India’s <a href="http://www.businessinsider.in/yourmoney/your-money/india-fmcg-sector-has-lost-rs3840-crore-last-month-thanks-to-demonetization/articleshow/56155564.cms">FMCG industry </a>has emerged as the highest paying industry in the country, with an average annual CTC of Rs 11.3 lakh across all levels and functions. 
 
As per a survey, the industry actively seeks qualified personnel in sales, marketing and supply chain management, and around 30% of jobs being posted are over 10 lakh category; this makes for the primary reason behind <a href="http://www.businessinsider.in/small-business/fmcgs-are-banking-on-better-consumption-post-note-ban-start-hiring/articleshow/56663012.cms">FMCG </a>industry’s victory. 
 
Also read: <a href="http://www.businessinsider.in/FMCG-products-with-gold-in-their-names/articleshow/53298776.cms">Indians are so fond of gold that they don’t mind shelling extra money for FMCG products with ‘gold’ in their names</a> 
 
Next in the line are the power and <a href="http://www.businessinsider.in/careers/IT-employees-need-to-upgrade-to-avoid-being-washed-up-by-digital-wave/articleshow/50011834.cms">IT </a>sectors, with average annual salaries of Rs 9.8 lakh and Rs 9.3 lakh, respectively. 
 
This was revealed by the 2017 Salary Trends Study released by Randstad. 
 
Also read: <a href="http://www.businessinsider.in/Google-the-most-attractive-employer-in-India/articleshow/47026889.cms">Google is the 'most attractive employer in India'</a> 
 
The fourth and fifth positions are taken by Pharma and healthcare (Rs 8.8 lakh) and telecom (Rs 8.7 lakh). 
 
"Today employers are cognizant of the fact that the right salary structure is one of the key strategies to attract, engage and retain top talent in the organisation and hence it is important to closely analyse the prevalent salary trends and make course corrections wherever necessary," said Moorthy K Uppaluri, MD &amp; CEO, Randstad India. 
 
Talking of location-specific salary trends, Bangalore tops the list to become the highest paying city in the country, with an average annual CTC of Rs 14.6 lakh across all levels and functions. 
 
Second position is grabbed by Mumbai (Rs 14.2 lakh) followed by Hyderabad (Rs 13.6 lakh) and NCR (Rs 13.5 lakh). 
 
Next in the list are Chennai (Rs 13.4 lakh), Pune (Rs 13.2 lakh), and Kolkata (Rs 11.4 lakh). 
 
Talking of jobs in demand across industries in the 6-10 years experience bracket, Core Java professionals emerged as the winners with an average annual CTC of Rs 18.06 lakh, followed by Digital Marketing professionals (Rs 17.09 lakh) and Testing Automation Engineers (Rs 14.67 lakh). 
 
For the survey, Randstad analysed around 1 lakh jobs across 20 industry verticals and 15 core functions. 
 
(Image source The Indian Talks)

