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).

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

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

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

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

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

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

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

What does this mean in terms of skill requirements?

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

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

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

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

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

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

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

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

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

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

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

Strategies that can help individuals maximize their earning capacity

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Overall hiring shifts:

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

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

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

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

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

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

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

Hiring Trends

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

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

The gender gap in pay

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

Most valued skills by recruiters

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

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

Work preferences

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

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

Work mode and timing

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

STEM stands for science, technology, engineering and mathematics.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The returns delivered by SME IPOs attracted more investors.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Shift towards Niche Skill Sets

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

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

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

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

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

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

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

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

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

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

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

Pressure to Retain Talent

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

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

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

Read more at:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

A recent 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.

WHY IT MATTERS

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,

KEY QUOTES

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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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.

Read more at:

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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.

Read more at:

https://m.economictimes.com/jobs/mid-career/hiring-surge-in-travel-and-tourism-what-it-means-for-mid-career-and-senior-roles/articleshow/110325531.cms

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:

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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

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

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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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.

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

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

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.

(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.

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

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

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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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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.

Read more at:

https://economictimes.indiatimes.com//jobs/fresher/e-commerce-bfsi-hospitality-sectors-driving-job-market-in-2024-report/articleshow/110566111.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

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.

Read more at:

https://m.economictimes.com/jobs/fresher/gccs-open-multiple-career-opportunities-for-freshers/articleshow/110551574.cms

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

.Read more at:

 https://m.economictimes.com/tech/information-tech/slowdown-hits-indian-it-companies-campus-recruitments/articleshow/110426285.cms

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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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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https://m.economictimes.com/jobs/hr-policies-trends/percentage-of-women-in-senior-leadership-roles-increases-to-18-in-2023-from-16-in-2016-report/articleshow/110558382.cms

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.

 Read more at:

 https://m.economictimes.com/jobs/hr-policies-trends/global-capability-centers-seek-to-increase-female-representation-in-tech-roles/articleshow/110457484.cms

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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https://economictimes.indiatimes.com//jobs/hr-policies-trends/31-of-employees-in-india-experienced-ageism-at-work-randstad/articleshow/110662440.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

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.

Read more at:

https://economictimes.indiatimes.com/jobs/fresher/nites-alleges-onboarding-delay-of-over-2000-campus-recruits-by-infosys-seeks-labour-ministry-probe/articleshow/110660294.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

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.

Read more at:

https://economictimes.indiatimes.com//jobs/fresher/recommendation-letters-can-give-freshers-more-visibility-in-a-crowded-hiring-market/articleshow/110635859.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

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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https://economictimes.indiatimes.com/jobs/hr-policies-trends/more-women-made-the-list-of-top-paid-ceos-in-2023-but-their-numbers-are-still-small-compared-to-men/articleshow/110667995.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

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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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.

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

READ

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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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

career.

Read more at:

https://economictimes.indiatimes.com/jobs/fresher/freshers-take-note-data-proficiency-is-becoming-the-key-to-multiple-career-opportunities/articleshow/110868836.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

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.

Read more at:

https://economictimes.indiatimes.com/jobs/mid-career/the-rise-of-ai-in-recruitment-process-how-companies-are-using-artificial-intelligence-for-hiring/articleshow/110427579.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

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.

Read more at:

https://m.economictimes.com/industry/services/education/take-your-ambition-further-with-the-kent-future-student-scholarship/articleshow/110759927.cms

 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.

Read more at:

https://www.business-standard.com/economy/news/employment-in-informal-sector-remains-below-prepandemic-level-nso-data-124061401110_1.html

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.

Read more at:

https://www.financialexpress.com/jobs-career/firms-hiring-more-freshers-with-no-formal-degrees-3524319/

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.

Read more at:

https://www.financialexpress.com/jobs-career/worldwide-1-in-5-employees-feel-lonely-gallup-3523720/

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.

Read more at:

https://www.business-standard.com/industry/news/ninja-turbo-or-genc-pro-different-level-of-fresher-salary-hr-analysts-124061400823_1.html

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.

A recent report posted on The Economic Times reveals a significant increase in the hiring index, with the production and manufacturing sector showing remarkable growth.

