The new year looks promising for jobseekers in India with corporates gearing up to add nearly 8.5 lakh new jobs and proposing performance-based salary hikes of up to 20 per cent in 2014.
Unlike in 2013, when hiring took the slow lane across mid and senior levels and recruitments were confined to replacing 'key' vacancies, the year 2014 is expected to bring in new jobs as more and more corporates expand business or invest in new businesses.
The maximum number of jobs are expected to be created in the banking and financial services sector, as per estimates of various human resource consultants.
"Yes, 2014 looks bullish on hiring. 2014 will be seen as a good happening year from the jobs perspective as the global economy is improving and India being one of the largest service provider for the global market," according to Sunil Goel, MD of executive search firm GlobalHunt.
The new banks that will come up under RBI's new licensing round will be a major job creator, while IT, healthcare, agri-business, infrastructure and education sectors are also likely to witness robust hiring, say experts.
They say while the uncertainties on the policy front and a weak economy had combined to limit job creation in 2013, with some policy clarifications corporates are expected to make investment decisions in the new year.
"Last calendar year was not good either for job seekers or for employers due to uncertain economic and political conditions. 2014 is coming with positive vibes for jobseekers and expecting to create 8.5 lakh new jobs in different sectors," said Rajesh Kumar, CEO, MyHiringClub.com and FlikJobs.com.
As companies are expected to revise the compensation package and explore a more motivational approach in 2014, the average salary hike for the majority is expected to go up, although in single digits, while for top performers it could be around 15-20 per cent, say experts.
"All indications are that the average increase will be around 10 per cent across the industries. However, as pressure is mounting on companies to keep its growth intact, high achievers will be getting increases better than last year, which may range between 15-18 per cent in different sectors," GHCL Ltd VP and Head-Human Resources Rajesh Tripathi said.
Employment is likely to get a boost from mining, construction and infrastructure sectors as well as the service sector where average salary hikes are expected to be around 12 per cent.