Survey reveals FMCG to be India’s highest paying industry

Work-life balance is the buzzword these days and ample studies have shown how GenZ prefers a job which is flexible in terms of timings. In January this year, a study conducted by Randstad revealed that workers prioritise work-life balance over salary when evaluating potential job opportunities. According to the study, 57 percent of employees would reject a job offer if it negatively impacted their work-life balance. However, even though employees want greater work-life balance, there have been billionaires who disagree with the concept and promote hustle culture instead. From advocating for longer work hours to dismissing the idea of balance altogether, these tech leaders have taken stances that have often stirred the hornet's nest. <h2><keyword id="20068610" type="General" weightage="100" keywordseo="NR-Narayana-Murthy" source="keywords">NR Narayana Murthy</keyword>: Advocating 70-Hour work weeks</h2><keyword id="19906778" type="General" weightage="20" keywordseo="Infosys" source="keywords" meta.keywordsubtype="org" meta.entityname="Infosys" meta.hostid="261" meta.entityid="Infosys">Infosys</keyword> founder NR <keyword id="19920910" type="General" weightage="20" keywordseo="narayana-murthy" source="keywords">Narayana Murthy</keyword> made headlines in October 2023 when he suggested that young people in India should be prepared to work 70 hours a week. Speaking on 3one4 Capital's podcast "The Record," Murthy argued that such an intense work ethic is necessary for India to improve its productivity and compete on the global stage. His remarks sparked a wide-ranging debate online, with some agreeing that increased effort is required to drive progress, while others criticised him for promoting an unsustainable work culture. <h2><keyword id="21042158" type="General" weightage="20" keywordseo="Alexis-Ohanian" source="keywords">Alexis Ohanian</keyword>: Dismissing work-life balance as a farce</h2>Reddit co-founder Alexis Ohanian also shared his views on work-life balance, which he dismisses as an unrealistic ideal. In an August 2023 Twitter thread, Ohanian said that work-life balance is a "farce" and that trying to achieve it is misguided. Instead, he emphasised the importance of knowing when to prioritise work and when to focus on personal life, suggesting that balance is more about shifting priorities rather than achieving a perfect equilibrium. <h2><keyword id="20054707" type="General" weightage="20" keywordseo="Jeff-Bezos" source="keywords">Jeff Bezos</keyword>: Rejecting the trade-off</h2>Amazon founder Jeff Bezos has long been a critic of the term "work-life balance." Speaking at an event in 2018, Bezos explained that he finds the concept debilitating because it implies a trade-off between work and life. He said that he prefers to view it as a "circle" where both aspects are interconnected. In earlier interviews, Bezos had mentioned that his happiness at work positively influences his personal life, and vice versa, suggesting that the two are more intertwined than balanced. <h2> <keyword id="19903807" type="General" weightage="20" keywordseo="Elon-Musk" source="keywords">Elon Musk</keyword>: Sleeping in offices</h2>Elon Musk, known for his demanding work ethic, has also been vocal about his approach to work-life balance—or the lack thereof. During the 29th Annual Baron Investment Conference in 2022, Musk revealed that he used to live in his factories and would sleep on the floor to show his commitment to his work. He believed that demonstrating his dedication in such a visible way would inspire his employees to work harder. Musk has also been critical of what he perceives as a declining work ethic in America, contrasting it with the intense dedication he observes among workers in China. <h2><keyword id="19915280" type="General" weightage="20" keywordseo="Jack-Ma" source="keywords">Jack Ma</keyword>: Endorsing China's "996" work culture</h2>Alibaba co-founder Jack Ma had expressed support for China's controversial "996" work schedule, which involves working from 9 a.m. to 9 p.m., six days a week. In 2019, Ma referred to the "996" culture as a "huge blessing" for young workers, arguing that the opportunity to work such hours is something to be grateful for, especially if one is passionate about their job. He downplayed concerns about overwork, suggesting that those who love their work won't find such hours burdensome.

70-hour work week to sleeping in offices: Golden words on hustle culture from NR Narayana Murthy, Elon Musk, and other billionaires

