, gENAI, robotic process automation (RPA), data sciences, analytics and cybersecurity to meet the rising talent demand in GCCs.

Campus hiring trends and pay expectations

Campus hiring for entry-level jobs by GCCs has indeed witnessed a notable increase in recent years due to the growing demand for skilled talent, says Kaur. Top graduates can expect competitive salary packages, with slight variations based on factors such as educational background, skill set and location.

Besides the pay that meets industry standards, she says, the compensation package also promises perks such as performance bonuses, stock options, healthcare benefits, and professional development opportunities.

workforce flexibility and access specialised skills, says Kaur. Content creation, graphic design, software and web development, and language translation are the freelance roles that allow GCCs to tap into a global talent pool, leverage niche expertise and scale up their operations efficiently.

"Hiring of contractors and freelancers allows organisations to get the required skills quickly, which otherwise take a long time to develop in-house. Top skills in demand include data science, data modelling, cloud computing, cybersecurity and artificial intelligence (AI)/ machine learning (ML)," adds Tangirala.

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Slowdown hits Indian IT companies' campus recruitments

A recent report by Sameer Ranjan Bakshi posted on The Economic Times talks about how the IT service business model, which relies on pyramid structure with its base constituting young and less expensive employees, has been shrinking. In FY24, both TCS and Infosys saw the share of young employees in their total headcount plunge to a five-year low and a decadal low, respectively.


As Indian IT services companies are battling macro uncertainty and tech spend slowdown, they have reduced their campus visits and applied brake on freshers hiring.


The IT service business model, which relies on pyramid structure with its base constituting young and less expensive employees, has been shrinking. In FY24, both TCS and Infosys saw the share of young employees in their total headcount plunge to a five-year low and a decadal low, respectively.


Pyramid optimisation is one of the tools that IT service companies use to boost their operating margins. With experts expecting tech spend revival at the fag end of this fiscal, Indian companies are likely to see an improvement in their share of young mass of employees from next year


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Improved hiring sentiment, more job postings in 2024: Report

A recent report by Prachi Verma posted on The Economic Times talks about how Job postings on apna.co increased by 31% year-on-year in the first four months of 2024, driven mainly by the e-commerce, BFSI, and hospitality sectors. E-commerce saw a 21% increase, BFSI 17%, and hospitality 13%, with a notable demand for professionals in sales, business development, brand marketing, and customer support. Major companies like Bajaj Finserv, Lenskart, HDFC Insurance, and Aditya Birla led this growth.

 Job postings increased 31% vear-on-year in the first four months of 2024, mostly driven by sectors including e-commerce, BFSI (banking, financial services and insurance) and hospitality, according to jobs and professional networking platform “With the increasing momentum in the job market driven by economic recovery, the job sector in India has been demonstrating promising signs of growth in the first four months of CY2024," said a company statement.

Top online courses in Business, Marketing, Programming Languages Its data analysis reveals a substantial 21%, 17% and 13% increase in e-commerce. BFSI and hospitality, respectively, with a surge inmdemand for professionals in sales and business development, brand and marketing, and customer support domains.

"This upsurge is led by industry giants such as Bajaj Finserv, Lenskart, HDFC Insurance, Aditya Birla, etc,," the statement said.

 The southern part of India saw a 23% growth during this period, compared to 18% last year, with cities such as Hyderabad, Bengaluru, and Chennai leading the way in job postings.

"Additionally, the adoption of digitalisation is becoming increasingly evident in tier 2 and tier-3 cities, with cities like Lucknow, Combatore, and Gwalior witnessing a surge in job postings," the release stated.

"Cities such as Hyderabad, Bengaluru, and Chennai are at the forefront of the growth in the job landscape. This trend showcases the strength of southern India's iob market and underscores the expanding opportunities fuelled by digitalisation," said apna.co CEO Nirmit Parikh. "From bustling metropolitan areas to emerging tier-2 and tier-3 cities like Lucknow, Coimbatore and Gwalior, our platform reflects a dynamic landscape, offering promising prospects for job seekers nationwide."

 The company also saw a 21% year-on-year increase in job applications from freshers and 18% from women. The total number of applications during the January-April period increased 15% year-on-year to 17 million, according to the statement.

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Percentage of women in senior leadership roles increases to 18% in 2023 from 16% in 2016: Report

A recent report by Brinda Sarkar posted on The Economic Times talks about how the Quantum Hub highlights that while there has been an increase in women joining the workforce, leadership positions still lack gender parity. The representation of women across the workforce rose to 26.8% in 2024, but senior leadership roles only account for 18.3%, showing a decline from the previous year. Industries like education and government administration have higher female leadership representation, while sectors like construction and utilities lag behind.


More women are joining the workforce, but leadership gaps remain, according to a report by professional networking platform LinkedIn and New Delhi-based public policy consulting firm The Quantum Hub.


There has been an overall increase in the representation of women across the workforce to 26.8% in 2024 from 23.9% in 2016, but there has been a decline of 0.5 percentage points between 2022 and 2024, said the report, titled Women in Leadership in Corporate India.

Further, it said, the percentage of women in senior leadership roles has dipped to 18.3% in 2024 from to 18.7% in 2023, after increasing from 16.6% in 2016, but it may go up by the end of the year.


Despite progress, there is still a significant gap in achieving gender parity in top management roles across industries in India, as per the report. The data, self-reported by more than a billion LinkedIn members, covers trends from 68 million companies, 135,000 schools and 41,000 skills globally.


The challenge of advancing women's leadership in Indian organisations is evident despite relatively strong representation at the entry level at 28.7% and senior independent contributor levels at 29.53%. There is a significant drop (18.59%) as women advance READ managerial positions, followed by a continuous decline in women's representation in leadership positions, with 20.1% at director roles, 17.4% at vice president roles and 15.3% at C-suite positions, according to the report.

Industries such as education (30%) and government administration (29%) have the highest representation of women in leadership roles, followed by administrative and support services and hospitals and health care, each 23%. Sectors such as technology, information, and media and financial services each have moderate representation of women in leadership at 19%. The lowest representation is found in construction, oil, gas, mining and utilities, each with 11% women leaders, while wholesale and manufacturing have 12%, and accommodation and food services have 15%.Some industries have seen overall improvements in the percentage of women leaders hired, such as consumer services, which experienced a significant increase to 37% in 2024 from 30% in 2016


