The Hindu Business Line : Happy days ahead for job hunters

Business school graduates are looking forward to a placement season where the toughest choice they make will be which out of the half a dozen offers received, should be accepted.

The difference between the upsurge in jobs this year as against the last boom is that companies will be hiring specific skill sets to fill pre-determined positions rather than hire people en masse in anticipation of future business.

Global consulting firms continue to be "dream" jobs at most business schools. At Jamnalal Bajaj Institute of Management Studies, more than 60 per cent of the class has applied for the one job that McKinsey usually offers. Though the actual numbers of positions that will be filled by companies such as Accenture and Cap Gemini E&Y are not known, the booming outsourcing business indicates that there will be a large number of jobs in these companies - hired from campuses and for lateral positions, according to Mr Shashank Sibal, Director, Knowledgecommunity.com.

If IT was the buzzword during 1998 -2000, BPO is its equivalent for 2004. It has been the largest recruiter in 2003 and will continue to be ahead of the pack in terms of sheer numbers that they will hire. For entry levels to middle management roles, BPOs will also be one of the bigger paymasters, says Mr Vora, General Manager, Omam Consulting. While BPOs are favoured jobs amongst fresh graduates, it still lacks the glamour that business school graduates seek. Voice-based BPOs are a clear no - no, while high-end data processes such as financial research and GAAP accounting will attract some MBAs. IT is also making a resurgence this year and companies like Infosys continue to be top choice for MBAs.

Across the board IT hiring is also expected to grow this year, say consultants, despite bench rationalisation that will happen in IT service companies.

With the stock market surging ahead in full steam, investment banking and equity research functions are top finance jobs this year. Mutual funds and retail banking come at the tail end of the preferred financial jobs for 2004, despite significant growth that these sectors have registered.

While traditionally strong recruiters like HLL and P&G continue to be preferred employers, FMCG as a category is losing its sheen. There is also a product segment differentiation in FMCG companies with categories like foods marketing preferred over personal care products.

Sectors such as manufacturing, power, pharmaceuticals and retail are billed to be top hirers at managerial levels for 2004. These sectors are perceived to be poor paymasters with "old economy" work culture, but the rise in domestic and export demand will ensure that companies in these sectors will raise salaries to attract competent and talented people. A large number of skilled professionals will be hired for technical and support functions in manufacturing, power and pharmaceutical sectors. Retail will fight with BPO and hospitality industries to hire people with customer service and people management backgrounds.

Overseas placements are likely to be lower this year. Most IT companies and other Indian multinationals were earlier hiring Indians to work in their overseas offices. This trend is changing now and companies prefer to hire local talent in countries where they have offices. There is also a reverse trend of large number of employees seeking to relocate back to India. This is primarily due to the renaissance in the Indian economy.

Salaries are expected to rise across industries and levels. People who have been struggling to find suitable jobs in the last couple of years, now have multiple offers and organisations will be forced to hike salary levels to attract best talents, say consultants.