<ul><li>A <keyword id="69007" type="General" weightage="20" keywordseo="world-economic-forum" source="Orion">World Economic Forum</keyword> report says that AI-based language models such as the now popular ChatGPT, have the potential to enhance productivity and output in the workplace. </li><li>Low-skilled workers can benefit from <keyword id="15777223" type="General" weightage="20" keywordseo="generative-ai" source="Orion">generative AI</keyword> technologies, leading to increased job satisfaction.</li><li>Imperative that workers acquire new skills to adapt to the changing landscape, says the report.</li></ul>With the launch of ChatGPT in November 2022, generative artificial intelligence (AI) has been the topic of discussion in corporate boardrooms, and living rooms alike. The World Economic Forum’s report, ‘Top 10 <keyword id="63664" type="General" weightage="20" keywordseo="emerging" source="Orion">Emerging</keyword> Technologies of 2023’, released on June 26, has also listed generative AI as one of the top emerging technologies and also explores the question about job displacement due to the new <keyword id="6355118" type="General" weightage="20" keywordseo="technology" source="Orion">technology</keyword>. The report defines generative AI as a technology that ‘can synthesise what it has learnt from gigantic data sets to create, and intuit new information in novel ways.’ In other words, generative AI has the ability to produce fresh, and unique content by analysing data patterns. This is achieved through the utilisation of intricate algorithms, and techniques that draw inspiration from the functioning of the human brain. <cmsannotation type="cmsannotation" annotationid="Can generative AI complement human workers?" comment="subhead" text="Can generative AI complement human workers?">Can generative AI complement human workers?</cmsannotation> AI-based language models such as the widely adopted ChatGPT, and its future iterations have the potential to enhance productivity, and elevate the quality of outputs in the workplace, the report says. By taking on tasks like generating ideas, and providing editing assistance, these models can redefine human roles, shifting the focus from initial drafting to more refined stages. Particularly, low-skilled workers can benefit from generative AI technologies, leading to increased job satisfaction, and a boost in self-confidence. Yeshab Giri, Chief Commercial Officer, Staffing, and Randstad Technologies, Randstad India, an HR services company, says that automated coding can make the job of coders more efficient and allow them to focus on tasks that are highly complex and subjective in nature. Similarly, AI tools can automate repetitive data entry tasks, and assist with research, enabling humans to focus on more complex, and creative aspects of their <keyword id="11018" type="General" weightage="20" keywordseo="jobs" source="Orion">jobs</keyword>. In the financial industry, AI tools can help with data analysis, providing analysts with faster and more accurate insights. <cmsannotation type="cmsannotation" annotationid="Will generative AI replace humans?" comment="subhead" text="Will generative AI replace humans?">Will generative AI replace humans?</cmsannotation> The big question is whether generative AI will also replace workers, especially those doing simple repetitive tasks. The WEF report mentions that it is crucial to acknowledge the likelihood of job displacement due to generative AI. “The worry that AI, and automation would result in job losses in certain areas is justified. Automation, and AI are changing the job market, and some jobs may eventually become obsolete as a result. These are likely to be those at the lower end of the creativity spectrum repetitive tasks,” says S. Pasupathi, Chief Operating Officer, HirePro, a technology platform for enterprise recruitment. He says that in their current state, AI models are unable to fully replace a broad spectrum of occupations due to the distinct skills, and capabilities that human intelligence offers. Occupations that necessitate creativity, empathy, physical agility, critical thinking, problem-solving skills, interpersonal interaction, emotional intelligence, as well as roles prioritising safety and security, cannot be effectively substituted by AI. “Jobs that rely on human emotions, intuition, and decision-making processes are less likely to be replaced by AI models in general,” says Pasupathi. <cmsannotation type="cmsannotation" annotationid="Importance of up-skilling and reskilling" comment="subhead" text="Importance of up-skilling and reskilling">Importance of up-skilling and reskilling</cmsannotation> The report says that to ensure widespread sharing of the advantages brought by technological innovation and to enable workers to thrive in the evolving job market, it is crucial to implement policies, and programs that aid them in <keyword id="3554713" type="General" weightage="20" keywordseo="upskilling" source="Orion">upskilling</keyword> and reskilling. By supporting workers in their endeavours to acquire new skills, they can adapt to the changing landscape, and effectively leverage the benefits of technological advancements. “It is important to view AI technology as a tool, and understand its capabilities to enhance your own skills. It is essential to focus on enhancing soft skills, like strategic planning, and subjective problem-solving to be able to feed AI-tools with the most relevant inputs for them to perform efficiently,” says Giri.

Generative AI tools and productivity: WEF report says up-skilling is the need of the hour

