Recent Trends In Job Market

Recent Trends In Job Market Mrs.K.VidyaKala

Present Trends in Job Market: Two Types of Employees: The present trends in job market continue to be what they were in the later part of the 20th century. ‘Fewer jobs and innumerable aspirants’ is the order of the day now and no wonder, employers and recruiters have a wide range of scope in the choice of their manpower and they also have the final word in negotiating the compensation of employees. The employees who secure a foothold in organizations with Herculean efforts coolly accept without a murmur whatever salary is offered to them. This, however, is only one side of the coin, as the situation is applicable mostly to the lower and middle level jobs. A modern potential employer knows that an organization can be mechanically run by these employees but the real growth development of it depends on the genuinely talented persons who even assert and accept assignments only their own terms and conditions. Present Trends in Job Market - Priorities: Productivity and Performance: In the present scenario, there has been a significant change in the functioning of organizations, tremendous technical development, democratization of higher education, rapid global communication and changes in consumer values have brought about a new concept of work, resulting in a new way of working and creation of resilient work force with priorities of the organization being productivity and performance. Present Trends in Job Market - New concept of Loyalty: The organization requires a set of new employees who are willing to submit themselves to the new pattern of working. They have a abandon their old thoughts and attitudes and adopt new perception and develop positive attitude and thus move forward with the management in their onward march towards the global market. In the old concept, employees are assured of their job till retirement. They enjoy all privileges and rights and make use of all the leave and encashment facilities without much concern for the functioning of the organization and on their part; they provide the evidence of their loyalty during the tenure of their service.

In the new set up, loyalty is not an absolute factor either for an employer or a talented employee. What is the use of loyalty when the employee is not a potential performer? The slogan ‘security for loyalty’ is now replaced by ‘employability in exchange for productivity’. For key positions, officials are ‘offered project oriented contract’. The contract is renewed on the basis of performance in the completed project. The employees are at liberty either to accept or seek better, more remunerative and challenging contracts. Present Trends in Job Market - Compensation for Performance: The compensation for an assignment is generally based on cadre and tenure of service. But, of late a modern employer follows the principle of ‘compensation for performance’. In many of the MNCs, Salary is guarded secret. A recently recruited person may be drawing a little more salary is a guarded secret. A recently recruited person may be drawing a little more salary than a senior official and they may not know the salary of each other unless they exchange notes on it. The better salary is based on the person’s managerial trait and technical expertise. Present Trends in Job Market - A Place for Leaders: The employees are made to feel that they are part of the management and fully responsible for sustaining the image and vision of the institution. In today’s organization, managers are actively involved in the working process. They are not expected to merely manage, supervise or control the staff under them but to lead them. In other words, they are leaders rather than supervisors, or controllers. They should also change their attitudes and cultivate and develop new skills to meet the emerging needs of the institutions, as they are also involved in the changing policy matters, and planning and networking process. Present Trends in Job Market - Strategy of present day Graduates and Post Graduates: Now in the present circumstances, what should be the strategy of a graduate or postgraduate seeking a suitable appointment? High academic qualifications do not guarantee a good job. It is also not enough you confine your study to textbooks and the syllabus whatever be your subject of specialization, you should reach the point of excellence and keep abreast of the latest development in it. Besides, you should also be familiar with the present day needs and requirements of the job market. It a gold medalist in M.A. History feels enviable of his academic records and thinks that he has nothing to do with computer, his services may not be required in many of the institutions where the knowledge of computer is considered indispensable and consequently less qualified person with computer knowledge may be preferred to him.

As a rule, the modern employer is not so much fascinated by the university scores. In the present day job market, besides university degrees, communication skills assertive personality, positive thinking and leadership qualities are given due weighting. It is not enough, if you possess these traits. They should be properly exhibited and demonstrated in your resume and at the time of interview and group discussion, which form the screening test for getting suitable jobs.

Here are the rankings of cities topping the job charts: Mumbai still rules the job market in India. It has cornered more than 18.50% of all the jobs produced between the period of January and March 2008 according to Job trends: across cities and sectors survey prepared by the ASSOCHAM, Rank City

Job % share

1

Mumbai

18.52

2

Gurgaon, NCR

15.41

3

Delhi

11.55

4

Bangalore

10

5

Pune

8.9

6

Chennai

8.8

7

Hyderabad

8.1

8

Lucknow

6.61

9

Kolkata

6.49

Surprisingly, Kolkata even being a Metro ranks even below Tier I & II cities like Pune and Lucknow. The study was based on the sample of 32,000 vacancies posted by around 3,500 companies in the national and regional dailies, journals and job portals like “timesjobs.com” and “naukri.com” during the three months period of January-March 2008. Filed in: Trends, employment on June 30th, 2008.

Opportunities in the Indian Industry : • • • • • • •

Automobile Sector Aviation Sector Banking Sector Biotechnology Sector BPO Sector Consumer Durables Sector FMCG Sector

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Hospitality Sector IT-ITeS Sector KPO Sector Media and Entertainment Sector Mining & Minerals Sector Pharmaceutical Sector Retail Sector Telecom Sector

Career Opportunities in Banking : Banking is one of the most sought after career choice among the students. It is an entry into a well paid, secure and status career. Though it may appear that these jobs are meant for commerce/economics students but the fact is that majority of bank officers are from different streams of education. The emergence of technology-driven new private banks have broadened the scope and range of banking service and entry of Financial Institutions are into the short-term lending business, is resulting in needs for more professionals. Now banks are in the mutual funds, securitization business credit cards, and consumer loans, housing loans, housing loans besides trading in gold and forex activities. Generally banks look for good communication skills, good interpersonal skills, and the ability to deal with customers, an alert nature, and basic knowledge of the industry. However to join foreign or private sector banks at higher than entry level one needs specialization in some specific areas. For example expertise in project analysis, credit appraisal skills, managing huge loan portfolios general and foreign exchange and money .Good computer knowledge is always preferred. There are front office personnel in all banks, and then there are supervisors who handle most back office operations like completion of transactions, general ledger work, and overall supervision. Banks are now offering good salary packages.

Investment Management - Career Options Actuary

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Evaluates the risk for companies to be used for strategic management decisions. Actuaries use their analytical skills to predict the risk of writing insurance policies through the use of mathematical, statistical and economic models. An actuary not only fixes the premium rates for new products, but also revises both products and prices. They calculate costs to assume risk, for example how much to charge policyholders for life or health insurance premiums?

Underwriters-Work Profile •

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Insurance underwriters review insurance applications and decide whether they should be accepted or rejected based on the degree of risks involved in insuring the people or objects of concern. In the life insurance business, an underwriter is expected to filter the "bad or substandard lives". Whereas, in the general insurance segment, he takes care of risk management . Underwriters give and obtain information, explain policies and quote rates to medical personnel, other insurance companies, or field representatives.

Surveyors- Work Profile • • • •

Surveyors are professionals who assess the loss or damage and serve as a link between the insurer and the insured. They usually function only in non life business. Their job is to assess the actual loss and avoid false claims. Surveyors like agents, are not employees but are independent professionals hired by the insurance company.

Marketing & Distribution - Work Profile • •

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Insurance agents may work for one insurance company or as independent agents selling for several companies. Insurance brokers do not sell for a particular company, but place insurance policies for their clients with the company that offers the best rate and coverage. Insurance agents and brokers can find openings in the health insurance sector, financial planning services, retirement planning counselling or even provide other services, for example sell mutual funds, annuities and other securities.

Consumer Durables Industry: Consumer durables market is expected to grow at 10-15% in 20072008. It is growing very fast because of rise in living standards, easy

access to consumer finance, and wide range of choice, as many foreign players are entering in the market.

