The last calendar year was tough for job seekers. Organisations, across most sectors, in India Inc had been apprehensive of hiring as the overall economy was undergoing a great deal of fluctuation and uncertainty. However, things are expected to be visibly different in 2014.
"Fresh job opportunities are expected to be created in various sectors," says Vidur Gupta, director, Spectrum Talent Management, a HR consultancy and talent management firm.
According to industry experts, banking, infrastructure and retail are the three most promising sectors of 2014. Talking about the banking sector, Ronesh Puri, managing director, Executive Access, a leading search firm, says, "In this sector new licenses are on the anvil. Around 28 applications have been received thus far and six to eight applicants are expected to be granted licenses.
Established business houses such as Larsen and Toubro, LIC Housing and the Aditya Birla Group are among the pool of applicants. If new banks are created the employment potential in retail banking alone is expected to go up by 20% to 25%."
Infrastructure to create jobs
Puri is of the view that both new and existing players in the sector will be responsible for the increased employment potential. He explains, "While the new banks will be recruiting the entire staff, the existing banks will undergo a phase of attrition and have a number of vacancies.
This is because the new banks are also bound to attract and absorb talent from the existing pool of banking professionals, especially people in the middle and senior rungs of management. Consequently the existing banks will need to both retain existing talent and attract fresh talent."
Talking about infrastructure Puri says, "There will be a pronounced emphasis on infrastructure building and this will translate to a considerable bandwidth of employment opportunities for people from diverse sectors. Since infrastructure building initiatives are expected to include the rural and semi urban areas of India, the employment generation in this sector will impact the lives of people from smaller towns and villages in a big way."
Trajectory of growth in retail
Retail is another sector to watch out for in 2014. Experts predict a trajectory of its growth in India mainly because multi-brand retail is being actively encouraged.
"The proposed joint venture between British retailer Tesco and Tata Group’s retail arm Trent will infuse a new dynamics in terms of employment and career prospects in the retail sector," observes Puri.
Pharma, telecom, it to be buoyant too
About other buoyant sectors, Rajiv Burman, managing partner, Lighthouse Partners, an executive search firm says, "Pharma and telecom are some sectors that will do well because of recent policy clearances and revised spectrum charges. Also, due to the revival in the US and European economies, the information technology-enabled sectors are expected to do better this year."
Gupta adds, "The performance of IT service companies is likely to improve. The automobile sector is poised for a comeback. FMCG and healthcare are expected to continue their momentum of growth."
How you can boost your performance
So, what should people who are already working in the promising sectors do to improve their career prospects?
"Intellect is valued, but along with intellect, an employee should demonstrate the right attitude to work," says Puri. A high degree of customer sensitivity and the ability to work in a collaborative manner on different projects is considered an asset.
A thorough knowledge of the company and its competitors is expected and the employee should be able to think innovatively.
On an optimistic note, Gupta says, "Things may change for good after the May elections. Employees can even look forward to double-digit salary hikes of at least 10% to 12%."