Emerging trends in career market

Usually economic status of a country is rated based upon GDP, rate of inflation and other economic matrices. But country’s economic status and placement situation can also be judged by the placement scenes at the premier educational institutions. Recently held placement in the premier B Schools of the country like IIMs were like IPL auction sales! Candidates were given placement offers with very attractive pay packages.  

Placement situation in the country during 2010-11 is very bright. Even though during economic recession, there was a reduction in increment levels from 13.3% to 6.6 % during 2008, the current situation is entirely different. All private and PSUs have eagerly started recruiting skilled and talented professionals for augmenting production. During the pre- recession period, campus recruitment was around 65 percent in IT and ITeS sectors.  But during recession it had come down to 25 percent and increment level reduced from 13.3% to 6.6 % during 2008. Now it started moving up and the campus recruitment is around 40 percent in the country. Average increment level expected during 2010-11 will be 10.6 %.

Some of the potential areas are Banking, Financial Services, Insurance, Education, Training, Consultancy, Health care, Hospitality, Tourism, Travel, IT, ITeS, Real Estate, Construction, Trade, Transport, Manufacturing, Energy, Automotives, FMCG, Engineering, Procurement, Retail industry and Agribusiness.

Research studies done by different HR services research agencies like MAFOI, NASSCOM, ASSOCHAM, CRISIL, Deutsche bank and Hewitt revealed that Indian career market will exhibit quantum jump and by 2020 there will be spectacular changes in key sectors like energy, infrastructure, pharmaceuticals, project engineering, telecom, IT, ITeS, Engineering services, Banking, Financial Services, Insurance, Healthcare, Agribusiness, Manufacturing, Hospitality, Trade, Tourism and transport.

Some of the salient features in different sectors are as follows.

Energy (Oil, Gas, Coal & Power)

India has acquired the status of 5th largest power generation capacity in world. Oil and gas requirement will be expected to increase from 186.54 million tonnes during 2010-11to 253.58 million tonnes during 2011-12.

There is huge demand for skilled workers in the Oil and Gas industry. Since stiff competition is occurring between Private and PSU units, PSUs have aggressively started revising their HR policies.

Infrastructure              
Infrastructure is one of the sectors least affected during recession. 450$ US Billion investment is expected to reach the country by 2012. Ports, Highways, Airports and other amenities are the basic drive behind this growth.

Project Engineering

Global engineering services outsourcing market will reach 150-215 US Billion $ by 2020. Of which India’s share will increase from 12% to 25%-30% . Engineering will become the biggest sector after IT and ITeS in the country.

Pharmaceuticals

By 2015 Indian Pharmaceutical industry will reach 20 Billion US$ turnover. There is very good potential for generic drug market in the country. Indian Pharma industry employs quality manpower and excels from low cost of production, world class technology and research.

Retail Industry

India ranks fifth among the largest retail industries in the world. By 2012-2013 the turnover will reach 573 billion US$ from 405 billion US$(2010-11). Increase in standard of living creates spectrum of opportunities in the retail industry. FDI and subsequent development in the retail industry will seek more man power from Tier 1 and 2 cities.

Telecom

India is the third largest country in Telecom sector globally after China and USA. Country’s mobile subscribers will be around 5 % of the world market by 2013-14. Rural penetration coupled with 3G technology and competition will facilitate better career prospects in this sector.

Banking, Finance and Insurance

Public sector banks are trying to open overseas markets. Government of India started permitting private companies to start banks in the country. Some of the potential areas are Asset management, Broking, Investment and Insurance. All Public and private sector banks require skilled professionals in the areas of finance, banking, marketing and HRD management.

Education, Training and Consultancy         
As a sequel to globalization, global village concept is acquiring momentum in the country. Education, training and consultancy are some of the key sectors which can drive more employment in the country. These sectors are expected to create 97000 jobs during 2010-2011. Educational consultancy services are acquiring more importance in the country. In this post recession period companies are more keen to recruit talented professionals in the financial sector. Moreover the bill to permit foreign educational institutions to start campuses in India is in the final phase.  

Hospitality and Travel

This is one of the fastest growing segments in the world. Four percent reduction in turnover was recorded in Hospitality and travel during 2009 in the country. But during 2005-10 this sector had exhibited 13% growth. Five star hotels and real estate business further augmented growth in these sectors.

Expected Salary hike for different sectors during the year 2010-11 are as follows.

Manufacturing-12.8%, Services-12.1%, Telecom-12.2% and Hospitality-12.7%.  India has higher rate of career prospects of +39%; whereas countries like Barazil+38%, Australia +22% and Singapore+20% 
                                    
Twelve  fastest growing jobs projected upto 2018 by US Bureau for labour statistics are Biomedical engineers, Network systems and data communication analysts, financial examiners, medical scientists except epidemiologists, Physician assistants, Biochemists and biophysicists, Veterinarians, Athletic trainers, Computer software engineers, applications, system software, food technologists and Environmental engineers.