The world’s largest democracy and one of its largest economies, India has experienced rapid economic growth in recent years. Though that growth rate has slowed over the past few months, the country still enjoys the world’s most optimistic employment outlook.
By Mary Anne Thompson, founder and president, GoinGlobal Inc.
India currently boasts the world’s most optimistic employment outlook, with robust hiring expected over the next few months, according to Manpower Group. Moreover, the country plans to create about 1 million new jobs over the next year. Its unemployment is a low 4.9 percent, with 4 percent expected for 2016. India’s burgeoning middle class, growing domestic markets and large English-speaking population all work in the country’s favor, pointing to a likely prosperous future.
Expats in India
Only about 39,000 expatriates are working in India today. Hiring of expats in India has slowed recently as employers seek local candidates. Indian companies, both large and medium-sized, will hire expats if the cost of hiring them is the same as for locals. The majority of expat hiring is at senior levels. Typically, expats are sent to India by multinational companies. For expatriates already in India, finding work can be difficult, and salaries are far below those in the West.
Areas of Job Promise
Jobs in the core engineering sector -- oil, power and minerals -- and sales jobs in retail, hospitality, IT and BFSI (banking, financial services and insurance) will be in great supply.
Lack of skills is a common reason for vacancies in India. In fact, 58 percent of employers in India are having difficulty finding the right talent. This is far above the global average of 38 percent, and the second highest in Asia, according to Manpower Group. The ten positions that are hardest to fill in India include:
India continues to suffer from a major “leadership capability gap,” according to Deloitte, and the shortage of leaders is actually increasing.
Skills in Demand
The greatest talent need in India today is for professionals with SMAC skills: social media, mobility, analytics and cloud computing. IT firms are expected to hire more than 30,000 people this year, including people from other disciplines as well.
Creative and arts professionals are also increasingly sought.
General Salary Trends
Salaries in India are low:
Expats fare far better than locals, however. The gross pay package for expatriates in India averages about 300,000 USD per year, according to ECA International.
Increases: Overall, employees in India will see salary increases averaging 10.7 percent this year.
India does have challenges, including poor infrastructure, a lack of quality higher education, rampant poverty and a large informal sector that lacks benefits and job security. The country’s young population, growing middle class and enormous amount of job opportunities helps offset its weaknesses. With more than one million job openings projected for 2016, India remains a country on the rise and one to watch.