Over the last one year, we have witnessed many mass layoffs and some reluctance in hiring across sectors. However, the current hiring trends offer a ray of hope to many, shows a recent report by foundit.

According to the latest findings of the company's insights tracker, the overall hiring index increased from 265 in May 2023 to 295 in May 2024. In comparison to the previous year, there has been an 11% increase in hiring, which is clearly indicative of a recovery in employment opportunities.

Industry-wise hiring activity

In terms of industries, one sector that has shown a remarkable growth of 47% in year-on-year (YoY hiring is production and manufacturing. This upswing is driven by various factors, including increase in large modern manufacturing in India significantly supported and enhanced by government push in PLI, infrastructure development and policy intervention on imports/exports.

The rise in demand is also evident in related industries such as home appliances and electrical components, which recorded a 35% increase in hiring, says the report.

The telecom/ISP sector recorded a hiring growth of 9%. Higher investments in telecommunication services and the relaxation of FDI norms are majorly responsible for this noteworthy improvement.

Plus, as India's telecom landscape is expanding, driven by rising demand for end-user applications and advancements in markets such as IoT, cloud computing, data centers and the upcoming 5G technology, the future of this sector looks quite promising in terms of opportunities.

Tier-2 cities versus metros

Coming to the hiring activity in cities, the report highlights that the tier-2 cities have outperformed metros. Infrastructure development initiatives and enhanced connectivity and transportation have pushed corporate firms to willingly expand their business to cities such as Kochi, Coimbatore and Jaipur.

Owing to these improvements, the availability of superior logistics, market accessibility, and an improved quality of life for employees are the factors that make tier-2 cities a key hiring location for recruiters. Nonetheless, in terms of metro cities, Kolkata and Delhi/NGR continue to remain leading hiring hubs on a year-on-year basis.

According to the findings of the extensive report, sectors like production and manufacturing (29%), IT-software & services (17%), real estate (8%), and education (8%), where recruiters are seeking diverse talent with specialised skill sets, are witnessing a stronger growth graph in tier-2 cities.

Metro cities are registering demand for individuals in IT-software & services and advertising due to a surge in the demand for IT service providers and digitalisation, indicating a recovery from previous multiple episodes of layoffs and reduced bench strength.Hiring demand as per roles across sectors

As a result of rising popularity of digital and social media marketing, there has been a month-on-month surge in demand for arts/creative professionals (4%), particularly for positions such as graphic designers and animators, according to the report.

Marketing and communication specialists, who have also registered a 16% YoY increase in hiring, continue to stay in demand to meet the increasing demand for website traffic optimisation and conversion of online leads.

However, customer service roles displayed a downward hiring trend (-25%) due to the widespread adoption of AI-based chatbots and virtual assistants.Hospitality & travel saw a 23% year-on-year increase and 1% monthly increase from April 2024 to May 2024. The growth is driven by a significant emphasis on sustainable development and increased demand at airports and from hotels.

Professionals in software, hardware and telecom roles also did not disappoint as they saw an 11% increase in May 2024, mainly in metropolitan areas that emphasise skill-based recruitment, states the report.

According to the finding of the tracker, demand for mid-senior level professionals with 7 to 10 years of experience grew by 9% year-on-year, whereas senior-level professionals with more than 15 years of experience saw a 17% year-on-year increase in hiring. Plus, the hiring demand for associate roles (4-6 years of experience) increased by 2% over the last month as well as annually.

Read more at:

https://economictimes.indiatimes.com/jobs/hr-policies-trends/hiring-activity-registers-11-surge-foundit-insights-tracker/articleshow/110990060.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

According to a recent report by The Economic Times, the highest share of job postings for freshers was witnessed by the IT and staffing industries, with over 32 percent and 12 percent of jobs, respectively, dedicated to entry-level professionals.

Mumbai: The demand for freshers has gone up 5 per cent over the past six months, aided by gradual improvement in the IT sector, according to a report released on Thursday. The highest share of job postings for freshers was witnessed by the IT and staffing industry with over 32 per cent and 12 per cent share of jobs, respectively, dedicated to entry-level professionals, foundit (formerly Monster APAC & ME) report on fresher hiring trends.

Additionally, it revealed that the demand for freshers has increased 5 per cent over the last six months.

