More hiring, 10-30% pay hike likely in 2016
The job market promises pay hikes in the range of 10-30% and aggressive hiring by the private sector in 2016, but a push will need to come from e-commerce and ‘Make in India’. Another boost can come from the 7th Pay Commission, which will trigger a big hike in salaries of government employees, and a domino’s effect can be seen on pay packets of many in the private sector as well.
Experts said the job market remained a mixed bag in 2015 but it was definitely better than the previous year and the promises of a better investment climate and the government push to manufacturing industry will soon start bearing fruit.
Executive search firm GlobalHunt MD Sunil Goel said, “Though there is lot of back-end work happening to bring the ‘good days’, it is still reflected at sentiment level only. It may start reflecting on ground level in year 2016.”
Staffing firm TeamLease Services’ senior VP Kunal Sen said, “E-commerce and IT sectors continue to look bullish next year. Moreover, the push on ‘Make in India’ is expected to see an uptick in hiring in infrastructure and manufacturing next year.”
The plan to create 100 smart cities is expected to fuel the job growth further. “Year 2016 will bring large number of jobs in tier II cities with Digital India and Smart city initiatives,” Goel said.
In order to attract and retain key talent, the companies will need to go for higher pay.
According to a TimesJobs. com survey, over 70% employees regret working in the private sector following the proposed 23.6% salary hike for the government staff. “In 2016, average raise of the salary will go around 12-14% wherein the key performers’ hike can hit as good as 25-30%,” Goel said.