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India's five big IT firms see net exit of 25,000 women in FY24
A recent report posted on The Economic Times talks about how the Quantum Hub highlights that while there has been an increase in women joining the workforce, leadership positions still lack gender parity. The representation of women across the workforce rose to 26.8% in 2024, but senior leadership roles only account for 18.3%, showing a decline from the previous year. Industries like education and government administration have higher female leadership representation, while sectors like construction and utilities lag behind. More women are joining the workforce, but leadership gaps remain, according to a report by professional networking platform LinkedIn and New Delhi-based public policy consulting firm The Quantum Hub. There has been an overall increase in the representation of women across the workforce to 26.8% in 2024 from 23.9% in 2016, but there has been a decline of 0.5 percentage points between 2022 and 2024, said the report, titled Women in Leadership in Corporate India.Further, it said, the percentage of women in senior leadership roles has dipped to 18.3% in 2024 from to 18.7% in 2023, after increasing from 16.6% in 2016, but it may go up by the end of the year. Despite progress, there is still a significant gap in achieving gender parity in top management roles across industries in India, as per the report. The data, self-reported by more than a billion LinkedIn members, covers trends from 68 million companies, 135,000 schools and 41,000 skills globally. The challenge of advancing women's leadership in Indian organisations is evident despite relatively strong representation at the entry level at 28.7% and senior independent contributor levels at 29.53%. There is a significant drop (18.59%) as women advance READ managerial positions, followed by a continuous decline in women's representation in leadership positions, with 20.1% at director roles, 17.4% at vice president roles and 15.3% at C-suite positions, according to the report.Industries such as education (30%) and government administration (29%) have the highest representation of women in leadership roles, followed by administrative and support services and hospitals and health care, each 23%. Sectors such as technology, information, and media and financial services each have moderate representation of women in leadership at 19%. The lowest representation is found in construction, oil, gas, mining and utilities, each with 11% women leaders, while wholesale and manufacturing have 12%, and accommodation and food services have 15%.Some industries have seen overall improvements in the percentage of women leaders hired, such as consumer services, which experienced a significant increase to 37% in 2024 from 30% in 2016 Read more at: 


Global capability centres seek to increase female representation in tech roles

A recent report by Quess Corp posted on The Economic Times talks about how the data indicates that the presence of women in global capability centres (GCCs) has slightly increased to 30% in FY24 from 26.6% in FY20.

 However, there remains a significant gap in women's representation in mid and senior-level roles, leading to talent shortages. A report by Pure Storage and Zinnov reveals that only 6.7% of women hold executive positions in GCCs, with even lower representation at the senior level (15.7%).

 Data from staffing firm Quess Corp reveals that the presence of women technologists in global capability centres (GCCs) has experienced a slight uptick, reaching 30% in FY24, compared to 26.6% in FY20. Despite this improvement, there continues to be a notable disparity in the representation of women in mid and senior-level roles, leading to a shortage of talent in these positions.

 According to a report by Pure Storage and Zinnov, the proportion of women in executive positions within GCCs stands at a mere 6.7%, indicating a significant decrease in the available talent pool of women as they progress in their careers. At the senior level, defined as having 9-12 years of experience, the representation of women was reported to be 15.7%. India boasts nearly 1,600 GCCs, with the addition of 2.8 lakh employees in 2022-23, bringing the total talent base to over 1.6 million. The report identifies family and caregiving responsibilities, limited opportunities for career advancement and leadership, and challenges with work-life balance as key factors contributing to women's attrition.

Vidya Munirathnam, HR head of Lowe's

India, attributes the skill gap and difficulty in upskilling after a maternity break as reasons for women leaving the workforce. "When a woman comes back from maternity leave, which is usually for 6 months, they find that suddenly things have changed from a technology point of view. Most organizations are undergoing a tech transformation where legacy systems are being replaced with more updated platforms. There is a skill gap, and many a time, they find it easier to just quit than figure a way to upskill," she said.

At Lowe's India, the proportion of women decreases from 60% at the junior level to 28% at the vice-president level and beyond.

Likewise, at Thales India, women occupying senior manager and higher positions make up less than 20%, even though the organization's overall ratio is 31%. Sekhar Sahay, HR head at Thales India, acknowledges the challenge of challenging societal norms globally, despite implementing flexible HR policies such as hybrid work.

Companies are implementing various programmes to support women returning from career breaks and to boost their confidence in taking up senior roles. Ushashri Tirumala, executive vice president and general manager at Manhattan Associates, believes that connecting women with successful female role models is crucial for retaining and developing women associates.

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31% of employees in India experienced ageism at work

A recent article posted on The Economic Times speaks about how a study by Randstad India has revealed that 31% of Indian emplovees have experienced bias or discrimination due to their age at work. The study, which covered nearly 1,000 respondents, found that pharma, healthcare & life sciences, and business process outsourcing/IT-enabled services were the sectors where the highest proportions of respondents experienced ageism. Construction, infrastructure, and real estate followed closely, with 41% of respondents experiencing ageism.


A new study on ageism at workplace has found that about 31% of employees in India experienced a bias or discrimination at work because of their age.

The study by talent management company

Randstad India found that pharma, healthcare & life sciences as well as business process outsourcing/IT-enabled services were the two sectors where the highest proportions of respondents (43% experienced ageism.

Top online courses in Business, Marketing, Programming Languages

These sectors were followed closely by construction, infrastructure and real estate where 41% of respondents said they experienced ageism, according to the study titled 'Beyond Numbers: Intergenerational Insights on Ageism'.

The study, which covered almost 1,000respondents, revealed that 40% of the survey workforce have either experienced or witnessed ageism at work (did not face ageism themselves but saw it happening to others).

"Ageism is one of the most overlooked unconscious biases made at the workplace across levels," said Viswanath PS, MD & CEO,Randstad India.

"Overcoming ageism requires a conscious effort to recognise and challenge stereotypes to create an environment where experience and fresh perspectives are equally valued. By fostering an inclusive culture that embraces employees of all ages, organisations can harness the full potential of their workforce, driving collaboration, innovation and growth," he added.

"It is essential that we recognise the unique contributions that individuals of all age groups bring to the table and work actively to integrate their experiences into the fabric of our companies."

"It is essential that we recognise the unique contributions that individuals of all age groups bring to the table and work actively to integrate their experiences into the fabric of our companies."


The study revealed that 42% of employees aged below 55 years experienced or witnessed ageism at the workplace, compared to 29% of employees aged above 55 years. Fewer respondents aged under 35 years (51%) agreed their contribution was valued because of their age, compared to respondents aged above 35 years (63%).

About 27% of all respondents felt they were not fairly compensated due to their age.

The data suggested that younger age group: faced more age discrimination than older age groups. There was a general lack of trust in the youngest age group's abilities and skills while the oldest age group experienced the privilege of age-based and seniority-based respect.

About 42% of women reported experiencing or witnessing ageism, compared to 37% of men, a reflection of how ageism at work intersects with other dimensions of diversity.

Employees from Indian MNCs (Indian companies with global presence) reported higher instances of ageism, with 41% affirming they faced age-related biases. On the other hand, of respondents from MNGs headquartered outside of India, 29% agreed there was age-related bias in their workplace.


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NITES alleges onboarding delay of over 2,000 campus recruits by Infosys; seeks Labour Ministry probe

A recent report posted on The Economic Times by PTI talks about how the Nascent Information Technology Employees Senate(NITES) alleged that the delays have persisted for more than two years, and caused significant hardship for the affected professionals, leaving them 'in a limbo'.

