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It may rain jobs in the new year as companies are gearing up to add over 8 lakh new employees to their payrolls and dole out salary hikes of up to 20 per cent to best performers in 2014, say experts.
As per estimates of various human resource consultants, the year 2014 seems very promising for job market unlike 2013, when hiring went slow across mid and senior levels and recruitments were done only to replace 'key' gaps.
In the new year, the country is likely to witness a huge surge of opportunities for job seekers with more and more corporates investing in their businesses.
"Yes, 2014 looks bullish on hiring. 2014 will be seen as a good happening year from the jobs perspective as the global economy is improving and India being one of the largest service provider for the global market," leading executive search firm GlobalHunt MD Sunil Goel said.
According to industry estimates, over 8.5 lakh new jobs may be created in the calender year 2014. The issuance of new banking licences will be a major contributor, while IT, healthcare, agri-business, infrastructure and education sectors are also likely to witness robust hiring trends.
"Last calendar year was not good either for job seekers or for employers due to uncertain and fluctuated economical and political conditions. 2014 is coming with positive vibes for jobseekers and expecting to create 8.5 lacs new jobs in different sectors," Rajesh Kumar, CEO, MyHiringClub.com & FlikJobs.com said.
With regards to salary, the average hike for most sectors is expected in single digits, while top performers can expect pay rise of around 15-20 per cent in 2014, experts say.
"This New Year is going to bring cheer for employees with a salary hike of double-digit of at least 10-12 per cent. In 2014, companies are expected to revise the compensation package and explore a more motivational approach," Indian Staffing Federation Vice President Rituparna Chakraborty said.
"All indications are that the average increase will be around 10 per cent across the industries. However, as pressure is mounting on companies to keep its growth intact, high achievers will be getting increase better than last year, which may range between 15-18 per cent in different sectors," GHCL Ltd VP and Head-Human Resources Rajesh Tripathi said.
Echoing similar sentiments, Vdopia's spokesperson, Preetesh Chouhan, VP-APAC, believes ideally a high performer receives an incremental hike of 12-15 per cent in comparison to an average rise in salary.
According to Changeyourboss.com CEO Bhupender Mehta, sectors like services, mining, construction and infrastructure are expected to up their hiring activities and companies are expected to give 12 per cent average salary hike.
Lighthouse Partners' Managing Partner Rajiv Burman said a new government in 2014 should emphasise on promoting growth and therefore hiring trends will also improve. The pay hikes could be 5 per cent for average performers and 10-20 per cent for high achievers, he said.