The report is based on an analysis of data on foundit platform from May 2023 to May 2024.

It further stated that 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 report added.Startups in the IT services and internet industry led in fresher hiring, with 23 per cent and 22 per cent of jobs directed to new graduates, respectively, it stated.While jobs in the IT industry did decline in the last quarter, engineering graduates are in demand for 28 per cent of jobs in startups alone, the report said.While jobs in the IT industry did decline in the last quarter, engineering graduates are in demand for 28 per cent of jobs in startups alone, the report said.

Additionally, other roles being hired across startups are consultants (10 per cent), sales/exec manager (4 per cent), and operations exec/manager (4 per cent), it added.

"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," foundit (previously Monster APAC & ME) CEO Sekhar Garisa said.The report added that Delhi-NCR (21 per cent) hosts the highest share of job postings for freshers, followed by Bengaluru (14 per cent).

Notably, fresher hiring was the highest in metropolitan cities in India, Mumbai (8 per cent), Chennai (8 per cent), Pune (8 per cent), and Hyderabad (8 per cent) were recorded as the next top locations for hiring freshers.

Read more at:

https://economictimes.indiatimes.com/jobs/fresher/freshers-hiring-witnesses-5-pc-growth-over-last-6-months-report/articleshow/110973315.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

A recent report by The Economic Times states that the demand for freshers is highest in Delhi-NCR and Bengaluru, followed by Mumbai, Chennai, and Pune.

Industry reports indicate that 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 report finds that startups in the IT services and Internet industry lead in fresher hiring, with 23% and 22% of jobs directed to new graduates respectively. While jobs in the IT industry did decline in the last quarter, engineering graduates are in demand for 28% of jobs in startups alone. Additionally, other roles being hired across startups are consultants (10%), sales/executive manager (4%), and operations executive/manager (4%).The data shows that Delhi/NCR (21%) hosts the highest share of job postings for freshers, followed by Bengaluru (14%). Notably, fresher hiring was highest in metropolitan cities in India. Mumbai (8%), Chennai (8%), Pune (8%), and Hyderabad (8%) were recorded as the next few top locations for hiring freshers.Among the top functions for new hires, software and hardware accounted for the highest share of entry-level positions at 32%.

The other top functions looking to hire freshers include sales and business development (14%), HR and administration (8%), healthcare (8%), and marketing and communications (8%.

Indian IT, recruitment, and BFSI industries are particularly seeking tech talent skilled in cloud computing, data science, artificial intelligence, and cybersecurity. Additionally, soft skills such as communication, problem-solving, and critical thinking are highly valued.

Bengaluru stands out with the highest average fresher salary of Rs. 4.16 LPA among major Indian cities. Following closely is Mumbai at Rs. 3.99 LPA, with Delhi/NCR (Rs. 3.89 LPA)

Chennai (Rs. 3.84 LPA), Pune (Rs. 3.8 LPA), ON APP Kolkata (Rs. 3.39 LPA), and Coimbatore (Rs. 3.35 LPA).

Read more at:

https://economictimes.indiatimes.com/jobs/fresher/delhi-ncr-bengaluru-have-highest-demand-for-entry-level-talent-report/articleshow/110962844.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

A recent report by The Financial Express highlights a shift in the banking, financial services, and insurance (BFSI) sector, emphasizing soft skills alongside technical knowledge.

In the BFSI sector, the analysis of job postings reveals a strong demand for specific skills among professionals. Communication skills are highly valued, with 27 per cent of postings highlighting their importance, reflecting the sector’s focus on customer-centric services and the need for clear communication of complex financial information. English proficiency is also crucial, noted in 10 per cent of the postings, emphasising the global nature of business today. Additionally, eight per cent of postings seek analytical skills, pointing to the industry’s reliance on data-driven decision-making and the use of advanced analytical tools. This data underscores the evolving skill set required in the BFSI sector to meet contemporary challenges.

Talking about the data, Sashi Kumar, Head of Sales, Indeed, said, “The BFSI sector is undergoing a transformation, recognising the pivotal role of soft skills in driving innovation, customer satisfaction and overall organisational success. For employers, this study provides a roadmap to attracting and nurturing well-rounded talent capable of navigating the industry’s evolving challenges.

