Embracing the importance of artificial intelligence, the healthcare sector will create 40 percent of opportunities in terms of employability followed by marketing and human resource
Hiring outlook in 2019-20 will remain steady and organizations will focus more on replacement hiring followed by new recruitments providing opportunities for the freshers, according to Hiring, Attrition & Compensation Trend 2019-20’ survey by Genius Consultants Ltd.
The survey showcases that 67.52 percent respondents believe female hiring will be impacted owing to the amendment of the Maternity Benefit Act 1961 that protects the employment of women during the time of her maternity and entitles her of a ‘maternity benefit’.
The survey this year also indicates that almost 58 percent of employers have a positive outlook on hiring. While only 10 percent of employers said layoffs are on the cards, only a few have a negative outlook of ‘No Hiring’ in 2019-20. It further points out that Northern zone will provide more opportunities for job seekers followed by the others.
According to the nationwide study, embracing the importance of artificial intelligence, the healthcare sector will create 40 percent of opportunities in terms of employability followed by Marketing and Human Resource. While streamwise engineering remains at the top of the list followed by Graduates and MBAs to witness highest employability rate.
In terms of employee retention, the study says that organizations are planning employee welfare schemes, improving the working environment, reskilling the existing workforce, etc. Moreover, many companies are looking at offering increments to their employees. Around 46 percent companies expect increment between 10 to 15 percent, whereas around 32 percent think the increment will range between 5 to 10 percent and only a handful think it will less be than 5 percent and more than 20 percent respectively.
The report also analyses the critical issue of attrition that is prevalent across industries. It indicates that junior levels are more susceptible over middle and senior management people.
R.P Yadav, Chairman, and MD, Genius Consultants Ltd. said, “The overall industry sentiments showcase a positive outlook of the market. The hiring scenario looks encouraging with negligible staff reduction and no hiring policy of the companies. Nonetheless, it is very important for employers to think of newer employee benefit policies, and training sessions to update the existing workforce with the market trends. Similarly, it is important for the employees to embrace the changes and incorporate their learnings in work practices to keep themselves relevant for the organizations.”