Prime Minister Narendra Modi has called for speedy reforms to make India a $20-trillion economy. India's GDP growth target for 2014-15 is 7.5 per cent. But the 2012-13 Economic Survey said that total employment grew by just 1.6 per cent per year from 1999-2000 to 2009-10 in spite of the growth. As such, it cannot be debated that for sustainable growth, it is important to have right human resources at the right place and at the right time.
There have been positive sentiments of growth and development and change in job outlook ever since the Narendra Modi Government came to power in the parliamentary elections of 2014 with full majority.
"The business friendly measures and ease of working has percolated to the job market with positive and increased hiring estimates across industries. Whether it is the 'Make in India' campaign, focus on skill development of youth, reducing inflation numbers or buzz around rate cuts by RBI, India's growth story will strengthen," Utkarsh Joshi, principal, The HR Fund, told TimesJobs.
Joshi expects the vibes surrounding the market to have a positive effect on the human resource (HR) solution industry as well.
Today, the industry not only manages the matchmaking of talent with jobs available but also contributes towards talent management processes with innovative technology in a compliant and secure environment.
The industry that works hand-in-hand with companies and provides customised solutions to boost growth and increase quality of life at workplace wishes for the following six things from this year's Union Budget:
- Improving delivery: Aids to improving delivery to complement the rising potential of the sector.
- Go beyond skilled manpower: To drive growth through competent and committed business managers and leaders including top management with domain knowledge and expertise to leverage available channels of stakeholder management.
- Development of human resources and knowledge capital: Human resources are required to engage in continuous research and development and monitor quality and infrastructure, thereby increasing productivity vis-a-vis investment.
- Focus on employment generation: Increased hiring will translate into increased demand for talent acquisition and talent management products and services. The recruitment pass-through revenue will go up and the increase in employee numbers will push up expenditure for human resource management services (HRMS).
- Products and services for management: Besides increase in HR outsourcing, products and services for management/retention of talent would be adopted among other things, leading to robust growth of the HR industry.
- Skill development: Apart from strengthening the workforce, positive measures in these areas of skill development and labour norms will further open up the industry with an increased number of players in skilling and compliance sub-domains.