In addition to this, technical proficiencies also remain vital for BFSI professionals amid the gaining prominence of soft skills. The study identified accounting with 12 per cent as the most sought-after technical skills. This is followed by Microsoft Excel and Microsoft Office with nine per cent. Next, in the list is SAP with seven per cent. Sales with five per cent is also considered as one of the most required technical skill. The list is further followed by Microsoft PowerPoint, five per cent, and Agile Methodologies with 4.5 per cent.To attract and retain top talent, the BFSI sector is offering a wide range of benefits, including health insurance, provident funds, cell phone reimbursement, paid time off, work-from-home options, and commuter assistance. These benefits reflect a commitment to employee well-being, financial security, and work-life balance.

Read more at:

https://www.financialexpress.com/business/banking-finance-if-you-are-looking-for-jobs-in-banking-and-finance-indeed-data-says-spoken-english-communication-and-analytical-skills-are-most-in-demand-3525608/

A recent report by Business Standard highlights that a self-regulatory framework is poised to transform the business practices within the sector. However, the report underscores the necessity of identifying capable individuals to lead and manage the new system.

A fortnight after the Reserve Bank of India (RBI) made public its ‘Framework for self-regulatory organisation(s) for fintechs (SRO-FTs)’, the first signs of change in the way the sector looks at itself are upon us. 

The Fintech Association for Consumer Empowerment (FACE) – an SRO-FT aspirant – “is considering its mandate to expand its membership to fintech beyond the credit ecosystem… so that fintechs, regardless of their business and scale, will have parity to contribute to the industry’s objectives and receive distinct value for their unique needs,” says Sugandh Saxena, its chief executive officer (CEO). This is in keeping with what has been spelt out in the framework: To make SRO-FT(s) truly representative and “ensure refined decision-making and prevent the organisation from being swayed by the interests of a dominant few”,

here on will hinge on how SRO-FT(s) imagine their relationship with Mint Road, and the business moves on from its long- held peeve that the regulator acts unilaterally.

For "it will have extensive implications as to how investors view the sector," says Uttam Nayak, former senior vice-president, Visa Inc. Rishi Agrawal, co-founder and CEO of Teamlease Regech, agrees and says: "The maturity levels expected of fintech will go up now.

The days of funds flowing into them generously are anyway over and how they respond to the regulatory initiative will have a huge bearing on it." Unlike legacy financial services and regulated entities (REs), fintechs have had a relatively easy ride until recently:

Playing off business models based on arbitrage backed by venture capital and private equity (PE) firms (betting on the valuation game); and a largely indulgent media. Nayak also lets it slip that

"fintechs will have to move away from being personality dependent to process, planning and business case driven".

According to Tran

Technologies - a data intelligence platform for private market research - fintech funding at $2

billion in 2023 marks a decline of 63 percent and 76 per cent compared to $5.4 billion in 2022 and $8.4 billion in 2021. Look at these numbers from another perspective. In November, the Centre for Advanced Financial Research and Learning, in its first

'India Finance Report (IFR)', had called attention to the immense potential of fintech.

Read more at:

https://www.business-standard.com/amp/finance/personal-finance/fintech-to-switch-on-reset-button-as-selfregulatory-mechanism-comes-in-124061600605_1.html

A recent report on Business Standard states that the Indian government may increase the Periodic Labour Force Survey (PLFS) frequency to monthly for urban areas and quarterly for rural areas.

The government is considering increasing the requenty orsures orobsdaratomonth.Currently, the ministry of statistics and pro-gramme implementation (Mospi) conducts the periodic labour force survey (PLFS) for urban areas on a quarterly basis and rural areas on an annual basis. The latest survey pertaining to urban areas for the March quarter of FY24 was released in May this year. The annual survey for July 2022-June 2023 was released in October last year.

"Bringing employment data at frequent intervals has been one of the priorities of the govern-ment. We are exploring these alternatives to find out if we can increase the frequency of the existing PLFS surveys to better reflect the trends in labour markets." the person said.

Developed countries tvoicall release iobs data on a monthly basis, which is widely tracked by markets and economists to measure resilience of the economy. Dominance of the informal economy in India has so far made tracking employment data more frequently a difficult task.

