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Jobs move South with services sector hotting up on recruitment |
For Immediate Release
July 19, 2005 |
- Services sector growth engine for the quarter - tops in hiring activity
- South continues to lead the Ma Foi Employment Index with Karnataka and Bangalore as top state/ city
- Small- medium companies bullish on hiring, growth
- India Inc continues to be upbeat on business growth and Ma Foi Employment Index (MEI) for the current quarter increases to 1.39%
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Hyderabad, July 2005 :
Ma Foi Employment Survey (MEtS) for July - September '05 predicts that hiring will continue to be top priority for India Inc across industries. MEtS is a quarterly study on Indian employment trends and opportunities conducted by Ma Foi Management Consultants Ltd - the largest HR services provider in India. It is India's first and the most comprehensive study undertaken to understand the employment trends in the organized sector.
MEtS Track 4 covered 2092 employers across 17 industry sectors of which 95 were from the public sector while 1997 belonged to the private sector consisting of private and public limited companies.
Ma Foi Employment Index (MEI): Corporate India continues to be upbeat on business growth as the recruitment index suggests. MEI, which tracks the pace of recruitment activity, is at 1.39%. The MEI for Product segment is at 0.95% and Services MEI at 2.1%. The overall hiring has looked up in the services sector.
In terms of ownership, the MEI in the public sector is quite low at 0.01%. In sharp contrast, MEI is the highest for private sector companies at 2.6% followed by the public limited companies at 1.21
IT and ITES are back in spotlight as the top hirers displacing Telecom to the third place. Print media & Entertainment, Pharma, Transport & Logistics, Healthcare, Textiles and Garments, and Hospitality industry closely follow.
Karnataka leads in hiring trends in the country with Bangalore topping the recruiting scene reveals Ma Foi Employment Survey (MEtS), July-September 2005. South tops the MEI index followed by West, North and Eastern regions.
The top five states for the quarter are Karnataka ,Tamil Nadu, Uttar Pradesh, Haryana and Andhra Pradesh, and the top five cities are Bangalore, Chennai , Delhi ( NCR..) , Hyderabad, and Pune.
Small medium companies continue to be bullish on growth and hiring. MEI was highest for companies with turnover up to 100 crores at 2.89, followed by 101-500 and 501-1000 at 1.46 and 0.82 respectively. The MEI was lowest at 0.67 for companies with turnover in excess of 1000 crores. In fact the highest growth is projected for companies with up to 100 people and up to 100 crore turnover with MEI projection of 4.58% and 2.7% respectively. The lowest growth at the same time was in companies with turnover and employee strength in excess of 1000 employees at 0.26% and 0.82% respectively.
Theme of the Quarter: Attrition and Retention
Ma Foi Employment Survey (MEtS) for July - September '05 analyzed the attrition rate in the companies under survey and found that there was a wide divergence between the various industry segments on the attrition rates. On the whole, the industry average across all 17 industry sectors was 7.72 % per annum. India's top job creators IT & ITES are also the most challenged when it comes to retention of people with an average attrition rate of 23.63% and 16.82% per annum respectively.
The survey also reveals that companies are investing heavily in reigning in attrition. The good news for employees is that companies are increasingly focusing on organizational hygiene and are providing more personnel & work related benefits.
"As you pay, so shall you keep" seems the motto, with companies stating "Compensation Linked Schemes" as the key factor contributing to employee retention (39%), followed by robust HR Policy & Practices (26%). It is interesting to note that 15% of the respondents have no policy in relation to retention and take it as it comes.
About MEtS: Ma Foi Employment Survey (MEtS), India's First Employment Survey was launched in November 2004. MEtS, a Quarterly study on Indian employment trends and opportunities, is the largest and comprehensive study undertaken to understand the employment trends in the organized sector for the first time in the Indian subcontinent.
The survey provides a unique indice Ma Foi Employment Index (MEI). MEI measures the pace of recruitment activity/ hiring needs of the employers and indicates the prospective net percentage growth in employment over the present levels.
Notes to Editor
Ma Foi is a 13-year-old public limited company. Having started in 1992 at Chennai with a focus on recruitment services, Ma Foi has grown to become the largest HR services provider in India. Ma Foi is committed to offer people and people related services, enhancing the net worth of human capital. Currently Ma Foi has a presence in 7 countries through 51 offices - India, UAE, UK, Singapore, Sri Lanka, Malaysia and Muscat and over 1334 clients including 124 Fortune 500 Companies. Ma Foi has posted revenue of Rs.122 crores for the year ending December 2004.
For further details on Ma Foi visit www.mafoi.com.
Vedior is one of the world's largest recruitment companies and leaders in specialist staffing business. Vedior is a full-service recruitment provider with a diversified portfolio of brands targeting a broad range of industry sectors. Annual sales for 2004 were €6,467 million. From its global network of 43 offices spanning Europe, North America, Australasia, Asia, South America and Africa, Vedior offers temporary and permanent recruitment as well as a number of complementary employment-related services such as outplacement, HR outsourcing, payrolling and training. Vedior has a leading market position in the provision of professional/executive recruitment in sectors such as information technology, healthcare, accounting, engineering and education. In order to meet client requirements for all categories of personnel, Vedior also has a significant global network providing administrative/secretarial and light industrial recruitment.
For further details on Vedior, visit: www.vedior.com. |
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