Infosys did not comment on the matter.

 IT sector employee union NITES has urged the Ministry of Labour and Employment to probe repeated delays in the

onboarding of over 2,000 campus recruits by tech major Infosys.


Nascent Information

Technology Employees Senate (NITES) alleged that the delays have persisted for more than

two years, and caused significant hardship for the affected professionals, leaving them 'in a limbo'.Infosys did not comment on the matter.Harpreet Singh Saluja, President of Nascent Information Technology Employees Senate (NITES), in a statement, alleged that Infosys' actions constitute a "serious breach of trust" with these young professionals.


"Many had turned down other job offers in good faith, relying on Infosys's offer letters.

Now, they face financial hardship and uncertainty due to the lack of income and a clear onboarding timeline," he said.


The union has written to the Ministry of Labour and Employment seeking an investigation into the matter, to ensure that Infosys fulfills its obligations to its new hires. NITES has demanded the affected professionals be given full salary payments for the period during which onboarding has been delayed.


It has also batted for providing these recruits with immediate access to Infosys' employee assistance programme to address the mental and emotional strain caused by the delay.

"If onboarding remains unfeasible, Infosys must actively work with the recruits to find alternative employment opportunities within the organisation. We have requested the

Ministry to take swift action to protect these employees and ensure they are not unfairly penalised for Infosys's decision," the statement said.



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Recommendation letters can give freshers more visibility in a crowded hiring market

A recent report posted on The Economic Times by Riya Tandon talks about how Recommendation letters can be valuable for early career professionals in enhancing job applications.They offer a personalized touch, validate skills, and help candidates stand out in competitive markets.


A recommendation letter can be a highly valuable tool if it is used properly. It opens doors for individuals, or at least guarantees an audience with the leadership. That can be a great advantage in today's highly competitive employment landscape.

Freshers or early career professionals can find a recommendation letter useful as they would not have any professional experience or access to companies. Just a resume would not help them stand out. A recommendation letter also offers a personalised touch while introducing the candidate and validating their skills and abilities for a job.

Given these advantages, early career professionals need to understand how to use a recommendation letter to get the maximum benefit out of it.

Also Read:

Note to freshers: Skills are important but ignore work ethic at your own peril

Key to enhancing your job application.

Numerous applicants today vye for coveted positions. So recommendation letters can help individuals break through the clutter and present themselves as being fit for a particular role, says Nirmit Parikh, Founder and CEO,Recommendation letters are not necessary but they can be a useful addition to your application if you have them, explains Parikh.

The letters can complement your interview by providing third-party endorsements of your abilities. It is unlikely that employers would frown upon recommendation letters when these introductions are well-crafted and presented well.

Once the letter opens the door, it is up to the applicant to use the opportunity to highlight their experience and interest in the job.


Industries where recommendation letters carry more significance

Companies tend to value recommendation letters as it gives them an idea about the candidates concerned. But these letters can make a big difference in certain industries and positions, and vastly improve the chances of getting hired.

Startups, multinational corporations (MNGs) and consulting firms are some industries where a well-crafted recommendation letter may be particularly valuable, as these environments value practical skills, work ethic and growth potential, says Parikh.

What to highlight in recommendation letters

Recommendation letters of early career professionals must highlight qualities like discipline, initiative, ownership, the ability to multitask and resilience, says Parikh.

Discipline and a strong work ethic convey dependability; a go-getter attitude shows motivation to take on new tasks; ownership of projects or responsibilities displays accountability; juggling work and studies exhibits time management skills; and overcoming challenges demonstrates adaptability. These are some of the attributes that the letter must highlight, he suggests.

How to effectively showcase a recommendation letter during an interview

It is of utmost importance to present the recommendation letter at just the right moment during an interview and effectively leverage it during the interaction.

Parikh says one approach to generate fruitful results is to submit the recommendation letters upfront with other application materials, like the resume. This allows the interviewer to review a third-party's endorsements of skills and accomplishments ahead of time. Another approach is to find opportunities during the interview to talk about the specific experiences and strengths highlighted in the letter. For instance, he says if a former manager has praised leadership abilities, share a relevant example that demonstrates those skills in action. This

validates the positive feedback through articulate examples. Here also, experts suggest that the most effective strategy would be to submit a concise and succinct recommendation letter along with your resume, during the initial application process.


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More women made the list of top-paid CEOs in 2023, but their numbers are still small compared to men

A recent report posted on The Economic Times talks about how Of the 341 CEOs in the AP's 2024 compensation survey, 25 are women, the highest number since the survey began in 2011. Lisa Su of AMD is the highest-paid female CEO, earning $30.3 million. The median pay for female CEOs increased by 21% to $17.6 million, outpacing male CEOs whose median pay rose by 12% to $16.3 million. Despite these gains, the highest-paid male CEOs still earn significantly more, and women often face the "glass cliff," being appointed to leadership roles during company crises.


The survey, based on data analyzed for The Associated Press by Equilar, includes CEOs at S&P 500 companies who have served at least two fiscal years at their companies, which filed proxy statements between Jan. 1 and April 30, 2024.

Su has been chief of AMD, based in Santa Clara, California, since 2014. The company is part of a growing number of companies trying to take advantage of a broader interest from businesses looking for new AI tools that can analyze data, help make decisions and potentially replace some tasks currently performed by human workers. AMD's stock price surged 127% in 2023.

The others in the top five highest paid female CEOs include Mary Barra of automaker General Motors with total compensation of USD 27.8 million; Jane Fraser of banking giant Citigroup with a package worth USD 25.5 million; Kathy Warden of aerospace and defense company Northrop Grumman Corp. at USD 23.5 million; and Carol Tome of package deliverer UPS Inc., whose pay was valued at USD 23.4 million.Some notable female CEOs aren't included since they became CEO less than two years ago or their company files proxy statements outside of the January through April window, including Julie Sweet of consultant Accenture and Sue Nabi, CEO of Coty Inc.


The median pay package for female CEOs rose 21 per cent to USD 17.6 million. That's better than the men fared: Their median pay package rose 12 per cent to USD16.3 million.

But the highest paid men still make far more than the highest paid women. Broadcom CEO

Hock Tan raked in USD161.8 million - the vast majority of that in stock awards.

numbers of men to women is the "glass cliff," Glass said. Her research shows women are more likely to be appointed CEO at disadvantaged companies.


"It's kind of like one step forward, two steps back," she said. "One of the factors driving that is the fact that women tend to have opportunities to serve as CEO when organizations are in crisis. ... That means that they start their leadership trajectory at a disadvantage."


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As work-from-home trend declines, flexible office spaces work for employees and companies

A recent report posted on The Economic Times talks about how Providing convenience and flexibility for employees on one hand, cost-effectiveness, and asset-light models for employers on the other, coworking/managed spaces are booming. Demand for such spaces is soaring in large metros and Tier-2 cities alike as companies tighten return-to-office rules.