The methodology used by the survey for quarterly releases relies on current weekly status (with a reference period of seven days). However, the annual PLFS for rural areas relies on usual status (with a reference period of 365 davs).

According to the latest quarterly estimate, the urban unemployment rate increased to 6.7 per cent for the March quarter of FY24 compared with 6.5 per cent in the preceding quarter.

"Efforts are on to harness the technological tools that are available. The computer-based methodology now used allows the ministry to record responses immediately on its server and also provides data validation in real time. Efforts are on to make the data readilv available so that it proves useful for policymakers. The goal is to move such indicators to monthly releases," the official added.

India's employment data has been a bone of contention for the government and economists.

Private agencies like Centre for Monitoring Indian Economy (CMIE) have become a ready-ref-erence point for unemployment data due to its timeliness and higher frequency.

Apart from MoSPI, other ministries, including the labour ministry, also conduct surveys on employment in the form of quarterly employment survey (OES).

Unlike PLFS, which gives a supply-side picture of the labour market, QES provides a demand-side view. The OES results have been significantly delayed and the latest survey only pertains to Q2 of FY23.

The Economic Times reports a recent survey, revealing shifting priorities among entry-level job seekers and employers in India.

A positive work environment, according to the survey by job matching and hiring platform

Indeed, is vital to only 47%.

A shift in preference away from traditional 9-5 jobs towards gigs and freelance work indicates a move towards greater autonomy.

Recognising these changing priorities, employers are focusing more on competitive wages and career growth opportunities to attract and retain top talent in a dynamic job market.

The average salary that employers are offering this quarter at the entry level is around R$

25,000 per month.

Indeed's report on the findings highlights 7.5% growth in entry-level hiring in the ongoing

April-June quarter compared with the January-March period. Bengaluru is leading the charge with a 12.5% growth projection, followed by Mumbai at 10% and Chennai at 9%. Other cities included Ahmedabad (8.5%), Pune (7.5%), Hyderabad (7.5%), Chandigarh (6%), Delhi (5.5%) and Kolkata (1%).

"Metro cities like Bengaluru, Mumbai, and Chennai, renowned as IT hubs, attract numerous fresh graduates with their GCCS (global capability centres) and IT firms. These metro areas excel in adopting new work methods, now focusing on skills-based recruitment," said Sashi Kumar, head of sales at Indeed. "Nevertheless, the competitive job market might cause frequent job switches, pushing employers to improve their recruitment tactics."

Employers are also now focusing more on upskilling in soft skills rather than just technical skills. Soft skills like teamworK, communication and overall workplace effectiveness are highly valued. Further, 76% of the surveyed employers now prioritise practical abilities and workplace readiness skills over academic credentials when it comes to entry-level hiring. For example, 42% of employers value a positive attitude as a key hiring criterion, and 37% prioritise a willingness to learn.

"As industries become more fast-paced, the ability to learn quickly and have transferable skills is becoming crucial. Having the right on-the-job skills means entry-level candidates can hit the ground running and make immediate contributions," Kumar added.

ability to learn quickly and have transferable skills is becoming crucial. Having the right on-the-job skills means entry-level candidates can hit the ground running and make immediate contributions," Kumar added.

Valuvox conducted this survey for Indeed between April and May this year, covering 1,276 employers and 2,531 job seekers. The survey focused on several industries, including

BPO customer service, retail, hospitality, delivery services, manufacturing, IT services, BFSI, ecommerce and logistics.

Read more at :

https://economictimes.indiatimes.com/jobs/fresher/most-entry-level-job-seekers-prioritise-competitive-wages-benefits-survey/articleshow/111134014.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

A recent report by Economic Times highlights that the changing work culture is causing a gap between employer and employee expectations. Companies face mismatched salary expectations, required skills, and cultural fit issues.

Changing work culture is bringing about a growing gap between employer and employee expectations in hiring and retention.

Companies now are finding it difficult to find and retain talent due to mismatched salary expectations, unavailable required skills, cultural fit issues, competition, and the demand for flexible working arrangements.

Globally, these challenges are even more pronounced. Nonprofits and FMCG companies report the highest levels of difficulty. On the employee side, there is a notable openness to new job opportunities, with many prioritizing flexibility and career progression,

underscoring the evolving dynamics in the job market.

