Global Human Resource Consultancy, Mercer has said that opening up of retail and insurance sectors will generate lakhs of additional jobs in India.
According to the firm, labour statistics continue to be positive in the country, although not as positive as a year and a half ago.
In insurance, passage of the bill amending the act would result in new companies setting up their business. The amendment bill also allows foreign reinsurers to start operations in India. This will also result in creation of a new industry.
Mercer also said that India continued to be seen as high growth market in terms of jobs. India has huge demographic advantage, which will result in attracting lot of investments. Although growth in India is less than what was expected, but still it is better than most other markets.
As per Mercer, in India hiring is expected to be industry specific. In sectors like life insurance, some of the large companies have reduced their staff but general insurance industry is bouncing back into profitability and is expanding.
Going ahead, challenge for companies will be, how to keep young employees motivated, as the choices before them will only increase.
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