On a good day, Nira C's commute to her office on Outer Ring Road, one of Bengaluru's most congested areas, took 1-1.5 hours; the time doubled during rainy days or traffic snarls.

With a toddler at home and only a parttime nanny, the fact that her employer, a software company, now offers the option of a coworking space closer home, is a huge relief.

"It had come to a point when I was thinking Id have to quit but now, my office is close enough to nip out in case of anything urgent at home, says the 33-year-old.

Demand is coming in across sectors as varied as tech, IT/ITeS, professional services & consulting, health & pharma, manufacturing, food aggregators, BFSI, BPOs, GCCs, airlines and media, with Welspun One, Harvard Business School, AdaniConneX, Kotak, RaboBank, JPMC and Nielsen among those opting for such spaces, said operators who are seeing occupancy rates of anywhere between

85-100%."With the declining trend of work from home, flexible office spaces are fast catching up in Tier 2 cities owing to the rising trend of satellite offices and back-end offices," said Sanjay Chaudhary, founder & CEO, Incuspaze.

"Additionally, as companies aim to reduce costs, maintain proximity to their staff, and retain valuable employees by offering flexible work arrangements, the need for flexible spaces in India is increasing." Incuspaze has seen a 15% rise in queries in first quarter of 2024 than the previous year.One of the major advantages of flex office spaces is the ability to scale up or down as per the business requirements. Traditional office spaces in prime locations often come with high rents and long-term lease agreements.

Flex office spaces offer a more cost-effective alternative, as businesses can rent only the space they need for a specific period, avoiding hefty upfront costs and long-term commitments.

There are three customer categories that are clearly taking shape, says Anshu Sarin, CEO,

91Springboard.One is the freelancers/early startup category; second is the mid-stage startup / SMEs and then there are large size companies (both MNC and large Indian corporates)."The industries falling under the latter are not just the IT/ ITES companies but BFSI, manufacturing and global capability centres.

Companies from some of these categories have done scaling of their seats with us as per requirement and lease renewals," added Sarin.

Dextrus, which caters to the premium end of the market, has been maintaining an above 90% occupancy rate. "We are seeing very large demand for companies wanting to come back to the office," said Robin Chhabra, founder and CEO, Dextrus.

Post covid, Dextrus has seen a wider range of sectors explore and take up space. "Work from home is on the wane is one of the reasons but the main reason this space is booming is because of the convenience. Companies from sectors such as warehousing, data centres,banking, education, private equity, pharma, hotels etc. are part of our clientele," said Chhabra.

For WeWork India, the member base has grown by -20% in the last year. Tech and IT/ITES companies, startups, professional services & consulting, health & pharma, manufacturing, finance, and media, are among its members.

"Over 53% of our present member base comprises tech companies such as impress, Equinix, Fynd, and 3M, among others, and we expect it to grow further in the near future." said Karan Virwani, CEO, WeWork India.



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White collar hiring improving as demand from Oil & Gas, Banking, FMCG sectors rises

A recent report posted on The Economic Times talks about how White collar hiring in major sectors like Oil and Gas, Banking, and FMCG showed steady improvement, with a 6% increase in May compared to April, driven by Healthcare and Travel and Hospitality. However, overall white-collar hiring was down by 2 per cent year-on-year, with declines in IT, BPO, and Education sectors.

White collar hiring in major sectors like Oil and Gas, Banking, and FMCG showed steady improvement, with a 6% increase in May compared to April, driven by Healthcare and Travel and Hospitality. However, overall white-collar hiring was down by 2 per cent year-on-year, with declines in IT, BPO, and Education sectors.

Smaller cities outperformed major metropolitan areas, with strong demand for senior professionals contributing to a healthy growth in opportunities.

White collar hiring has begun improving steadily on the back of major sectors like Oil and Gas, Banking and FMCG, a report said on Wednesday. Hiring activity grew by 6 per cent in May compared to April driven by sectors like Healthcare and the Travel and Hospitality, according to the report.

Most sectors reported mid-single-digit growths, however, decline in hiring in IT (0 per cent YoY), BPO (3 per cent) and Education (5 per cent) dragged down the overall Naukri JobSpeak Index, it stated.

Major sectors such as Oil and Gas (14 per cent),

Banking (12 per cent) and FMCG (17 per cent) notched up healthy growth, while Healthcare and Travel and Hospitality, each showcased a robust 8 per cent growth, said the report."The consistent job growth in the AI-ML domain stands out as a major positive and signals that the Indian economy and its talent pool is well aligned with the global tailwind on

AI. Moreover, despite the May index staying within 2 per cent of 2023 base, we saw healthy growth in most Non-IT sectors, cementing our

¡ob market's diversified footprint further,"

Naukri.com Chief Business Officer Pawan

Goyal said.

The Naukri JobSpeak is a monthly Index representing the state of the Indian job market and hiring activity based on new job listings and job-related searches by recruiters on the resume database of Naukri.com platform.

and job-related searches by recruiters on the resume database of Naukri.com platform.

The report further revealed that the hiring in mini-metros continued to outpace major metropolitan areas.

This trend highlights the growing economic vibrancy and employment opportunities in smaller urban centres, driven by factors such as urbanisation, infrastructure development, and decentralisation of economic activities, it stated.

Non-metro cities like Surat (23 per cent) and Raipur (22 per cent) emerged as hiring hotspots, while metro cities like Delhi-NCR, Chennai, and Hyderabad witnessed stable hiring trends with a slight improvement in the hiring trend in Pune, it added.

Meanwhile, the report stated that the demand for experienced professionals remained high,hotspots, while metro cities like Delhi-NCR, Chennai, and Hyderabad witnessed stable hiring trends with a slight improvement in the hiring trend in Pune, it added.

Meanwhile, the report stated that the demand for experienced professionals remained high, with roles for candidates with over 16 years of experience clocking a remarkable 23 per cent surge in hiring activity.

In contrast, the job market for freshers remains relatively flat, highlighting the challenges faced by early-career professionals in securing entry-level positions amidst stiff competition and evolving skill requirements, added the report.

Companies look to rework benefits for multigenerational workforce

A recent report posted on The Economic Times talks about how A survey by Marsh India Insurance Brokers revealed 70% of companies seek new-age benefits and 50% aim to cater to the multi-generational workforce, focusing on Generation Z. Employers are designing comprehensive benefits tailored to diverse needs, including mental health support and flexible solutions..


Seven in 10 companies feel they should have new-age benefits and five in 10 want to cater to the multi-generational workforce, found a survey conducted by Marsh India Insurance Brokers, a subsidiary of Marsh Mclennan India.


Gradually the focus of employers is shifting to meet the requirements of Generation Z (born between 1997-2012), who are expected to comprise 27% of the workforce by 2025, said a report based on the survey.