However, the numbers for India were lesser than for the global average and the Asia Pacific average. At a global level, 40% found it difficult to retain employees. Similarly 50% found recruiting challenging. The challenges did not see any major differences based on the size of the company.Non profits were among the top sector finding it challenging to both hire (59% and to retain employees (53%). FMCG companies surveyed also shared that 51% found recruiting difficult and 54% found retention a challenge.

The gaps that need to be addressed

Employers and job seekers both look at flexibility, higher salaries and career progression as the key tools to attract employees but at the same time, there is a mismatch between the groups. Specially, job seekers value company culture and ethics per the report more than companies realize whereas companies over index on the importance of brand, incentives and rewards.Meanwhile, for retention, career progression and competitive salaries are critical, as agreed by both sides. But employees focus more on role changes and flexibility. Employers on the other hand feel recognition, manager relationships are tools which rank higher. To stem the gaps, there should be practical actions such as clear promotion paths, support role transitions and align retention strategies with real employee needs. There are also generational differences in these expectations. While work life balance is a common expectation across age groups, for those in their 20s to 30s prioritize career progress and competitive salaries. People in their 40s rank career progress higher than gratitude, recognition and appreciation while it flips for those in their 50s.What is clear is that competitive pay alone is no longer enough with 48% willing to refuse a promotion even with a salary increase, to prioritize wellbeing. This figure was at 41% for Indian respondents. The report also highlighted other gaps from discrimination and biases employees face at work with a low level of inclusivity which raises the urgency for diversity and inclusion initiatives.

On the positive side, 47% of the women in India mentioned they are happy with initiatives to address gender gaps. Last, but not the least AI is being seen with mixed reactions with 60% of the respondents feeling it will impact their long term career plans.

Read more at:

https://economictimes.indiatimes.com/jobs/hr-policies-trends/beyond-the-paycheck-what-employees-look-for-and-how-employers-can-fix-hiring-and-retention-gaps/articleshow/111129060.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

A recent report posted on Business Standard notes that in September 2023, 950,527 new formal employees joined the EPF.

The number of fresh formal jobs generated in a month increased to a seven-month high in April, signalling a recovery in the formal labour market in the country, according to the latest monthly payroll data released by the Employees' Provident Fund Organisation (EPFO) on Thursday.

In April, the number of new monthly subscribers under the Employees' Provident Fund (EPF) sequentially increased by 18.77 per cent to 887,438 from 747,146 in March.

Previously, in September 2023, 950,527 fresh formal employees had joined the EPF.

The EPFO data is considered crucial as only the formal workforce enjoys social security benefits and is protected by labour laws.Of the total 887,438 new EPF subscribers in April, the share of young people belonging to the 18-28 age group declined to 65.5 per cent (581,106) from 66.74 per cent in the preceding month. This is crucial because subscribers in this age group are usually first-timers in the labour market, thus reflecting its robustness.

Additionally, the share of women among the total new subscribers increased to 28.1 per cent (249,254) during the month, compared to 26.8 per cent (199,998) in March.

Meanwhile, the net payroll additions - calculated by taking into account the number of new subscribers, the number of subscribers that exited, and the return of old subscribers to the social security organisation - increased by 31.94 per cent to 1.9 million in April from 1.44 million in March.However, the net monthly payroll numbers are provisional in nature and are often revised sharply the following month. That is why the new EPF subscriber figure is considered more reliable than net additions.

"The payroll data highlights that approximately 1.45 million members exited and subsequently rejoined EPFO. These members switched their jobs and reioined the establishments covered under the ambit of EPFO and opted to transfer their accumulations instead of applying for final settlement, thus safeguarding long-term financial well-being and extending their social security protection," said the labour ministry in a statement."The unemployment rate recorded an uptick in April alongside a fall in the labour participation rate (LPR) as well as the employment rate. LPR in India inched down to 40.9 per cent in April from 41.1 per cent in the previous month," CMIE said in a statement.

The monthly payroll data released by the EPFO is part of the government's effort to track formal-sector employment by using payrolls as an instrument.

Since April 2018, the National Statistical Office has been bringing out employment -related statistics in the formal sector, sharing data from September 2017 onwards, using information on the number subscribers under the EPF scheme, the Employees' State Insurance scheme, and the National Pension System.

