While the picture might not be so rosy for semi and unskilled Indian workers overseas, the trends appear to be turning in favour of NRI professionals and executives when it comes to finding satisfying job opportunities back home.
All major job market studies of late have indicated towards a significant improvement in hiring this year over 2013. There are also studies that suggest that overseas Indians, with their special skill sets, multi-national and multi-cultural experience and knowledge of innovative practices abroad are very much in demand.
According to some market reports, the situation started improving even during the build-up to the Lok Sabha elections earlier this year when the results started becoming apparent.
The materialisation of expectations of a strong and stable government has further boosted the sentiment, prompting multinationals and domestic entities to redraft their hiring plans.
A new survey by job portal MyHiringClub.com shows that the net employment outlook stands at a favourable positive 42 percent. Employers who participated in the poll foresee an increase in the headcount in the second quarter (July-September) of the current financial year. The projected hiring intentions are stronger when compared with the previous quarter.
An earlier study by the same group had revealed that non-resident Indian (NRI) executives with international exposure and three or more years of experience were being favoured, particularly by Information Technology (IT) giants in India like Infosys, Wipro, Cognizant, Microsoft and Hewlett Packard.
The sectors that have been most inclined to hire Indians with overseas experience were IT and ITES (Information Technology Eanbled Services), healthcare and pharmaceuticals. Following these, the FMCG (fast moving consumer goods) sector has been welcoming NRIs with experience in marketing and sales promotion, inventory management, supply chain and logistics management, HR, store management, etc.
Driven by the consumer demand and spending, the retail and FMCG sector is expected to witness a six per cent increase in its hiring. Pharma and healthcare is also expected to contribute to the buoyancy. The sector is expected to grow by at least 14 percent and create multiple jobs.
According to a study by TimesJobs.com last year, nearly 60 percent of all the surveyed employers said that the influx from abroad was showing a marked increase. Highly skilled professionals are returning home seeking the economic opportunities that they once sought abroad, according to Apeksha Kaushik of TimesJobs.com Bureau.
At a time when economic uncertainties have plagued most economies in the world, many NRIs feel that given Indian’s growth trajectory, a stable government at the centre as a massive domestic consumer base, their jobs would be more secure at home. They also see better future prospects here.
Like we said earlier, the sectors that are likely to drive the job market include IT, healthcare and education as well as development. Moreover the new retail banking licenses are also expected to give a decent hiring trend in year 2014. According to manpower employment outlook survey, the hiring in agriculture sector is expected to boom in 2014 as agriculture sector is increasing at a growth of 100 percent.
The survey expected manufacturing to chip in as well towards the end of 2014 with its share of new job offerings. In the recovery stage, Indian companies are expected to cut back on hiring entry- and junior-level staff, and increasingly looking to hire experienced professionals who would hit the ground running.
An earlier study by recruitment consultancy Kelly Services India had found the key reasons for migration to India to be an insecure job market overseas (58 per cent), better personal growth opportunities (34 per cent) and proximity to native place (28 per cent).
Karnataka was the most preferred destination for the reverse migrants, followed by Gujarat and Maharashtra. The study pointed towards some advantages in India: development in technology and other software service, the country’s ability to compete with developed countries and provide better opportunities, world-class higher education system (IITs, IIMs) that is recognised globally and the third largest pool of qualified scientists and engineers. All these factors are attracting non-resident Indians back to their country, it suggested.
The job market in India started to head North in the later part of 2013. Moreover, revival in the US labour market would mean an increase in the discretionary spends across the IT space which in turn would have a positive impact on the hiring prospects in the IT/ITES sector in 2014.
According to the Employment Outlook Survey by workforce solutions major ManpowerGroup, Indian employers are expecting a brisk hiring pace, especially in mining, construction and services sector.