The report, 'Future of Benefits - 2023 and Beyond, on employee health and benefits in India, said employers are proactively designing benefits such as comprehensive leave policies, expanded maternity benefits, mental health benefits, work life management solutions, digital solutions, training programmes

According to the report, 41% of the employers surveyed said they were still restricting their employee benefits programme to a traditional model with market prevalent benefits only. The percentage is even higher (51%) for larger employers having employee headcount above 5,000.


"We are seeing a shift in employers' priorities from offering traditional health insurance coverage to a more holistic view aligned to the overall physical and mental well-being of their employees," said Prawal Kalita, managing director, Mercer Marsh Benefits - India Leader. "Organisations are keen to offer progressive benefits which would be valued by their diverse and multigenerational workforce.

We're seeing that two out of three organisations foresee an increase in their employee benefits budgets."

Key focus areas for benefits enhancement include critical illness cover, physical/mental disability support, digital mental health, fertility treatments, health and fitness perks and autism care.

According to the report, 68% of the respondents believe in offering progressive and new-age benefits and 80% said offering these acts as a tool to attract and retain employees.

Eighty per cent of the organisations enhanced their insured benefits to support their employees during the Covid-19 pandemic.

Even after the pandemic, 38% of the respondents have maintained those benefits and 61% have upgraded their health insurance benefits in the past 12 months. This may be


due to increased awareness around health oN APP insurance and employers being more focused about the overall health and well-being of their employees.



espondents nave maintained those Denents and 61% have upgraded their health insurance benefits in the past 12 months. This may be due to increased awareness around health insurance and employers being more focused about the overall health and well-being of their employees.

Besides, outpatient department (OPD) insurance has emerged as an important addition to healthcare coverage.Trends show that in the long run adequate

OPD insurance will lead to decrease in the traditional employee benefit health insurance claims and thus the premium, said Kalita.

As per the report, 31% of the respondents had an existing OPD insurance coverage, out of which 72% were company-sponsored. Of the remaining 69%, who did not have an existing OPD cover, 36% were already contemplating introducing it in the next 12 months, underlining the growing need for this benefit.

Employers are also taking significant steps to ensure better health for their women employees by adopting a range of benefits.

These include offering comprehensive health insurance plans and health checks that address women-specific needs, extending maternity and parental leave policies and introducing flexible work arrangements that enable women to manage their personal and professional commitments.


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Freshers, take note: Data proficiency is becoming the key to multiple career opportunities

A recent report on The Economic Times highlights data analysis is a crucial skill valued by employers across industries. It involves extracting insights from raw data using statistical tools. Lokesh Nigam and Krishna Kumar emphasize its importance in decision-making and career growth.


In the fast-paced, high-tech and data-driven market, one skill that has gained immense prominence in the eyes of employers is data analysis. Irrespective of the industry and role, the ability to extract valuable insights from a collection of pure raw data is highly valued.

Given the demand for such roles now, it's no longer an additional competency but a necessity for fresh graduates.

In an atmosphere where almost every sector relies on data for impactful decision-making, individuals with remarkable data analysis skills in their arsenal can easily get access to multiple career growth opportunities. That is why individuals must understand the importance of this skill and learn how to cultivate and leverage it to build a successful career path.

Data analysis: What and why

Data analysis is the ability to collect, process and interpret data to extract meaningful insights, says Lokesh Nigam, Co-founder and CEO, Konverzai. Various statistical tools, software and methodologies are used to identify the important patterns, trends and relationships within data sets.Elaborating on why employers are on a hunt for candidates who possess these skills, he says it enables organisations to accurately forecast problem statements, strategically plan, and optimise individual and team performance. Besides, when raw data is transformed into actionable insights, organisations get a better understanding of market trends, making the products and services more efficient. Consequently, better decision-making offers them a competitive edge in the market.While the need to analyse data has impacted every industry, there are some industries that value this skill more than others. Both the experts list finance, internet and technology, healthcare, marketing, social sciences and academia, manufacturing and supply chain, and e-commerce as segments with a significant demand for this skill.

Key roles that thrive on this skill are data scientists, business analysts, financial analysts, market researchers, data visualisation specialists and healthcare data analysts, say experts.

Role of data analysis in career advancement

Early expertise in data analysis allows the candidate to tackle complex challenges, contribute to strategic initiatives, and demonstrate their impact through data-driven results, says Nigam. Since data is an integral part of any business growth strategy, he explains that those with strong data analysis skills are well-positioned for leadership roles and continuous career growth.Simplilearn, as an upskilling platform, also has a bunch of well-constructed programmes around data analytics, data science, and associated areas that can help build foundational skills and kick-start an analytical




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The rise of AI in recruitment process: How companies are using artificial intelligence for hiring

A recent report by The Economic Times talks about how Companies use Al tools like GenAl bots for candidate sourcing, resume screening, and skills assessment. HR executives say Al makes hiring quicker and more efficient. Genpact launched, an Al-based job-matching engine, resulting in improved productivity and faster hiring.


Companies across sectors are using artificial intelligence tools, including generative AI, for candidate sourcing, resume screening, skills assessment, predictive analytics and bias reduction in their recruitment process.

Humans get involved only from the interview stage at some companies, while at some others, GenAl bots help managers conduct interviews.

While there are several concerns, ranging from data privacy to risk of discrimination and inability to discover potential in candidates, HR executives say AI is making the hiring process quicker and more efficient for them.Professional services firm Genpact recently launched IMatch, a GenAI-based in-house resume parsing and job-matching engine.Covering 40% of its new hires, AI tools have made the hiring process touchless till the interview stage, said Ritu Bhatia, Genpact's global hiring leader. Use of AI has resulted in a 15% increase in recruiter productivity, and an improvement in the speed to hire from 62 days to 43, Bhatia added.AI tools help analyse historical data, market trends and internal talent metrics, allowing companies to gain insights into emerging skill demands and talent availability, and develop recruitment strategies to address current and future talent needs.

Simplilearn has been deploying ChatGPT - among other AI tools - for over a year to optimise job descriptions, craft proficiency assessments and conduct psychometric tests.

"This enables us to reduce time on mundane tasks and improve productivity and efficiency," said the edtech firm's chief HR officer, Archana Krishna.

According to Rajesh Bharatiya, chief executive of recruitment services provider Peoplefy, GenAI-based tools help customise the process; for instance to send a recruitment mass mailer based on each candidate's unique experiences and background. "Such customisation may require 10 times more time to customise Infrastructure development firm Welspun


Enterprises uses a GenAI bot that assists its executives in taking interviews. "Our hiring efficiencies have improved drastically. Before using the GenAI bot for interviewing, our selection ratio was 15%. Now this rate has increased to 55%, a 40% jump in my selection rate overnight," chief HR officer Raiesh Jain said, adding: "This is big.

