Recognition and Rewards is India Inc’s Favourite Retention Policy

Mumbai, November 16, 2015: As the Indian market keeps up its escalating growth trajectory, Michael Page’s 2015/2016 India Salary & Employment Outlook paints a very positive picture of the job market over the next 12 months. Emerging sectors such as ecommerce and the continued strength of areas such as healthcare and infrastructure have infected the market with the right kind of enthusiasm and further bolstered the job scenario. Companies are now concentrating their efforts to retain high-performing employees with exorbitant counter offers to stem talent loss. 

Salary and remuneration has seen a magnanimous overhaul. Of the 240 employers from market-leading multinational companies (MNCs) and small and medium-sized enterprises (SMEs) across all major industry sectors surveyed:

Sebastien Hampartzoumian, Senior Managing Director, Michael Page India, said, “At Michael Page, our specialist approach - with dedicated teams of recruitment professionals, combined with expert commentary drawn from our extensive involvement with senior executives, gives us an in-depth perspective into each industry sector. Overall, the Indian market continues to grow, with strong confidence bolstered by high levels of investment.”

The report reveals that a potential candidate's decision to accept a new role is usually influenced by brand reputation, career progression and international opportunity.  Millennials in particular expect a clear path of career progression that includes opportunities for development, overseas secondments and promotion. A favourable online presence, especially on social media platforms, will help accelerate talent acquisition as Indian employees further heighten their engagement levels online. 

An interesting trend observed while conducting this survey was the apparent modernisation of the Human Resources (HR) function in India. There has been a distinct move towards aptitude-based hiring. Hiring managers are now evaluating candidates purely on their own merit and abilities, regardless of how their experience stacks up, which is very uncharacteristic and does not align with traditional hiring practices in India. Eighteen months into the new government’s reform agenda and the launch of the ‘Make in India’ campaign, India Inc. is reeling in excitement to know what the future holds for India’s labour pool. 

Michael Page’s 2015/2016 India Salary & Employment Outlook also provides key insights, details on salary and remuneration, recruitment activity, attraction and retention figures across the finance, financial services, sales & marketing and human resources functions.