So your company is ready to expand operations in the Pacific Rim. The outlook for sustainable profitability in India is excellent, and will continue to increase. Consider the following about the region:• Largest democracy in the world.
• 7th largest country on the globe.
• Current population is approximately 1.28 Billion.
• 50% of India’s current population is under 25 years old.
• 9th largest economy and one of the world’s fastest growing.
• Average annual GDP growth rate of 5.5% and anticipated to grow at an annualized average of 8%.
• The labor force is the world’s second largest.
• More than 70% of organizations propose to increase hiring across all levels, thanks to a stable political environment and macro-economic conditions.
There has never been a better time to grow a business in India. If you’re already operating in this region, here are the top five trends to watch, the second half of 2016.
1. Employer branding remains a core focus of hiring companies. Businesses see the connection between quality branding and the ability to attract top talent. The increased use of social media has prompted more than 60% of companies to upscale the employer branding budget to stand out as an employer of choice. Indian-based companies identify such social media channels as LinkedIn with the best way to market their brand and engage candidates socially.
2. Mobile recruiting is gaining momentum. 59% of candidates are leveraging mobile to seek new jobs, and 52% use mobile to apply. In 2015, only 13% of employers invested in a mobile strategy. That number is expected to more than double, by the end of the year.
3. Job board recruitment activity in India continues to grow. According to the Employment Index for June, the increase is 17% year-on-year. The demand for senior management professionals expended by 50%. The education sector increased 65%, and the greatest decrease in online hiring was in the shipping and marine sector (down 14%).
4. HR technologies enable centralized recruitment processes. As human resources changes to a shared services model, with the goal of improving enterprise-wide efficiency, organizations are aligning talent acquisition with expanded business strategies. HR technology will become more streamlined as companies strive to achieve a single application for applicant tracking, vendor management, and video interviewing.
5. The top 10 companies in India growing at the highest rate. Organizations generally use a mix of four to five sourcing channels in order to access a diverse and varied talent pool. According to Economictimes.com, these companies are implementing the best processes, creating a quality brand image, and attracting the highest quality talent. These are the competitors in the region to look out for: Google India, American Express India, Ujjivan Financial Services, Teleperformance India, Godrej Consumer Products, Marriott Hotels India, SAP Labs, The Oberoi Group, Lemon Tree Hotels, and Intuit India Product.
With a workforce in ready-mode, an expanding economy and markets waiting to explode, growing operations in the Pacific Rim in 2016 is like getting in on the ground floor of an amazing business opportunity. There has never been a better time to run an organization in India!
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