However, at the current stage of its development, experts believe there are certain pitfalls associated with deploying AI in hiring practices.



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Jobs that vanish: Stay away from ghost iobs to save time and money

A recent report by posted on The Economic Times talks about how Online job platforms have simplified job searches, but fake or ghost jobs persist, wasting time and effort. Applicants must spot and avoid phantom job postings to prevent demotivation and financial loss.


Did you recently apply for a job on an online platform with high hopes but did not get any response?


 It is common One reason is that the company did not select you. Another reason could be that you got ghosted as the job didn't even exist. While online job platforms have greatly simplified the job search process, the existence of fake or ghost jobs continues to scare applicants. These phantom job postings appear authentic but are often either already filled or do not exist. They waste an individual's time and effort and also leave them demotivated. In some cases, it can even drain your wallet. So it is important to spot and avoid such postings.


Reasons for ghost jobs

A primary reason why many job seekers apply for ghost jobs is the lack of employable skills, particularly those who are seeking work on an urgent basis, says Sonal Arora, Country Manager at GI Group Holding. This sense of desperation leads them to overlook red flags

Krishnendu Chatterjee, VP and Business Head at Staffing, Team Lease Services, says there are many reasons why people fall for ghost jobs.

Underprivileged or underqualified candidates looking for better opportunities are easy prey.

Some companies create these postings to create an illusion of growth among their investors or competition. Scammers also use this to extract money or personal information of individuals.

Industries and roles with higher episodes of these scams

Customer service and contact centers, data entry roles, digital marketing and content creation are the roles where the propensity of such scams is much greater, according to Arora. Many candidates applying for such roles are enticed by fake job offers that promise work-from-home opportunities or overseas positions, she adds.

Chatterjee says ghost jobs are largely prevalent at entry-level jobs because the candidates are more desperate, and this allows scamsters to cast a wider net to get more people into their trap. In addition, they also lure candidates for overseas roles like factory workers, healthcare workers and drivers.

Fake job red flags you must look out for Oftentimes, a job opportunity that comes your way smartly conceals several red flags.

Authentic job postings never demand money in any form - upfront payments, security deposits, training fees or assessment fees.

Plus, if you do not have substantial experience but are being offered a hefty pay scale, it could definitely be a scam, say the experts.

Other potential warning signs are poor grammar and writing skills, emails coming from addresses that do not match the company's official domain; job offers with personal email IDs; and lack of proper company and job role information. Also, if an offer to immediately join work magically lands in your mail without any interview or Though not always a red flag, experts believe that interviews carried through messaging apps like WhatsApp, Telegram or Google Hangouts can also lead you into a job scam.

Strategies to avoid falling prey to ghost jobs and scams Job seekers, especially freshers, can protect themselves from getting duped by carefully proceeding towards a job opportunity that has come before them. Experts suggest starting with doing thorough research about the company to assess its legitimacy. This can be done by checking out its official website, interacting with the people in your circle who might have worked here, and reading its reviews on platforms like Glassdoor.

Next, they advise not sharing your personal details like your bank account number or passport at all, especially if you can sense a bit of urgency in their tone. Such urgency tactics are employed to push naive applicants to quickly share the requested details and lose all their money. Hence, it's important to remain keen-eyed and not share anything until you have completely vetted the company and the offer.

Most importantly, they recommend using trusted and widely acknowledged job search platforms to absolutely steer away from ghost jobs and scams, and safely land a job of your dreams.


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Employment in informal sector below pre-Covid level, shows NSO data

 According to the factsheet from Business Standard, the number of unincorporated enterprises increased by 2 million from July 2015-June 2016 to October 2022-September 2023, reaching a total of 65.04 million.


After adding 11.7 million workers in the October 2022-September 2023 period from the pandemic lows in April 2021-March 2022, total workers employed in the vast informal sector in India — at 109.6 million — still remains below the pre-pandemic period.

This is according to the latest fact sheet titled ‘Annual Survey of Unincorporated Sector Enterprises (ASUSE)’ released by the National Statistical Office (NSO) on Friday.

According to the previous 73rd round of the National Sample Survey (NSS), conducted between July 2015 and June 2016, around 111.3 million workers were employed by unincorporated enterprises.

However, the number of unincorporated enterprises rose by about 2 million between July 2015-June 2016 and October 2022-September 2023 to 65.04 million.

Unincorporated enterprises refer to business entities that are not legally incorporated as a separate legal entity.

These enterprises typically include small businesses, sole proprietorships, partnerships, and informal sector businesses.

Pronab Sen, chairperson, Standing Committee on Statistics, said the unincorporated sector — which comprises the vast informal sector — was severely hit by the successive economic shocks in the past decade or so. These include demonetisation, goods & services tax (GST) and Covid, which is reflected in the decline in the number of people employed.

Usually, the number of unincorporated enterprises grows by close to 2 million annually. Had the sector not faced these economic and natural shocks, the total number of such enterprises would have been close to 75 million. In effect, close to 10 million enterprises were lost. Given that an establishment provides employment to around 2.5-3 persons, close to 25-30 million jobs were lost in the process. Also, the number of people employed by them is still lower,” he added.

However, NSO said: “The results exhibit the resilience shown by the unincorporated sector after the pandemic shock.”

Besides, the fact sheet also showed that the gross value added (GVA) by these establishments rose to Rs 15.42 trillion in the October 2022-September 2023 period from Rs 13.4 trillion in April 2021-March 2022.Given the large role and presence of unincorporated enterprises in the Indian economy, NSO developed the idea of ASUSE.

It is for measuring economic and operational characteristics of unincorporated non-agricultural establishments in manufacturing, trade and other services sector (excluding construction).

Earlier, the NSO used to conduct ASUSE surveys at an interval of five years.

The NSO had proposed the first annual ASUSE survey for the October 2019-March 2020 period and another for April 2020-March 2021.

While the surveys are being conducted annually, the reports have been delayed for some time. The NSO is already in the process of conducting the ASUSE 2023-24 survey.



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Firms hiring more freshers with no formal degrees

Indian companies are increasingly hiring freshers with no formal degrees, according to a new report. In 2024, for instance, the recruiters across the country hired 11% freshers without any degree as compared to just 4% last year, said the report by foundit (previously Monster APAC & ME).


The report also revealed that there has been a substantial increase in the demand for fresh graduates. While the demand for freshers with bachelor’s degrees has risen from 59% in 2023 to 71% in 2024; the hiring of post-graduates dropped considerably – from 37% in 2023 to 18% in 2024.

We’re seeing a clear trend where startups and other companies are increasingly valuing skills over just academic credentials. This shift means that young professionals need to focus on acquiring relevant skills to stand out in the competitive job market. To bridge this gap, there’s a pressing need for better learning and development initiatives within our educational system,” said Sekhar Garisa, CEO of foundit.