<ul><li>For many, the shift from the comfort and flexibility of working from home to the structured routine of office life can seem challenging to deal with initially. </li><li>Going to the office lets you meet and interact with people, which has social utility.</li><li>A few days before joining the office, one should start their morning routine as will be needed. </li></ul>Bangalore-based Anirabn Chatterjee, working for an <keyword id="6377640" type="General" weightage="20" keywordseo="it-firm" source="Orion">IT firm</keyword> has recently been asked to go back to the office five days a week. Since last November, he has been going to the office two or three days a week, a hybrid mode of work, which he rather enjoyed, but that is over now. Recently large IT companies like <keyword id="6357150" type="General" weightage="20" keywordseo="tcs" source="Orion">TCS</keyword>, Wipro and others have asked employees to start going to the office five days a week. The culture of <keyword id="123591" type="General" weightage="20" keywordseo="work-from-home" source="Orion">work from home</keyword>, or <keyword id="10310934" type="General" weightage="20" keywordseo="hybrid-work" source="Orion">hybrid work</keyword> where one had to go to the office 2-3 times a week is now coming wrapping up. These work cultures were born out of necessity during the COVID-19 pandemic and many workplaces kept on with them after the lockdown restrictions were lifted.d Many employees have been reluctant to go back to the office five days a week and companies have been going slow on calling them back. “The concept of work from home (WFH) or remote work has only gained momentum since the pandemic. However, major corporations are now urging their workforce to report to the office physically and more regularly,” says Anjali Raghuvanshi, Chief People Officer, Randstad India, an HR services firm. <cmsannotation type="cmsannotation" annotationid="The challenges of going back to office" comment="Subhead" text="The challenges of going back to office">The challenges of going back to office</cmsannotation> “Some may welcome change, craving for the social interaction and the structured routine of the office environment,” says Vandana Ahuja, Organisational HR Adviser &amp; ICF Coach. However, for many, the shift from the comfort and flexibility of working from home to the structured routine of office life can seem challenging to deal with initially, as it mandates a shift in daily routines, work habits, and work-life dynamics. Here are some issues people are likely to face. <cmsannotation type="cmsannotation" annotationid="Commute agony" comment="subhead" text="Commute agony">Commute agony</cmsannotation>: In any metro city, commuting can take up to three hours or more daily, and this is certainly not good news for those who need to go back to the office. It means getting up earlier, starting from home early and also evenings spent stuck in traffic. For Chatterjee, the daily commute is about two hours and he does not fancy doing it five days a week. <cmsannotation type="cmsannotation" annotationid="Social anxiety" comment="Subhead" text="Social anxiety">Social anxiety</cmsannotation>: Following an extended period of remote work, many individuals are finding it challenging to readjust to a structured work environment. “There could be a level of social anxiety. Especially for the newer workforce who have had the perks of working remotely from the beginning of their careers, it might be a tad more difficult to accommodate themselves into a more disciplined office routine,” says Ahuja. Feelings of irritability during interactions with colleagues, a sense of lethargy, diminished concentration, and difficulties in socialising have become prevalent issues. “Social anxiety has a negative impact on people’s performance and in serious situations can even lead to quitting. In some other people, body image-related problems also arise, where people start finding their body less attractive, due to which problems like low self-esteem, depression and eating disorders can be seen,” says Arvind Otta, senior psychologist and mental health activist. <cmsannotation type="cmsannotation" annotationid="Lower work flexibility" comment="Subhead" text="Lower work flexibility"><keyword id="19091574" type="General" weightage="20" keywordseo="lower-work-flexibility" source="Orion">Lower work flexibility</keyword></cmsannotation>: For many, work from the office can also affect their productivity or at least they think that it does. “For many, remote work offered increased autonomy, and the ability to tailor their work environment to their preferences,” says Raghuvanshi. The impact is more on parents with kids and especially women, to whom work from home was a blessing in disguise as they could spend more time with their kids or do tasks like dropping or picking them up from school more easily. However, working from the office is the new normal, something that one cannot wish away. It might take some of us a bit of time to get adjusted, but adapting to the new way of life should be pretty easy. Here are a few ways to make the transition smoother <cmsannotation type="cmsannotation" annotationid="Look at the bright side" comment="subhead" text="Look at the bright side">Look at the bright side</cmsannotation>: Going back to the office again might seem cumbersome, but one needs to look at the bright side. Going to the office lets you meet people, lets you interact with your colleagues and your boss and also lets you showcase your work much better to your immediate boss. Overall, it is a great thing, careerwise. <cmsannotation type="cmsannotation" annotationid="Get into a routine" comment="subhead" text="Get into a routine">Get into a routine</cmsannotation>: Going back to the office is just a matter of habit . “Individually, a person should repeatedly tell himself a few days in advance that from the particular day onwards he will have to work in the office only, due to which the idea of working from the office will also be included in his thought process,” says Otta. He suggests that a few days before joining the office, one should wake up at a fixed time and start settling into the daily routine. Three things should be specifically followed a few weeks before joining the office: sleeping at a fixed time, eating breakfast and exercising or yoga. <cmsannotation type="cmsannotation" annotationid="Make the commute more productive" comment="Subhead" text="Make the commute more productive">Make the commute more productive</cmsannotation>: Since the commute takes up a lot of time, one should look to make the commute more productive. Shabbir Merchant, Chief Value Creator, Valulead Consulting, a leadership development consulting firm, suggests that one catches up on reading and especially listens to audio audiobooks when one is travelling by public transport or driving. One can also listen to music or catch up on breathing exercises that can be done from anywhere. However, social media is to be avoided as much as possible. <cmsannotation type="cmsannotation" annotationid="Flaunt your office wardrobe" comment="Subhead" text="Flaunt your office wardrobe">Flaunt your office wardrobe</cmsannotation>: During the pandemic many of us have complained that we seldom got a chance to wear some of the clothes that we have bought. “Flaunt your office wardrobe and feel good about the clothes that you have,’ says Merchant. Looking and feeling good can do wonders to your mood. The tiring commute notwithstanding, after months of zoom calls in pyjamas, going back to the office can be a great thing. From meeting colleagues, to brainstorming together over cups of coffee, the new normal can be an adventure to look forward.

Going back to office 5-days a week challenging for some – Here’s how to ease into to the new normal

<ul><li>When exercising your ESOP options, you need to pay for the shares at the exercise price. </li><li>There may be an additional tax burden if the <keyword id="173739" type="General" weightage="20" keywordseo="esops" source="Orion">ESOPs</keyword> are provided at a value lower than the fair <keyword id="6463972" type="General" weightage="20" keywordseo="market-value" source="Orion">market value</keyword> at the time of vesting. </li><li>If the company fails to perform well, or lacks successful liquidity events, the potential returns on ESOPs may remain unrealised. </li></ul>When talking about the glitzy world of start-ups, a discussion on employee stock ownership plan (ESOPs), always comes up. In recent news Swiggy announced that it will buy back shares worth $50 million from employees. Also, Paytm granted 1.7 million new ESOPs to employees. A few weeks ago Flipkart announced a $700 million ESOPs payout. However, the world of ESOPs may not all be as rosy as it seems at first glance. ESOPs work in a certain way and there are a lot of factors which need to fall into place before an employee can make a profit out of them. Therefore, one needs to understand that with start-ups coming under a lot of pressure due to an uncertain economic scenario and a funding crunch, have ESOPs lost their charm? “ ESOPs are often offered to outstanding performers to foster a sense of ownership, and nowadays, start-ups use them as a means to attract and retain top talent. However, it is essential to be aware that some companies might also offer ESOPs to compensate for situations when they cannot offer competitive salaries,’ says Anjali Raghuvanshi, Chief People Officer, Randstad India, a HR consulting firm. What this essentially means is that when taking up a job offer, do note if ESOPs are a part of the salary package as this may come at the cost of foregoing some salary. It is important to understand two major risks associated with ESOPs. Let us take a look. <cmsannotation type="cmsannotation" annotationid="You would need to fork out money upfront" comment="subhead" text="You would need to fork out money upfront">You would need to fork out money upfront</cmsannotation> Here is where owning ESOPs can get tricky. “There are two up-front costs you have to bear when you are exercising your ESOP options. The first cost is the amount you pay the company for those ESOPs,” says BM Singh, ESOP Expert &amp; Managing Partner, BMSA, a consulting firm. Suppose an employee is granted 1,000 ESOP options by a company. The exercise price or strike price of each option is ₹100. This means that the employee can purchase the company's shares at ₹100 per share at a future date, regardless of the market price at that time. Now, let's assume that the market price of the company's shares increases to ₹150 when the employee decides to exercise their ESOP options. To exercise the options, the employee needs to pay the exercise price, which is ₹100 per share. The cost to the employee to exercise their ESOP options would be ₹100,000. <cmsannotation type="cmsannotation" annotationid="Additionally, there may be a tax implication" comment="subhead" text="Additionally, there may be a tax implication">Additionally, there may be a tax implication</cmsannotation> The next is the tax implication that arises here. If the ESOPs are granted at a value lower than the fair market value during vesting, there could be an extra tax burden, resulting in potential tax liabilities before fully realising the value of the ESOPs. “ESOPs are taxable in the hands of the employees as perquisite u/s 17(2) of the IT Act. The taxable amount of such perquisite would be the fair market value (FMV) of the shares (computed in accordance with Rule 3(8) of the IT Act) on the date of exercising such option less any amount paid by the employee for such ESOPs,” says Suresh Surana, Founder, RSM India, an audit, tax and consulting firm. In the above example, the employee would need to pay tax on the taxable amount of ₹50,000 at the applicable tax rate. The exact tax amount will depend on the individual's income tax slab rate. <cmsannotation type="cmsannotation" annotationid="A bigger concern" comment="subhead" text="A bigger concern">A bigger concern</cmsannotation> Poor company performance and uncertainty of liquidity events may render ESOPs worthless. “If the company fails to perform well or lacks successful liquidity events, the potential returns on ESOPs may remain unrealised, potentially impacting the value of the effort and time invested over the years, “ says Raghuvanshi. The value of ESOPs is closely tied to the company's performance and growth potential. If the company's value decreases, it can negatively impact the value of your stock options, potentially making it challenging to sell your shares at a profit. Hence, it is important for an employee to evaluate the future prospects and growth of a company before making a decision to exercise the option. When an employee exercises the options, he should have trust in the company's future growth and performance. “The employee should also be aware about the exit possibilities in case of unlisted shares i.e. buyback track record, funding rounds etc,” says Akhil Chandna, Partner, Tax, Grant Thornton Bharat, a professional services firm. When exercising ESOPs, it is thus essential to conduct a thorough assessment of the company's current performance and financial well-being. This evaluation helps the employee make informed decisions about exercising their options. “Any significant changes since joining could impact the decision,” says Raghuvanshi. <cmsannotation type="cmsannotation" annotationid="Risk of ESOPs are higher in an early stage start-up" comment="subhead" text="Risk of ESOPs are higher in an early stage start-up">Risk of ESOPs are higher in an early stage start-up</cmsannotation> If a start-up is bootstrapped or in the idea phase, the risks are higher. In that case ESOPs are merely paper money. As the different rounds happen, the value of the ESOPs and the probability of liquidity increases. “You should see at which stage of the start-up you are entering. At each phase the value of ESOPs is different. So if you are joining a company just on the basis of ESOPs and not getting a reasonable salary and the company is in its early stages, then you should also focus on the cash component,” says Singh. If it has reached the Series A or Series B funding stage, then you can consider the value of ESOPs when joining and can consider it an important part of your salary package.