A recent report posted on Business Standard reveals that India's women executive directors are, on average, paid nearly 40% less than their male counterparts in the same role.

The gap appears to be widening, shows a Business Standard analvsis of salary data sourced from primeinfobase.com. While a male executive director on average makes £7.6 crore at a company that is part of the Nifty 500 index, comprising some of India's largest firms, a woman executive director earns an average 34.8 crore. The average figure has risen at a 9.4 percent compound annual growth rate for men in the past decade, compared with only a 1.8 per cent increase for women, leading to a wider gap

Numbers have gone up since the Companies

Act 2013 mandated at least one woman director on each company board.

Promoter directors receive significantly higher pay compared to professional directors.

"A majority of male executive directors are also promoters who tend to reward themselves quite generously in comparison to professional directors. This is not true for women, where a greater number of executive directors are professionals," says Pranav Haldea, managing director, PRIME Database Group.

Fewer women are in management roles in

India than in other countries. India is one of the major economies that have seen a decline in the number of women in senior and middle-management roles since 2019, according to data from the International Labour Organization.

The share of women in senior and middle management roles has declined to 13 per cent in 2024 from 17 per cent in 2019. Brazil has seen an increase to 39 per cent from 38 percent.

earlier, as has South Africa (36 percent from 33 percent) over the same period. Russia, Germany, and Japan saw a decline of 1-2 percentage points.

The country has, however, managed to narrow the pay gap between men and women.

By one measure in the Global Gender Gap

2024' report, released by the World Economic Forum last week earlier in June, Indian women earned roughly 20.6 per cent of what men earned before the pandemic. That has increased to 28.6 per cent now.

This is calculated using women's and men's shares of the economically active population, the ratio of women's wages to men's (both indicators are sourced from the ILO), gross domestic product valued at constant 2017 international dollars (IMF), and women's and men's shares of the population (World Bank).

Women's earnings relative to men's in India are lower than in any of the other top five economies. These are also lower than Brazil.

China, and South Africa among emerging markets. Data for Russia isnavailable.

A recent report on Economic Times highlights that job interviews require skill and preparation. It advises knowing what LinkedIn expert Andrew McCaskill recommends.

Job interviews are pivotal in the hiring process. Success requires a blend of skill, preparation, and effective communication.

LinkedIn career expert Andrew McCaskill emphasizes the importance of these elements for acing interviews. "Interviews are a performance art, and to perform well, you have to rehearse," McCaskill told CNBC Make It.

"The best interviewers are the people who have rehearsed their talking points with a mentor, a friend, or even an old co-worker because that helps you feel confident and comfortable talking about yourself."

The Smartest Statement

McCaskill highlights that a compelling closing pitch can significantly influence the outcome of a job interview. He provides an example of an impactful closing statement: "I want to underscore how much I want this job. I think my skills and experiences are perfect for it, and that I could have a strong, positive impact on the team. Here's why...

A strong closing statement demonstrates a candidate's enthusiasm for the role, outlines their relevant skills, and leaves a positive impression on the interviewer.

Confidence: Candidates need to clearly and confidently articulate the value they can add to the team. McCaskill advises focusing on two or three key skills mentioned in the job description.

"Think about it as your closing pitch,"

McCaskill told CNBC Make It. "You don't want to leave the interviewer guessing about your interest in the role, or if you have what it takes to succeed there."

By preparing thoroughly and expressing both enthusiasm and confidence, candidates can enhance their chances of success in job interviews.

https://economictimes.indiatimes.com/jobs/mid-career/how-to-crack-interview-for-an-assured-job-offer-career-expert-advices-three-smart-lines-and-acting-skills/articleshow/111164433.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

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.

 Read more at:

 https://www.thefinancestory.com/tax-job-market-trend-in-india-2024-and-in-demand-skills

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.

Read more at:

https://m.economictimes.com/tech/startups/amid-tightening-rules-fintechs-step-up-hiring-of-legal-experts/amp_articleshow/99565042.cms#appDwnldBanner

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.

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"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."

Read more at:

https://economictimes.indiatimes.com/jobs/hr-policies-trends/companies-go-on-a-big-legal-talent-hunt/articleshow/105243171.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst