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The Indian organised sector (those companies registered with the Provident Fund office or has Employee State Insurance for its employees) is on a hiring spree. It is likely to create 1.6 million jobs this year. This is in continuation of last year's bullish sentiment, according to a Ma Foi Randstad Employment Survey (MEtS).
“The 1.6-million new jobs are huge number for any economy and makes a huge difference to the country's GDP growth,” said Mr E. Balaji, Managing Director and CEO, Ma Foi Randstad, a human resource service provider. The company conducted the survey of 650 companies across 13 industry sectors in eight major cities indicates that most employers are optimistic with their hiring plans for the current year too, he said.
Out of the available job market of around 500 million, the organised sector employs 45 million, he told newspersons.
Healthcare leads
While the healthcare sector will be the top recruiter in 2011 creating 2.48 lakh new jobs, the ‘surprise' industry was ‘manufacturing - non machinery product' consisting of consumer goods, food, textiles, leather and related products. This industry is expected to more than double its intake to 2.23 lakh against 84,000 last year.
The other top sectors that are likely to generate over 200,000 new jobs each are hospitality, real estate and construction, information technology and IT-enabled services, and media and entertainment. According to Mr E. Balaji, Managing Director and CEO, Ma Foi Randstad, told newspersons that while in early 2010 the MEtS predicted creation of one million jobs for the year, the actual number was 1.13 million jobs with healthcare, hospitality and real estate sectors leading the pack.
Wage bills
Mr Balaji said while there will be an increase in wage bills across all the sectors, the increase will be a lot more muted. “We expect the increase to be 10-13 per cent. This is a very narrow range when compared to 12-20 per cent seen in some of the industries a couple of years ago,” he said. Attrition will be less than 12 per cent, he said.
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