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Indian firms recruit less people in FY08
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Indian firms recruit less people in FY08
Bangalore: Large Indian listed companies have recruited less number of people during FY08, though many of them had managed to get good growth in the period with the economy marked 8-9 percent growth over all, reported The Economic Times.
An ETIG , the research arm of The Economic Times study which considered data from 450 listed companies reveals that while firms recruited 1.64 lakh people in the previous year, this year they made 1.63 lakh new hiring.
Taking industry wise, manufacturing sector added 50,800 employees during the period with a 12 percent decline from previous year. Similarly, 64,000 new hiring have witnessed in IT sector, 12 percent less than FY07, whereas this sector remains as the top recruiter, accounting for about half of the new jobs added.
Though the banking sector shows a healthy number of hiring with an increase of 40 percent, this is believed to be as a result of the large scale recruitment by few private sector banks. Decline can be witnessed in this sector also if private banks are taken away from the list.
Apart from IT companies such as Infosys, TCS, Satyam and HCL financial firms like HDFC bank and Axis bank are included in the list of top recruiters of the last year. Companies like L&T, Shriram Transport Finance, Firstsource Solutions, Apollo Hospitals, Tata Coffee, Educomp, Syndicate Bank, Patni Computers and Aditya Birla Nuvo have also hired good number of people.
Moreover, the study finds that employee retrenchment has also come down by about 20 percent from about 44,000 people during FY07 to 36,000 people. This has led to a six percent net addition in employee base even as the number of new jobs created has come down, taking the total employee strength for the firms in the sample to 21.39 lakh.
For instance, retrenchment in manufacturing sector came down from 25,000 to 19,500 last year. Among the firms, Sail, TVS Motors, Tata Steel and Bata were the top companies that cut their flab. The retrenchment level in banking sector also dropped from 18,500 to 15,000
However, many companies have started sacking people over the last 3-4 months. This could mean lower net addition to the employee base in the current fiscal.
Other services which include firms engaged in healthcare, transport services and telecom have witnessed a rise in hiring by 21 percent
Source:
http://www.siliconindia.com/shownews/46697
An ETIG , the research arm of The Economic Times study which considered data from 450 listed companies reveals that while firms recruited 1.64 lakh people in the previous year, this year they made 1.63 lakh new hiring.
Taking industry wise, manufacturing sector added 50,800 employees during the period with a 12 percent decline from previous year. Similarly, 64,000 new hiring have witnessed in IT sector, 12 percent less than FY07, whereas this sector remains as the top recruiter, accounting for about half of the new jobs added.
Though the banking sector shows a healthy number of hiring with an increase of 40 percent, this is believed to be as a result of the large scale recruitment by few private sector banks. Decline can be witnessed in this sector also if private banks are taken away from the list.
Apart from IT companies such as Infosys, TCS, Satyam and HCL financial firms like HDFC bank and Axis bank are included in the list of top recruiters of the last year. Companies like L&T, Shriram Transport Finance, Firstsource Solutions, Apollo Hospitals, Tata Coffee, Educomp, Syndicate Bank, Patni Computers and Aditya Birla Nuvo have also hired good number of people.
Moreover, the study finds that employee retrenchment has also come down by about 20 percent from about 44,000 people during FY07 to 36,000 people. This has led to a six percent net addition in employee base even as the number of new jobs created has come down, taking the total employee strength for the firms in the sample to 21.39 lakh.
For instance, retrenchment in manufacturing sector came down from 25,000 to 19,500 last year. Among the firms, Sail, TVS Motors, Tata Steel and Bata were the top companies that cut their flab. The retrenchment level in banking sector also dropped from 18,500 to 15,000
However, many companies have started sacking people over the last 3-4 months. This could mean lower net addition to the employee base in the current fiscal.
Other services which include firms engaged in healthcare, transport services and telecom have witnessed a rise in hiring by 21 percent
Source:
http://www.siliconindia.com/shownews/46697
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