Explained: What accepting ESOPs, especially if joining a start-up, might entail

<ul class="summary-list"><li>Indian techies were tripling salaries during the pandemic due to bloated demand for talent. </li><li>But the tech sector — especially edutainment — has already begun feeling the pinch amid a global downsizing. </li></ul>As the world strapped in for the pandemic, closing schools and sending workers home last year, India's techies were having a field day. Firms in Bengaluru, a tech hub in Southern India with 1.5 million IT employees and once dubbed the <a href="https://www.ft.com/content/7b774116-2964-11e5-acfb-cbd2e1c81cca">"world's back-office</a>," hired willy-nilly, as they struggled to cope with a surge in global demand for digital products."Salaries hit the roof," Yeshab Giri, the chief commercial officer at Randstad India, told Insider. He recalled one applicant who left his job with an annual salary of 1.2 million rupees, or $14,700. The tech worker received five offers from five different companies, and over several months negotiated his yearly pay up to 3.3 million rupees, or $40,400, Giri said. That's almost triple his last paycheck. To put that into perspective, rent for a one-bedroom apartment in the heart of Indian tech hub Bengaluru costs $1,840 a year, according to data from real estate company <a href="https://www.nobroker.in/blog/cost-of-living-in-bangalore/">NoBroker.</a>"These weren't one-off cases," said Uddhav Kumar, the co-founder and CEO of Lynkit, a firm that offers inventory and supply chain tracking services to logistics companies. "Everyone who was working would almost be guaranteed to have an offer that was double or triple what he earned."The skyrocketing demand though, didn't outlive the pandemic. Like with the US, as COVID-19 measures receded in India, so did the tech boom. Silicon Valley has seen round after round of layoffs in recent months, and India's been feeling the pinch too.Salary offers are declining, and at least 3,800 employees in Bengaluru were laid off in the last three months, according to data aggregated by <a href="https://layoffs.fyi/?">Layoffs.fyi.</a>But India's tech winter has been muted so far, four Bengaluru-based hiring experts told Insider. They see the decline more as the market returning to the brink of normalcy, and said there's still hope for laid-off tech workers — as long as they've been active in their jobs.<h2>'The glory days of last year are over'</h2>Recruiters believe the industry reached its turning point near the end of the third quarter."The glory days of last year are over, where everybody and anybody could get a job if they were half-decent," said Anup Menon, the vice president of CIEL HR Services. "In that sense, the average to below-average talent will have things to worry about. It won't be so easy to get a job.""Companies are now very clear about the budget they have, and will only hire within that range," he added.By CIEL's estimates, India's IT sector saw a 41% decline in hiring in September, compared to monthly averages in 2022, Menon said. However, he added that companies traditionally also slow down their hiring toward the end of the year."If you look at 2018, 2019, these are numbers comparable to those years," he said. Tech workers, especially those just laid off from well-known companies like Twitter or Stripe, are still looking at a "fairly decent quality pool" of employers, said Menon.But they'll have to expect fewer perks and lower salaries, he added.CIEL found that 77% of all tech companies are ending remote work or switching to hybrid work arrangements, compared to 25% of companies who enforced similar policies last year, he said. Subhashree Ghoshal, a senior consultant at JAC Recruitment India, told Insider that most tech companies engaging in layoffs are mostly looking to trim off excess workers as fewer projects come in — not necessarily their core workforce."The major backlash has been faced by employees who have been bench employees," said Ghoshal, referring to employees who aren't actively working on IT projects but are still on the company payroll.Firms are also looking to hire fresh graduates who are cheaper, while laying off employees who lead small teams like program managers and supervisors, said Ghoshal. Most in the latter category typically have five to 15 years of experience, he said.