As per the report, startups in the IT services and Internet industry lead in fresher hiring with 23% and 22% of jobs directed to new graduates, respectively. In addition, the foundit data shows that in May 2024, the freshers were mostly hired by companies based out of metros. For instance, Delhi NCR (21%) topped the list of cities with highest job postings for freshers. This was followed by Bengaluru (14%), Mumbai (8%), Chennai (8%), Pune (8%), and Hyderabad (8%).

IT companies, particularly in the hardware and software sectors, are showing intent to hire freshers, signalling a shift in hiring strategies in India. This trend is largely driven by ongoing restructuring efforts within the industry, focusing on adopting new technologies, optimising costs, enhancing innovation, and ensuring scalability. The Indian IT, recruitment, and BFSI (banking, financial services and insurance) sector are particularly seeking tech talent skilled in cloud computing, data science, artificial intelligence (AI), and cybersecurity,” the report said.


The freshers in the IT sector, as per the report, was paid the highest salary with average salaries ranging from Rs 4.07-7.49 lakh per annum (LPA). The compensation in the BFSI sector stood at the second spot with average salaries ranging from Rs 3.06-5.49 LPA. Other sectors offering competitive salaries includes FMCG, food & packaged food, automotive, engineering, cement and construction.


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86% of Indian employees struggling or suffering, only 14% ‘thriving’ at work


The report published in Financial Express highlights a sharp contrast to the global average, where only 34% of employees feel they are thriving, according to the Gallup 2024 State of the Global Workplace report.


Only 14% of Indian employees consider themselves as “thriving” in life, while the remaining 86% admit to either struggling or suffering. This figure stands in stark contrast to the global average, where 34% of employees feel they are thriving, as reported in the Gallup 2024 State of the Global Workplace report.


The report, which offers a thorough evaluation of employee mental health and well-being on a worldwide scale, categorised respondents into three wellbeing groups: thriving, struggling, and suffering. Thriving employees rate their current life situation positively and hold an optimistic outlook for the future.

According to the report, 35% of Indian respondents reported experiencing daily anger, the highest percentage in South Asia. Despite this, India had the lowest daily stress levels in the region, with only 32% of respondents experiencing stress, compared to 62% in Sri Lanka and 58% in Afghanistan. This trend mirrors the broader situation across South Asia, where only 15% of respondents consider themselves thriving, significantly below the global average.Despite the low percentage of thriving individuals, India has a high employee engagement rate of 32%, which is significantly above the global average of 23%. However, 41% of employees report experiencing high levels of stress, underscoring the urgent need for better management practices and workplace conditions.


“I am getting a salary from this work. So, I have to do it, but there is a bit of boredom in doing the same work every day,” said Delhi-based marketing supervisor Archana.

The report further stated that about 20% of the world’s employees experience daily loneliness, a condition exacerbated for those working fully remotely, where the figure rises to 25%. This chronic loneliness poses significant risks to both physical and mental health, with research linking social isolation to increased mortality rates.


A conducive working environment is crucial as we invest a significant amount of time in the office. Management must recognize that escalating stress levels among employees does not yield positive outcomes. Additionally, the compensation package should align with the job’s nature and the responsibilities it entails.

Significantly, one in five employees report experiencing loneliness worldwide. Loneliness is more prevalent among employees younger than 35 than among those aged 35 and older. The percentages of working men and working women reporting loneliness are equal, with each at 20%. Job levels also appear to have little association with loneliness, the report said.

The Gallup workplace report evaluates the mental health and well-being of employees worldwide, categorising them into three groups: Thriving, struggling, or suffering based on Gallup’s Life Evaluation Index.


Employees who rate their current life situation as 7 or higher and have a positive outlook on their future are classified as ‘thriving’. Those who are uncertain or negative about their present life, experiencing daily stress and financial issues, fall into the ‘struggling’ category. The ‘suffering’ group includes individuals who feel miserable about their current life and future, often facing significant physical and emotional hardships and lacking basic necessities.



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Top IT services companies likely to focus on tiered hiring strategy

The recent reports from Business standard indicate that top IT services firms are adopting a tiered hiring approach by offering higher salaries to attract entry-level talent, driven by significant technological advancements.


Top IT services firms are increasingly adopting a tiered hiring strategy in which they are attracting entry-level talents at higher salaries, amid a major technological shift, say HR analysts.

About five years ago, Tata Consultancy Services (TCS), Accenture, Infosys, Wipro, Cognizant, and Capgemini, among others, were the companies who had formulated this strategy.


IT services companies were losing talented freshers to MNCs and differentiating the engineers based on assessments has given them the ability to financially bucket these grads into different pay packets. This allowed them to hire highly skilled and in some cases freshers from premier colleges at higher pay brackets,” said Kamal Karanth, founder and CEO, Xpheno, a specialist staffing enterprise.

A fresher joining the IT services sector gets anywhere from Rs 3.25 lakh to Rs 3.5 lakh per annum. Freshers who get selected through this tiered framework can get salaries that range from Rs 6.25 lakh to Rs 12 lakh per annum.

With the campus hiring in the slow lane, hiring under this tiered framework has also taken a hit, but campus placement heads and HR specialists that Business Standard spoke to opined that with artificial intelligence and new-age technologies in focus, this strategy will now become the core focus area.A decade ago, most of the engineering hiring done by the IT services was largely plain vanilla type of hiring. Again from a skill point the projects that IT services handled were also application development management type that entailed Java, Testing, SAP or Oracle. This started to change when the buzz of digitization started. Clients would also say that they do not want the same plain vanilla engineering talent skill sets. Over the years, software development also started to undergo changes,” explains S Pasupathi, COO, HirePro.These firms would pay a higher level of salary for a fresher, which was Rs 7 lakh. So the top talent started to move there,” said a head of HR operations in a mid-tier IT services firm.

Neeti Sharma, CEO Teamlease Digital believes that as a strategy, differential salary at fresher level, even in a slow hiring market has not lost its relevance.

“Each of these categories under the differential salary comes with different salary levels, educational level as well as aptitude,” she explains.

“We have seen that people hired through these funnels, the stickiness of these employees increases. We have seen that the attrition in this hiring goes down by 8-10 per cent,” she added.

In the case of talent, this works for the freshers as well, since those who get hired through this route get a clear growth potential for them as well as a clear career road map.

Though this was launched in 2019-2020, those hired through this tiered structure formed 20-30 per cent of the total fresher hiring that was being done by the companies.

Dr. V Samuel Rajkumar, director (career development), VIT Vellore, says that of the total students hired over the last two to three years, almost 20 per cent were hired through this tiered framework at the campus.

In 2024 Accenture handed 181 offers for freshers from VIT for the role of Advanced Engineering with a package of Rs 11.89 lakh. In 2023 it was 201 offers, and 289 offers in 2022.

Pasupathi believes that going ahead, as the market opens the focus will be on hiring through this tiered framework. The ratio of such hiring already touched a ratio of 30:70, which is likely to change over the years.


