Due to the economic meltdown that has hit almost all parts of the world the recruitment plans of several organizations have been adversely affected. But job seekers; do not fret as there are some Indian organizations that are hiring, despite the global economic turmoil. They are not only helping to ward off fear of layoffs among candidates but also are serving as the ray of hope to many job aspirants. Whilst the Western world is headed towards turbulent times, India is still growing at the rate of 7percent. This growth is precisely fuelled by the growth in the overall economy and its industries within. There are segments in the market that continue to hire. In general, the different industries, in India which are recruiting talent, despite the global crisis are Telecom, IT Outsourcing/Professional Services (ITES/BPO/KPO/LPO), Retail, Life Sciences and Infrastructure.
HTMT are recruiting people as per their requirements. At the agent level, the attrition rate continues to be high and hence, there is a dire need to ensure that companies recruit quality talent for the positions that are left vacant. Some companies are also trying to keep buffers in check so that they are not over staffed, at any point. In case of HTMT’s strong presence in the insurance and telecom sectors, to a large extent, has insulated them from the recent meltdown. These sectors continue to see growth, not in exceedingly favorable ways but nevertheless, have generated moderate developments.
The global economic turmoil has brought along new opportunities for those looking for a career in the legal outsourcing sector. The slowdown in the US has given a significant push to the revenues of the Indian LPO industry. With the sector reporting a rise of over 200 percent in revenues, in the last 12months, it sure does hold a lot of promise. UnitedLex are planning to increase their employee base from approximately 300 employees to 1,000, by end of this financial year. In fact the company’s risk team in India has seen a five-fold growth in the last six months, and it plans to hire more people. Besides attorneys, they are also hiring specialized engineers, bio-chemists and doctors.
Convergys is planning to recruit 2,500 additional employees, by the end of this year. Since we were able to win business opportunities with new clients and even expand our business with existing ones, recruitment has become mandatory. The very expansion of business is driving recruitment needs. They are currently reaching out to potential candidates through the usage of two main modes of communication. They are utilizing recruitment marketing/advertising as a source to fetch good talent and will continue to do so. They hope to achieve targets through this exercise, which took off in October 2008 and has garnered favorable results, since its initiation. They are also cashing on internal referral programs as an excellent medium for recruitment. Though India is a strong contender in the world offshore market, it’s a known fact that BPO companies will continue to remain competitive and one of the factors that give these companies the competitive advantage is its workforce. Hence, the war for talent will also continue to prevail. However, industry reports suggest that the wage-cost advantage of offshore locations will last for at least another 20 years.
The economic slowdown in the US and other economies has motivated the corporate legal departments and law firms to take a harder look at costs and efficiencies as it could give them an opportunity to explore various off-shoring options. The developments in the US financial market have created additional legal work opportunities for Legal Support Services firms in India. Global law firms with more than 25% of their lawyers based overseas have suffered less because their international presence is more diversified. In the past 5 months (July to November), CPA has added 127 employees to its workforce and is expected to employ about 2,000 more by 2010.