Strong business results despite a backdrop of recessionary trends, CTCs rise in contrast to news of down-sizing, an uncertain industrial outlook but also buoyant demand that shows no signs of a slowdown…
Looking at recent headlines, you’d be justified in wondering which way your career and your job search headed. How much weight should you give news reports when it comes to finding your new job – especially when they can seem confusing and even downright conflicting? How does one reconcile stories about folk waiting it out for months to get the right job, while a friend sits on 3 lucrative offers?
There is more to the world of hiring than macroeconomic trends or the fluctuating fortunes of countries, industries & business corporations. In fact, at an individual level, the interplay of many factors determine the success of a candidate. Here’s why there’s more to hiring and placement than the economic scenario.
One Job is Enough
Statistics and economic aggregates that make business headlines are not always good indicators of individual success. Your job search is not about the millions of jobs in India, but about that one job that enables you to move ahead in your chosen direction. Ultimately, you need a single career breakthrough and, on the other side of the table, there is a real talent crunch. There will always be more than enough jobs in search of high-quality talent. The key is your employability: track record, credentials, domain knowledge and specialist skills.
Hiring Never Stops
At any point in time, professionals are switching jobs and moving to new roles for a variety of personal & professional reasons: bigger challenges, personal relationships, entrepreneurial aspirations, or just an offer that one can’t refuse. Attrition at mid-management and senior levels varies from 5-10 percent and it drives a natural cycle of replacement hiring. Typically, ‘new job creation’, linked to expansion plans and large green-field projects, comes under the scanner in tough times, but routine hiring continues.
Micro-trends are Here to Stay
A single trend – up, down, or even – no longer holds true for the entire market or even a sector. As the market becomes more developed & sophisticated, broad trends become less meaningful. It’s important to question not just whether a sector is hiring, but to study its outlook a few years down the line and to adapt to specific industry requirements. Skill sets that are in demand define their own market.
Account for the Long Tail of Opportunity
The employment market in India is a fragmented one, driven by thousands of recruitment consultants, working on client mandates across the country, making it tough to assess the size of the job market. A large number of MSMEs also account for significant hiring activity, but do not find their way into official estimates on employment. The corporatisation of sectors such as education or welfare, or employment in sunrise sectors also lead to new opportunities and rewarding careers. All these are not fully reflected in official numbers, so factor in the long tail of opportunity.
Finally, it’s a Good Time to Hire
Whether an HR team is building a talent base as a source of competitive advantage or going for tactical project-led hiring, a slow market is the best time to hire exceptional talent. Some organisations look at hiring talent at highly negotiated CTCs, others use growth prospects and higher remuneration to tempt exceptional managers to faster-growing businesses.
Growth and slowed down cycles are inevitable and each one of us can expect to see some during a career lifecycle. However, the hiring scenario and the economic outlook are not synonymous. At the end of the day, personal employability is the key trend that drives your career, determines the offers you get and the compensation you command. It’s your personal ROI that drives your market!