Despite the mass layoffs, IT professionals are still the highest paid … – SME Futures

The hiring landscape has changed, and hiring is no longer based on educational degrees, but skills. The talent acquisition teams now have complete clarity about the roles and responsibilities of the specific profiles that they are hiring for and are mapping out the entire hiring journey and process using the latest technology.
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What led to layoff menace?
There is no denying that India’s hiring and recruitment sector has had its share of crests and troughs. At a time when the Indian start-up ecosystem is witnessing massive layoffs, there is a simultaneous recruiting spree going on as well.
In addition to this, the pandemic has completely revolutionised hiring trends in India. The recruitment processes that seemed to have worked well earlier have proven to not be as successful in current times. The pandemic has also highlighted the recruitment industry’s shortcomings and disparities, with a specific segment of the workforce being disproportionately affected. 
According to a report by Hirect, a chat-based, direct hiring platform for start-ups and SMEs, the future of work will not be about degree certificates but skills.
“Following the pandemic, organisations increasingly transformed their hiring policies to highlight that the right skills will be valued over academic credentials. Technology is expected to transform over 1 billion jobs, or nearly one-third of all jobs globally, over the next decade,” the report titled ‘Decoding the Hiring Landscape and Job Market in India’ states.
The report goes on to say that currently, with Gen Z already involved in the workforce and significant millennials in decision making positions, the ‘generalist’ approach has become obsolete. Now hiring teams are very specific in their approach. Let’s find out more about what is trending in India’s job market these days.
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Yes, Indian work culture has greatly evolved but it is still a work in progress. However, it does vary from region to region. Barring a few things, there are still a myriad challenges that the working class has to contend with. A common example would be that of the prevalent gender imbalance at the workplaces, which is rampant at every level and in every sector. However, many organisations are actively working towards changing this state of affairs. Meanwhile, technology is expected to transform over 1 billion jobs, or nearly one-third of all jobs globally, over the next decade.
Here are some changes and trends that are being introduced at the workplaces all over the world and which will continue to be followed and propagated in the future.
Gender inequality at the workplace is still common, particularly in the technical sectors, where a few female workers must contend with an overwhelmingly male workforce. The healthcare sector is at the forefront in the representation of women, with about two-thirds of their entry-level employees and 53 per cent of their senior managers being women. 
In June 2020, India’s female labour force participation rate fell, and the two main reasons for this are the facts that their numbers in the workforce are declining and the work that they do in their homes is neither acknowledged nor rewarded.  
The relevance of employer branding in attracting, retaining, and engaging top talent cannot be stressed enough. When deciding on where to seek employment, 84 per cent of job seekers consider a company’s reputation as an employer as a very significant factor. The role of organisational culture goes far beyond the workplace environment to affect every aspect of the business, from recruitment to retention to performance. A solid employer brand is likely to attract a more qualified and diverse workforce.  
In a start-up environment that promotes a diverse workforce, there is an influx of millennials and Gen Z. While both generations grew up with changing technology, there are some differences in how they approach work and essential tasks. Millennials have witnessed the emergence of various technologies and are likely to be more amiable to racial and gender equality issues. 
In contrast, Generation Z is a technologically savvy generation that has never known a time when the internet did not exist. A mutually inclusive workplace of this multigenerational workforce needs to create an excellent working environment filled with empathy, reverse monitoring, diverse collaboration, and more.  
Even though start-up culture is going through a rough patch with a massive number of employees being given pink slips, the employment scenario in the IT sector remains very robust. 
Talking about the highest job creators in the country, the Hirect report reveals that sales and business development accounted for 26.9 per cent of employment. While the IT and the ITeS sector is the second highest employer. The sector hired for 20.6 per cent of the jobs, followed by the marketing sector with 9.9 per cent. Procurement/Trade with 0.3 per cent was one of the least job-creating sectors for the year 2021-22.   
“The economy has seen a severe downturn in the past two years, and it has started to show a positive development trajectory. India’s hiring industry has seen quarter-on-quarter growth, with start-ups hiring in significant numbers and creating huge employment opportunities,” 
In terms of the top employment generating cities, Bangalore ranks number one. The city continues to be in the top position with the highest number of jobs and employment created with a 17.6 per cent share out of the total number of jobs created.
While Delhi grabs the second spot with 11.5 per cent, followed by Mumbai at 10.4 per cent and Noida comes at the tail end with a 6.0 per cent share. 
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According to the report’s statistics, in the top 20 per cent of the highest paid jobs, IT engineers (with an experience of 5-10 years) are placed among the top with a 54.2 per cent share, followed by sales & business development with a 20.4 per cent share, within the same experience range.
In other words, the average salary in the IT industry for the experience range of 5-10 years is 62.3 per cent higher than the average salary in sales and business development, which is at 20.4 per cent. In the IT/ITES sector, backend technology leads the list with 42.8 per cent of the highest paid jobs. While the web-technology sub-category with a16.2 per cent share comes in at second place. 
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There has been a drastic development in the hiring process over the past two years, where technology has taken over the various processes. For instance, on-campus recruitments, career fairs and open houses are no longer held on-campus. Video interviews have taken the place of in-person interviews. Job postings have evolved from just job description summaries to a more targeted communication to engage a larger candidate pool in order to stay competitive. Here are some of the main changes that the job market is witnessing.
