According to HSBC’s Future of Work survey, which covered 2,130 business leaders globally, including over 219 respondents in India, hiring is a key focus area for economic recovery amongst Indian firms.
“The biggest hiring spree is expected from Indian (joint highest with Mexico) firms as 80 per cent of the surveyed businesses expect to increase their full-time employee base over the next 12 months,” the survey said. The pandemic also impacted the benefits offered by corporates to its employees.
The top three offerings by the surveyed Indian businesses to its employees during the pandemic include flexible working hours (52 per cent), improved health insurance (49 per cent), and guidance and resources for well-being (49 per cent).
“With the impact of the pandemic ebbing away and an economic recovery on the cards, businesses are gearing up for growth. This positive sentiment is evident as businesses are investing in hiring and up-skilling their workforce,” said Rajat Verma, Head of Commercial Banking, HSBC India.
According to the survey, succeeding in the battle for talent will be crucial in driving long-term profitability and 80 per cent of Indian businesses are already investing in their workforce in some way, the highest across all markets surveyed.
Further, flexible working has emerged as an optimal working arrangement for Indian businesses with 43 per cent opting for it in a post pandemic environment, the highest across all markets surveyed. The most prominent impact of remote or hybrid working for Indian businesses will be on increased profitability (84 per cent) and employee well-being (83 per cent), the survey said.
“Despite employee benefits and growth opportunities still being perceived as key factors in attracting talent, factors such as flexible working policies (42 pc) and emphasis on employee physical, mental and financial well-being (42 pc) are set to become just as important for potential employees,” it further said.