<h2>'The worst, however, may come next spring'</h2>The worst may come next spring, said Ghoshal, who predicts a surge in layoffs at the start of the first fiscal quarter and at the end of the second as Western demand for outsourced tech workers dwindles.At Randstad, Giri estimates a 25% drop in hiring in 2023. "We read a lot about the West, experts talking about financial slowdown in the US. We'll have to wait and watch," he said.For now, most of India's tech firms have shown resilience to market headwinds, faring better than their Silicon Valley peers.Tata Consultancy Services, an India-based mega firm with 600,000 employees, announced a net income of $1.3 billion in the second quarter of 2022, per <a href="https://www.bloomberg.com/news/articles/2022-10-10/tcs-profit-tops-estimates-after-outsourcing-giant-wins-new-deals">Bloomberg</a>. In the same quarter, Infosys, which hires a 345,000-strong workforce, <a href="https://www.infosys.com/investors/reports-filings/quarterly-results/2022-2023/q1/documents/q1-fy23-financial-results-auditorsreport.pdf">reported</a> a $65.6 million net profit. In contrast, Twitter <a href="https://investor.twitterinc.com/financial-information/quarterly-results/default.aspx">reported</a> a net loss of $270 million in the second quarter of this year, while Amazon <a href="https://affiliate.insider.com?postID=6386b687722a6819e779d5f6&amp;site=bi&amp;u=https%3A%2F%2Fir.aboutamazon.com%2Fnews-release%2Fnews-release-details%2F2022%2FAmazon.com-Announces-Second-Quarter-Results-fe1df2b70%2F">reported</a> a net loss of $2 billion in the same time frame. Meta <a href="https://investor.fb.com/investor-news/press-release-details/2022/Meta-Reports-Second-Quarter-2022-Results/default.aspx">reported</a> a 36% net income drop to $6.69 billion in Q2 2022, compared to the same quarter in the previous year.Menon of CIEL believes demand for tech workers will pick up again in the second quarter of next year, after a "much-needed correction" in the industry. "It was a little too unpredictable with the job hops and the kinds of salaries that were floating around," he said.Lynkit CEO Kumar concurred. "There was a lot of false hype around things that didn't add value but kept expanding," he said. "I think we are going to see that slowly being weeded out of the ecosystem."<h2>Sectors like edutainment for kids are badly hit</h2>One example of the post-pandemic decline involved digital services for kids, said Lynkit CEO Kumar. With schools shut during the pandemic, parents began buying educational and entertainment, or edutainment, subscriptions to keep their children busy."When schools started again, suddenly these kids had no reason to have these subscriptions," he told Insider.Education startup Byju's, touted as the <a href="https://asia.nikkei.com/Business/Education/Indian-edtech-Byju-s-raises-250m-from-existing-investors#:~:text=BENGALURU%20%2D%2D%20India's%20largest%20online,was%20cutting%20about%202%2C500%20jobs.">largest education tech startup</a> in India, spent <a href="https://economictimes.indiatimes.com/tech/startups/byjus-buys-great-learning-toppr-as-2-billion-acquisition-spree-continues/articleshow/84752307.cms?from=mdr">$2 billion during the pandemic</a> buying up other education firms to boost growth. It suffered a $575 million net loss in the year ending March 2021, <a href="https://www.bloomberg.com/news/articles/2022-09-14/byju-s-reports-widening-losses-after-prolonged-audit-delay">per Bloomberg</a>. The company blamed poor macroeconomic conditions, and said it adopted a new revenue recognition model that led it to defer 40% of its revenue to the next few years, <a href="https://www.reuters.com/technology/indias-byjus-posts-gross-revenue-100-bln-rupees-fy22-2022-09-14/#:~:text=Gross%20revenue%20for%20fiscal%202022,listing%20plans%20to%20next%20year.">Reuters reported</a>. In October, Byju's laid off 2,500 employees, or around 5% of its total workforce. Byju's did not immediately respond to Insider's request for comment for this story.Lynkit has been feeling the ripple effects of the third quarter fallout, said Kumar. Its HR department recently received around 1,200 resumes for an open product manager position, a role that normally sees 500 to 600 applications, the CEO said.Yet compared to the high-profile dismissals in San Francisco, the furloughs in Bengaluru represent smaller proportions of staff let go.And 2,500 jobs are a mere drop in the total pool of tech workers in India; Giri estimated that a total 350,000 people will join the local IT industry by the end of 2022."The layoffs that we're seeing are not really mass layoffs. Large companies laid off about 2,500 people, but we have to understand that they have a base of 50,000 people," Giri said.