FMCG As A Career : FMC FMCG is one of the most dynamic domains of the business world. A care career in this sector encompasses a large number of job roles like market researesearch, pricing and product development, purchasing, advertising and brand awareness. FMCG is a sector where graduates can gain excellent rewarrewards if you work hard. QualificationsRequired FMCG career structures are fairly slow to progress. One may not get as high a package initially as in some other sectors like IT, Real Estate, etc. Having once entered the sector, however, candidates would find any number of opportunities and would see their salary packages rise fast enough. There are plenty of options in FMCG sector if you enter as a graduate, but strong educational qualifications are an advantage. SkillsRequired FMCG sector requires huge amount of commercial awareness; one must have the skills of a team player. Apart from that, good numerical skills, communication and organizational skills are all essential for a successful career in this industry. Key skills will also depend upon the type of position you want to pursue, i.e. marketing, human resources, finance, etc. Here are seven good reasons why one should pursue one's career in FMCGsector: 1.Job security It is a stable industry. Unlike some other industries, such as automobiles, computers, and airlines, FMCG industry does not suffer from mass layoffs, every time the economy starts to dip. One may drop the idea of buying a car but not the idea of having dinner. This lends FMCG a level of job security unknown in other industries. 2.A high profile industry India has 1.1 billion people and all are consumers. Therefore everyone is affected by FMCG sector. People now are getting more & more health conscious. They are getting concerned about what they are eating. All this has become possible because of the frequent display of various advertisements, such as protests against the genetic modification of foods, the growing problem of obesity, etc. 3.Quick

experience

Consider an example: One person is working in the sales of cars while the other one is working in the sales of juice. At the end of the month, the person who is working for the sales of cars makes a maximum of 2 or 3 sales, if he is fortunate. On the other hand, the other person sells a large number of products every day. Definitely, the juice seller will get more experienced in less time working in FMCG than any other sector, no matter whether in sales, marketing, operations, accounting, etc. In the end, one will land up learning more and gaining a firm grasp of basicbusiness skills. 4.A wide range of experience One can have a wide range of choices if one desires a career path in FMCG sector. Wide availability of options for working in a large MNC or a small local company ensures that people in FMCG sector have a range of job roles available to them. The "fast moving" part of FMCGs requires people who are flexible. Transfer from sales to marketing or to operations is very common. In fact all three roles can be played at once in smaller firms. One will get to learn a lot, even if one enters this sector for a short duration. 5.An industry that thrives on innovation FMCG sector gives the opportunity to do creative work. There is a constant requirement of innovation in production, advertising, packaging and branding. FMCG offers an opportunity to express your creativity through developing new ideas for products, as brands compete head to head on the shelf. 6.Nationwide opportunities, both urban and rural FMCG sector offers opportunities through its connection to the primary sector in rural and urban areas. The sector is particularly attractive for those interested in working in different parts of the country, as it has a nationwide base, unlike many other sectors confined to particular locations. 7.Offshore opportunities The International offices of most FMCG multinationals regularly recruit staff from our country, either for short projects or for longer stints. Careers in Media And Entertainment Industry ReceRecent changes have revolutionized the career prospects in Media AndeEntertainment sector. Flourishing economic technological revourevolution, and advances in the sector have opened gates of new oppoopportunities for students and aspirants in this sector. Required Skills and Traits Media And Entertainment is one of the few sectors that offer

opportunities to portray and utilize one's creativity and innovative capabilities. It is a sector that allows a person to tap his full potential. It is a very dynamic sector and requires flexible and agile professionals. The qualities or traits required in professionals in different areas of Media And Entertainment sector vary considerably, depending fundamentally on the nature of the work. An ideal professional or candidate in this industry is the one with a combination of skills and traits like confident and pleasing personality, patience, teamwork and excellent communication skills. Physical stamina will be an added advantage for jobs like journalism. As competition is increasing at a very rapid pace in Media And Entertainment industry, a candidate should be willing to work hard enough to distinguish himself from the average performer in the industry. A career in publishing industry, especially editing, requires extraordinary command over language, attention to grammar and an eye for detail. Career opportunities in the Retail sector India is an ambitious economic liberal country. In sharp contrast to the retail sector in developed economies, retailing in India-though large in terms of size- is highly fragmented and unorganised.In India retail sector includes street vendors, supermarkets, department stores, restaurants, hotels and even two wheeler and car showrooms.