Rapid alterations in hiring trends have led to recruitment decisions not being confined to just the recruiters and HR. Founders, CXOs, and Directors are actively involved in the hiring process, and this fraternity is highly inclined towards handpicking their teams. The recruiter pool is also expected to grow in the candidate-driven market because of the active participation of the decision makers. 
The Harvard Business Review reports that the traditional applicant tracking systems (ATS) employ proxy servers to filter candidates by their essential characteristics and reject them if they fail to meet the criteria. This is changing and now employers are using skills-based filters instead of the narrow criteria of an ideal employee to open up the recruitment process. This allows them to garner the candidates who are the best suited and most qualified for the profile that they are hiring for.
In the era of the all-pervasive social media and the proliferation of employer review sites, candidates’ experiences are crucial in employer branding. Negative reviews can hurt the brand’s reputation in delivering an engaging customer experience. Nowadays, recruiters are advised to communicate with the candidate throughout the hiring process, up until the very end and are being told to clearly explain why the company is not going ahead with their candidacy, if they are not hired. Employers can plan for hiring success in 2022 by incorporating these viable solutions to the pandemic-related problems like hiring automation and candidate shortages. 
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Overall, the hiring industry has completely evolved due to rapidly advancing technology and the various adversities that it has had to face in recent times, especially due to the pandemic. Fast, agile, and quick hiring processes, with the emergence of new-age companies, are the “Next New Normal” for the hiring industry. The employer-employee relationship will never be the same again due to the disruptive new recruitment trends, as candidates do not prefer to wait anymore and GenZ has minimum patience for the lengthy hiring process that was the norm for a long time. The sooner the experts and the decision makers adapt to the changing dynamics of the hiring landscape and the job market, the better it will be for their industries and organisations and the economy at large.
Enhancing private investments is one of the recommendations the PHD Chamber of Commerce and Industry (PHDCCI) made to the government […]
Enhancing private investments is one of the recommendations the PHD Chamber of Commerce and Industry (PHDCCI) made to the government as the Union Budget 2023-24 is a crucial juncture of geo-political uncertainties, high inflation and slowing world economic growth.
Among the lists of recommendations, the industry body has highlighted the creation of demand or consumption, ease of doing business, reduction in the cost of doing business, infrastructure, strengthening the MSMEs, supporting the tourism sector, bringing agriculture and the rural sector at the forefront and ensuring vital health infrastructure and focus on education and skill development.
While enhancing the momentum in private investments, PHDCCI said there is a need to refuel consumption, capacity utilisation, percolation of ease of doing business at the factory level, rationalisation of cost of doing business, rationalisation of taxation, modern infrastructure, enhanced incomes in the agriculture sector, inclusive health infrastructure, quality education and employment creation in the economy.
PHDCCI said demand creation would have multiple effects on enhanced production possibilities, expansion of capacities, vis-a-vis private investments and employment creation. It said this would turn on the overall virtuous circle of growth and development of the Indian economy. To enhance consumption in the economy, the industry body said there was a need to increase the tax rebate benefits for consumption expenditure.
Tax rebate on the purchase of the self-occupied house is given Rs 2 lakh only for the last many years. The industry body said this needs to be enhanced with the wider scope of consumption expenditure such as the purchase of more than one house, purchase of a car, along with other durables.
It recommended consumption expenditure rebate must be enhanced to Rs 5 lakh per annum. This will not only enhance the aggregate demand in the economy but also attract private investments, increased the capacity utilisation of the firms and create enormous employment opportunities in the economy. Reduced costs of doing business and a level playing field in the country will increase the competitiveness of our industry and exporters, and reduce imports of the items where India has domestic capabilities, it said.
The PHDCCI said the government should focus on reducing the cost of doing business including the costs of capital, costs of power, costs of logistics, costs of land and availability of land and costs of labour, availability of skilled labour and costs of compliance. State-of-the-art infrastructure is one of the crucial sectors that propels the overall growth and development of the Indian economy, according to PHDCCI.
The increased spending on infrastructure will give a multiplier effect to rejuvenate the aggregate demand in the economy. “Undoubtedly, the robust growth of infrastructure is the key ingredient to realise the vision to become Atmanirbhar Bharat and a developed economy by 2047,” the industry body said.
The micro, small and medium enterprises (MSMEs) sector has emerged as a highly vibrant and dynamic sector of the Indian economy over the years. The plethora of reforms for the MSME sector and the amendment in the new definition of MSMEs will enhance the production possibility frontiers of the MSMEs.
PHDCCI said the current banking norms result in high primary security and collateral security demanded by banks for the MSMEs which hampers their growth prospects. It said the focus of the government should therefore be on hassle-free disbursements of loans at affordable rates of interest for the businesses vis-a-vis enhanced liquidity for MSMEs.
The industry body recommended a reduction in tax on MSME firms, working as proprietorships or partnerships. The tourism sector is a major engine of economic growth and an important source of foreign exchange earnings in many countries including India.
PHDCCI said the development of tourism infrastructure is of paramount importance and should be accorded a priority to provide a better experience, facilities, the safety to tourists and thereby enhance employment creation in the country and facilitate the growth of MSMEs.
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