Salary Trends And Growth In The Services Industry

The organized sector in India is set to create close to a million new jobs in the year 2010 -2011 reveals Ma Foi Employment Trends Survey.

The survey was conducted among 1,000 companies across 11 industry segments in India - Banking and Financial Services (BFSI), Education, Energy, Health, Hospitality & Travel, IT, ITES, Real estate & Construction, Trade, Transport and Manufacturing.

The overall picture looks bright for the year with the intention of creating close to a million new jobs.

Banking, Finance, & Insurance:

Total Employee Base: 8,52,000; New Jobs: 46,000

The average age of an employee in PSU banks is currently at 53 years. We will witness a replenishment of talent soon in these banks. This sector is looking to hire over 46,000 people in 2010.

Education, Training, and Consultancy:

Total Employee Base: 97,15,000; New Jobs: 83,000

India has the largest student population in the world with 13.5 crore children in primary schools. And this large body of students needs educational infrastructure and teaching staff. The country faces a shortage of at least two lakh schools. To plug the gap, investments are flowing in. We see a surge in education, especially in the private sector; vocational training, professional training, as well as growth in private schools have been aiding this momentum.

Energy generation & supply:

Total Employee Base: 8,74,000; New Jobs: 15,000

Major projects are not expected to come on-stream this year. Bulk of the growth is likely to come from the city utilities. However, this sector is expected to generate many more jobs in the coming years.

Healthcare

Total Employee Base: 33,66,000; New Jobs: 2,95,000

Private healthcare boom continues notwithstanding the slowdown. Over the last 18 months, the Indian pharmaceutical and healthcare industry was adding manpower and giving salary increases. Next year looks bright with addition of many new hospital beds, deeper penetration of super-specialty healthcare, greater coverage of insurance facilities, and increasing medical tourism.

Hospitality & Travel:

Total Employee Base: 59,51,000; New Jobs: 1,37,000

India is expected to add about 15,600 hotel rooms in 2010. And by 2011, 40 new international hotel brands will be operational in India. Add to this, close to 415 projects or 68,480 rooms are under various stages of development and 41 per cent of these projects may start adding to existing inventory from 2010. This is not a small figure and even if one presumes a moderate figure of two people to service per room, the number of people that the sector will need to recruit is 32,000. The Travel and Tourism sector is likely to generate the 2nd largest number of jobs in the country in the coming days.

IT & ITES

Total Employee Base: 17,93,000; New Jobs: 97,000

Domestic demand is growing though many international contracts have not yet come back to normalcy. Having dominated the job market with the greatest number of new job additions year after year, India's IT and ITES industry is showing signs of stabilizing. Indian industry is showing signs of climbing the value chain and winning deals in knowledge-intensive applications. This sector will create a substantial amount of new jobs - 97000, the 4th largest amongst all sectors.

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