Bengaluru, home to 1.5 million IT workers and called 'the world's back-office,' has dodged the tech winter ripping through Silicon Valley &mdash; but experts warn it may not last

<ul><li>50%-60% of hiring managers consider learning through online courses as an important part of their recruitment process. </li><li>Candidates need to self-assess skills and experience that they already possess and look at skills they want to develop. </li><li>Employees should evaluate the course content and decide whether it aligns with their current and future career goals. </li></ul>While 2021 and 2022 were characterized by the great resignation, 2023 could very well be the time of great <keyword id="6357067" type="General" weightage="100" keywordseo="layoffs" source="Orion">layoffs</keyword>. Recently layoffs have been common especially in the tech sector, with thousands of employees laid off and in lookout for a job, while others are living in the fear that they may be laid off too when the axe falls again. In such a circumstance, employees would do well to upskill so that they can bring more value to their organizations. A recent <keyword id="3554713" type="General" weightage="50" keywordseo="Upskilling" source="Orion">Upskilling</keyword> Trends Report 2023, by Great Learning, a professional learning platform, highlights that upskilling helped 43% of professionals gain career growth in their own organization, while 23% were able to switch to a different domain and 18% were able to secure a new job. “Ideally, the trigger for reading and continuously learning should happen well before the possibility of a layoff. That way you are already prepared. Most industries and functions are in the midst of a technology disruption. A good place to start would be to understand how technology is disrupting your sector and how you can leverage technology to improve your productivity and organization’s competitive advantage,” says Arjun Nair, Co-Founder, Great Learning. E-learning is a great way to acquire new skills, as it gives candidates access to some of the best trainers and teachers in a specific field. “New-age skills acquired from reputed online learning platforms are of great value and employers definitely provide an edge to candidates with such learning experiences. In fact, around 50%-60% of hiring managers consider learning experiences through online courses as an important part of their recruitment process,” says Sanjay Shetty, Director, Professional Search &amp; Selection, and Strategic Accounts, Randstad India, a recruitment agency. <cmsannotation type="cmsannotation" annotationid="Know where you stand" comment="subhead2" text="Know where you stand">Know where you stand</cmsannotation> “Firstly, candidates have to go back to the ancient Greek Delphic maxims - ‘know thyself’,” says Rituparna Chakraborty, Co-Founder and Executive Director, TeamLease Services, a staffing and human resources firm. Candidates have to self-assess skills and experience that they already possess. They have to list down the skills they own, want to develop and how they can gain the skills from different channels/sources needed for the job they aspire for. There are various tools or organizations that offer these services that you can leverage, which are worth investing in. One can also look at job postings where one might be interested in applying going ahead. Looking at these job descriptions will help one understand what skills one should add to their portfolio. As a fresher, you may not have much experience or knowledge about your field, so it's essential to focus on developing foundational or technical skills relevant to your industry. “You can start by assessing your current skill set and identifying any areas where you lack knowledge or expertise. Once you have a better idea of your skill gaps, you can then look for courses or programmes that offer an overview of the industry or job role you're interested in,” says Harsh Bharwani, CEO &amp; Managing Director of Jetking Infotrain, a computer networking institute. If you are in a job, it is important to map your career competencies and aspirations before you venture out to pursue paid courses, in particular.. “Consult career transition experts and, if available, career coaches, as well as peers, mentors, and industry experts who can advise you on the nuances of relevance and scalability and teach you from their successes and failures,” says Manu Saigal, Director - General Staffing, