The Finance Minister may not have done too much in terms of boosting employment in the social sector, however, corporate India seems to be on a hiring spree. The boom in the job market is akin to the surge in 2007 prior to the global economy crash.
In light of the global crisis in 2008-09 many firms had to resort to retrenching to cut costs and stay afloat to ride the crisis. But now with an expected economic growth of 9% in India, this piece of news hardly comes as a surprise.
A Manpower Employment Outlook Survey conducted revealed that employers in India have the strongest hiring intentions for the second quarter of 2011.
Salary hikes on the cards
The corporate sector employees have even more reason to cheer as it's not only a spike in hiring but reports also suggest that the average salary across sectors could increase by a sumptuous 13%, higher than the 11.7% in 2010 and 6.6% in 2009.
The biggest beneficiaries are likely to be those in the engineering services segment, with an average salary increase of 14.4%, followed by automotive and energy at 14%, and infrastructure at 13.9%. Maruti Suzuki is a perfect example of a company that's riding a boom. If these sectors are in a position to offer handsome hikes, it's because of the growth phase they are in, an Economic Times report said.
So, this appraisal season get bold and ask for a larger pay hike.
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