Growth

and

opportunities

in

India:

India’s sunrise sector is witnessing a major transformation as traditional markets make way for modern and indigenously developed retail formats .The retail industry is booming and poised to witness the golden growth like other sectors –IT, investment management and tourism. With the boom in the retail industry, the demand for the trained employee has been increased. Malls and big stores have revolutionized the whole sector. This sector requires the modern management techniques to run them efficiently and effectively. As result a career in retailing is going to be rewarding. Apart from the retail manager one can choose the different positions like inventory/logistic manager, mall manager, floor manager and customer care satisfaction manager etc. There are also the opportunities in human resources, finance and system management. This sector is expected to generate 10-15 millions job over the five years. Big business houses in India like Reliance, Godrej, Bhatri, Birlas, Tata, Wadias, Subhiksha, Amul etc. are now looking at retail sector. Reliance India entering in a big way with an investment of RS 25000 cores and an estimated employment generation of around 10lakhs. Current major retailers in India: RelianceFresh,RPG,Musicworld,Spencer’s,Pantaloon Big Bazaar,

Food Bazaar, Pantaloons,Central,E-Zone,etc The Tata Group Westside, Star India Bazaar, Titan,Tanishq,Raheja Group Shoppers’ Shop, Crossword, Hyper city, Desi Café, etc Various jobs available in these retail sectors and their descriptions are as follows: (1) Store manager: The various job responsibilities of the Store manager areasfollows: (a) Store manager is responsible for handling customer complaints and issues, achievement of stores sales target as given by the respective manager, responsible for the security and safety of stocks, cash, and infrastructure. (b) The individual is also responsible for the attendance and punctuality of storesstaff. (c) The individual is also responsible for forwarding daily reports as instructed by the Manager to the respective RO. (d) To make ensure that store is opened and closed at the specific time. Mostly the salary is given to the right candidate is up to 2.00lacs.The required education is minimum graduation for this post. (2)Retail Operation Manager: Retail operation manager is responsible for thefollowingtask: (a)Achieving sales target of the store by making relevant policies. (b) Will be responsible for a large team (c) Will be required to provide exceptional customer service through training the team (d) Will maintain large inventory level and avoid loses by active supervision and using technology. For this profile the person should be extremely good in achieving sales target .He/she should have analytical skills with creative bent of mind, good communication skills. He/she must be the self motivated person with abilities to motivate others. The minimum qualification for this profile is graduation. The salary given to the right candidate depends upon his/her past work experience. (3)Regional sales manager: It requires a lot of past work experience in the field of retailing. For this profile the candidate must have technical qualification e.g.B.SC/diploma engg etc. the person is responsible for the overall growth of sales, operations, projects and customer service. Salary is no bar for the right candidate. (4)Retail sales manager: The candidate must be have the ability for customer handling and have good communication and interpersonal skills. The individual who has the experience in retail sales can apply for this post. For this post the salary is always negotiable. (5)Shop manager: For this profile the individual is responsible for the day to day running the shop having the aim of achieving optimum profits by maximizing sales and controlling direct shop expenses. The individual must have organizational skills. He/she must have the ability to work independently and as a part of team, must have the awareness in fashion trends. Besides these job opportunities there are also unlimited job opportunities in the field of retail sector.

India is thus representing a grand opportunity to all the retailers at large to exploit its huge consumption potential. So get ready to grab the job opportunity in retail sector.

IT Sector- Techno Functional Requirements The IT Sector is booming on India thanks to congenial policies and tremendous talent available in the country. As per a recent estimate, the sector is expected to generate exports of 60 billion $ and contribute to around 8% of India’s GDP in coming years. Not only are off shore operations of the Indian IT companies contributing significantly to their overall revenues, even their local operations are on upswing. Sectors like banking, capital market, finance, manufacturing government, etc. are all gung ho about IT and their apparent benefit to improve processes and operations. According to industry estimates, this upswing will lead to India registering the fastest growth in the Asia Pacific region. ManpowerRequirements The surge in the sector means positive news for employment generation and manpower requirements. While on the one hand it will lead to generation of more and more employment, on the other hand, it would also means that the manpower is also employable. This means that quality and industry relevance of education and experience gained by professionals would be given overriding importance as more an more critical and core operations of companies would need to be integrated with the help and support of IT. As per industry estimate, India will fall short by almost 50000 ‘relevant IT professionals’ by the year 2010. What it means that the future growth of the sector is hugely dependent on availability of right kind of talent in the field. The talent would not only be having only pure technical knowledge and expertise but also functional and operational knowledge and understanding of processes. The IT sector is in critical need of techno-functional professionals who can act as a catalyst of change for clients and provide best possible solutions to business problems. All this would require a thorough understanding of business processes and ability to dissect the problem areas and find critical solutions. The next round of growth in the sector will be enjoyed by companies and professionals who can assimilate both technological knowledge and understanding and functional expertise and domain knowledge. Therefore the requirements for techno savvy professionals in the field is only going to rise and that too on a massive scale as there is a huge shortfall in this area. As per industry estimate, India will fall short by almost 50000 ‘relevant IT professionals’ by the year 2010. What it means that the future growth of the sector is hugely dependent on availability of right kind of talent in the field. The talent would not only be having only pure technical knowledge and expertise but also functional and operational knowledge and understanding of processes. The IT sector is in critical