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FinMin invites industry views ontaxes, compliance laws

A recent report by Business Standard highlights these developments, emphasizing the government's commitment to improving the business environment and boosting economic growth by simplifying tax compliance and making the tax system more efficient.


The Finance Ministry has invited sugges- production, prices, and revenue implications on direct and indirect taxes and tion of the changes suggested. changes in laws to reduce compliances for

The request for correction of inverted the 2024-25 Budget from trade and indus- duty structure would have to be supported try associations.by value addition at each stage of manufacturing.


The suggestions are to be sent to the facturing of the commodity ministry by June 17 and the full Budget for With regard to direct taxes, the ministry

2024-25 is expected to be presented in said the suggestions could be also on Parliament in the second of July.reducing compliances, providing tax

The suggestions could include changes tainty and reducing litigations. in the duty structure, rates and ideas

It said the government policy broadening of tax base on both direct and in the medium term is to phase indirect taxes giving economic justification out tax incentives, deductions and exemp-for the same, according to the ministry, while simultaneously rationalising

For changes in customs and excise rates of tax.
























Tax Talent Market in India: What To Expect?

A recent report posted on The Finance Story talks about how Hiring trends to look out for in 2024, there is a rising demand for mid-level as well as senior-level talent in the tax domain. Here are some trends I have observed.

Need for M&A expertiseThere is an immense need for senior M&A tax experts with an innovative mindset, across law firms, accounting firms, and the Big 4.That is a great indicator of growth in terms of complex transactions and tax restructuring.Tax controversy and dispute resolutionWithin corporate houses where the changes in the tax ecosystem can impact the business (for instance the gaming sector or the fintech sector), there is a need for Tax leaders who can,Negotiate with tax authorities Skilled in dispute resolution Drive tax controversy-related aspects

Also, there is a need for those who can navigate audits.

While some may use the term “tax litigation,” it encompasses more than just litigation. Tax controversy involves many aspects beyond court cases. Tax is no longer just a support function rather than just supporting other groups, tax is becoming a full-fledged function.

 There is a trend of Indian law firms looking to expand or even build out tax verticals.This allows law firms to increase their market share in tax advisory, an area traditionally dominated by the Big 4 and top accounting firms.

Tax professionals can become CFOs

In the past three to four years, we have noticed that in some organizations tax heads were working closely with CEOs and CFOs on various deals, not just being siloed into tax matters.

Organizations are open to promoting a Tax Head to CFO if they add value and bring strong capabilities to the table, get involved in transactions, tax controversies, and financial management.


It is about how attuned the Tax Head is to the organization. while organizations don’t proactively search for Tax Heads to fill in the shoes of a CFO, organizations are increasingly becoming open to this idea.

Emergence of internal audit roles Why? There is an importance of how governance and compliance need to be looked at, in an increasingly complex regulatory landscape.

Close to 45% of roles that we handled on the internal audit side were newer roles where they were being hired for the first time. So it was interesting to see how that is also becoming quite important.

Dubai & GCC emerging market for tax pros

In 2023, GCC tax recruiting formed 8 % of our total recruitments.Looking at 2024, with tax regulations evolving, and economies growing we anticipate continuous demand for tax professionals with cross-border expertise in the GCC region – Dubai, Saudi Arabia, Kuwait, and Qatar.The Big 4 firms are winning this game by transitioning talent from their India and Egypt teams to the region.

 However, the demand is also prevalent in other consulting firms and corporates.

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Amid tightening rules, fintechs step up hiring of legal experts


Preference is strong for professionals from law firms due to diversified exposure and fungibility across legal intricacies, she said.“Momentum gaining around public policy, litigation, regulatory affairs and ESG (environmental, social and governance standards) are stimulating hiring a full-time senior resource,” Vikamshi added.


The central government's increased focus on digital payments and the Reserve Bank of India’s new digital lending guidelines are among some of the reasons many of these startups are looking to ramp up their legal teams, said experts.Nilasha Mukherjee, managing consultant at search and advisory firm Vahura, said fintech startups are trying to reduce reliance on external counsels and depend more on internal legal talent to tackle the continuing regulatory overhang.


“The demand for litigators with criminal law expertise is rising, and in-house legal advice is critical for the development of innovative products,” she added.Amit Nawka, partner deals & startups at PwC, said: “Most of these companies have by and large tech brains, but now with strengthening regulations, companies are looking for senior legal and regulatory experts to help them out.”


“Quite a few fintech startups have become reasonably large in the last 2-3 years. All this time there was a lot of emphasis on the tech aspect and there was a thin line between whether these are tech companies or regulated financial services entities. While these companies were maturing, regulatory bodies were also trying to understand the business models and their implications. In the initial years, regulators let these businesses play out and now they are coming up with regulations,” Nawka added.


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Companies go on a big legal talent hunt

MUMBAI: A fierce war for talent is unfolding in India's legal industry as demand for skilled legal professionals outpaces supply. The talent crisis is leading India Inc to increasingly pursue legal experts for the roles of chief legal officers and general counsels as large conglomerates and new-age firms aggressively look to bolster their in-house legal teams, according to board members and company officials.The scramble for the best and the brightest legal talent has been ignited by a constantly changing regulatory environment, rising focus on corporate governance and ethical standards, and regularly evolving GST structures. This is leading to a massive churn in CLOs, said HR consultants and company officials.

independent director at several Indian companies."A whole lot of new software coming into the market digitizing things like litigation management, compliance and the various interaction interfaces is also leading to the need for chief legal officers who have a strons understanding of technology," said Haribhakti.

"I am looking for zero non-compliance as an audit committee chair," he added.In October, Rajesh K. Sehgal joined as chief legal officer-energy at Adani Power from Dentons Link Legal. Other recent moves include Anoop Khatry who joined Ultratech Cement from Suzlon Energy; Richa Mohanty Rao who joined Urban Company from Cyril Amarchand Mangaldas; Sujeet Jain who joined Nykaa from UltraTech Cement; Sameer Chugh, who joined Games 24 * 7 from CAM;

Shelly Kohli who joined United Breweries from Unilever; Tejal Patil, GC at Wipro who joined from OYO.

Compensation too is soaring due to the talent shortage.

"The role of a chief legal officer (CLO) in India is much more complex and strategic than before," said Jyoti Bowen Nath, managing partner, Claricent Partners.



"There is a constant need for organisations to attract top leadership talent, leading to pay surge," she said.A seasoned CLO could earn anywhere between ?3 crore and ?10 crore or even higher, said Nath. "CLOs are pivotal in steering a company's legal strategy to support growth, manage risk and preserve the organisation's reputation. They align legal initiatives with business goals, ensuring legal compliance while enhancing operational efficiency," said Karl Fernandes, partner and head of the corporate practice group at specialist search firm Vahura. "They often oversee regulatory compliance, government interactions, ethical standards, risk management, and corporate governance."


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