The nature of the current job market proves that the economic conditions have started improving after the economic slowdown. The good time for those who are looking for a job change is not far away as the recruitment cycle is again on wheels. The good news is that the recruiters have started hiring; the best news is that they are offering 10% -15% increases on the average salary for the new hires.

Bid for best talents

The employment market has improved considerably in the last few months. The economic slowdown had caused many companies to go for harsh decisions to considerably reduce the operational cost. To achieve the goal, many companies went for wage controls and downsizing of the work force. Now as the global economy is seeing a rebirth, improving slowly and constantly, the companies are in need for talented professionals to address their new requirements. The bid for the best talent gets intensified as more and more players enter the job hiring and seeking arena.

Post-recession outcomes

Flexible benefit would be one outcome of the post –recession strategies adopted by the companies. Flexible benefit programs ensure that the employee is given the choice of selecting the benefits he prefers. This would result in a platform where the costs are shared between the employee and employer. As the healthcare and insurance costs are increasing, the employees find the salary hike as the only way to cover up the expense. The new corporate world entrants from reputed colleges are enjoying upto 20% hike in their average salary packages compared to the recession hit last year.

The sectors offering salary hikes include telecom, manufacturing, power, oil and gas, and consultancy. Though the FMCG sector has seen trends for some new recruitment recently, there is a reality check on the salaries offered. Though the hikes offered are far less than the ones before the slowdown, job seekers are less worried as they are optimistic about a much brighter job benefits down the time line. The slowdown has taught the companies reality lessons on offering signup bonus, cost management initiatives and job compensations. The employees feel happy as they see the ball back in their court as the employers are back on toes looking for talents.