need of techno-functional professionals who can act as a catalyst of change for clients and provide best possible solutions to business problems. All this would require a thorough understanding of business processes and ability to dissect the problem areas and find critical solutions. The next round of growth in the sector will be enjoyed by companies and professionals who can assimilate both technological knowledge and understanding and functional expertise and domain knowledge. Therefore the requirements for techno savvy professionals in the field is only going to rise and that too on a massive scale as there is a huge shortfall in this area.

OutsourcingTrends/BPO/KPO

With such a huge population it would seems like there would be more people than jobs but believe it or not it is hard to find and hire a certain kind of person in India. The person I am talking about is someone who can INTERACT. These people are in big demand because a) outsourcing is moving up the value chain b) the new networked way of working demands this skill. The supply is limited because a) technical skills have been more developed in India b) few people have experience interacting globally. The best people can earn $2000 -$4000 plus plus per month and why not? If they do equal work they should get equal pay (as anyone in the world). Leading the bandwagon is the BPO sector, which is experiencing tremendous growth. According to Arjun Vaznaik, the chief operating officer of Tracmail, this sector is growing at a rate of more than 50 percent on a year-on-year basis. Tracmail, he informs, plans to increase its workforce by 60 percent. Industry experts point out that besides the ITES sector, healthcare and bio-sciences are other emerging growth areas. “The market is especially ripe for the better-trained, globalised in outlook and proficient personnel. The market of the future will be heavily weighed in favour of techno-managers,” says R Shekar, senior vice president and head of HR for corporate strategy and business excellence at Polaris Software Lab.

Skills in demand The demand is for experienced software professionals with domain expertise. There is also a great demand for consultative skills in different areas. Kanbay’s current requirements include developers, project managers and business analysts. “In terms of skill sets, the requirement is for people with expertise in providing business solutions, subject matter experts and practice leaders. We are also looking out for domain experts with technical management skills for our financial services,” says Khatri. The company is looking at skills in

mainframe (middle to senior), .NET and Java professionals, senior developers, architects and testing professionals. HCL Perot Systems is looking for people with expertise in the areas of IBM mainframe, JD Edwards, Oracle, J2EE, .Net and C++. “In terms of skill sets there is a definite trend towards packaged software and domain expertise, so experience in SAP and ERP is sought after. In addition, there is a demand for IBM and Java trained professionals,” says T Ravi, the senior vice president of human resource at Satyam Computers. “Our focus will be mainly on outsourcing services which includes application and infrastructure management. We will also be doing increasing business in ERP package implementation,” says Srivastava of CGE&Y. The company plans to increase its strength to around 2,000 professionals by the year-end. HCL Comnet is currently hiring professionals with three to ten years of experience in the areas of operating systems, messaging, IT service management tools, databases, telecom, storage, Web technologies, security, networks, desktop and Quality. For ICICI Infotech, the requirement is almost in all the areas of software development, ERP products, banking verticals. The company is also recruiting IT security consultants and other software and programming experts. Xansa is looking for experts in IBM Mainframes, SAP, Microsoft .Net, Oracle, J2EE, CICS, DB2 and Cobol besides Labour and Employment Minister Oscar Fernandes said in a written reply. "This was because the working age population grew faster that the total population and labour force participation rates increased, particularly among young women," he said.The 11th Five-Year Plan has special schemes to encourage the organized sector to employ more labour and simultaneously, to improve labour productivity in the unorganised sector. With a rapidly growing economy and a dream run for the Indian stock market, the job market is also following the suit. The ever increasing growth in economy has fuelled the demand for jobs and talent in practically all the sectors of the economy.

Over All Skills and Attributes Required Strategic Skills

Core Skills

Marketing

1. Marketing mix, i.e. segmenting, targeting, positioning (STP) 2. Marketing planning 3. Market research 4. Understanding of consumer buying behavior 5. Market assessment

Customer Relationship Management (CRM)

1. 2. 3. 4.

Relationship building Knowledge acquisition and implementation Direct marketing Database management

5. Communication/Collaboration 1. Persuasion Sales Skills 2. Negotiation R&D Supply Chain Management (SCM) and Project Management

IT

1. Design 1. 2. 3. 4. 5.

Controlling Designing Planning Monitoring Implementation

1. Software application 2. E-business 3. Automated equipment 4. Server applications 1. Concept creation

Industrial Design 2. Concept development Process Improvement

1. Kan ban (a signaling system) 2. Process re-engineering 3. Six sigma

IP Protection

1. Trade marks 2. Patenting 3. Copyright 4. Patent law

Employability skills • •

Introduction Timeline Skills in Applications and Interviews Calendar of when you need apply for jobs, courses etc. • How to deal with competency-based during university. questions on application forms • Analyse your employability These start with "Give an example ..." or skills "Describe a situation ...". Which skills do you have? • Competency-based interviews Need to improve? • Assertiveness in interviews • Find the skills needed for • Employer aptitude tests includes tips on how different graduate jobs to pass these. • Which jobs suit my skills? There are 7 practice tests: • Skills map o Numerical reasoning test • Skills inventory o Numerical reasoning test 2 Make an inventory of all your o Verbal (synonyms) test skills including strengths & o Verbal reasoning test weaknesses. o Letter Sequences test (logical • Progress file thinking) Record your study, work o Non-verbal reasoning test experience & interests for o Spelling and punctuation test CVs, career choice & to help your referees. • How to develop employability Specific Skills skills & convince employers you possess them. • Teamworking • The Skills Game Interactive exercise & tips for group work Match the employability exercises in selection centres. skills with their descriptions • Making effective presentations • Pebble Pad The University • Action planning Personal Development Planner. Techniques to reach your goals. • Time management Valuable in jobhunting & revising for exams. Bibiliography See also In-tray exercises

www.jobsagar.com www.naukri.com www.monster.com www.scope.org.uk

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o

Lateral thinking Test your creative thinking skills.

CHOOSING A CAREER • • • •

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Introduction to Career Choice Timeline Calendar of when you need apply for jobs, courses etc. during university. Career Planning Flowchart Another way of seeing when you need to do what. Careers Explorer Easy to use program to suggest suitable careers. Answer job-related questions to compare your skills, interests & values with graduate jobs. See what might be your future career! Graduate Career Map See all the main graduate careers laid out on one page. Your Interests Analyse your interests & find jobs these relate to. Your Values Your Personality Employability Skills How to deal with competency-based questions These start "Give an example ..." or "Describe a situation ...". Plus a database relating jobs to skills. Prospects Planner Powerful program to help choose a career. What can I do with my degree in ....? The jobs & courses graduates in your subject have entered. I want to work in ..... Information on many careers. Work Experience. The Careers Network Use this to talk to graduates already working in your chosen career. Graduate Case Studies Aptitude Tests Tips on how to pass these & example tests on-line. Postgraduate Study Carousel multimedia careers program Job Matching Game match jobs to their definitions Careers Crossword Windmills Virtual Career Coach Structured framework to help individuals manage their career. Encourages them to take a holistic ‘big picture' approach to moving their career forward; take a fresh look at their life; understand what is really important to them; picture the life they want to live and show them how to achieve it to create a future that inspires them. Packed with exercises, activities, advice and tips.

we can find these job opportunities at the following links: www.jobsagar.com www.naukri.com www.monster.com www.scope.org.uk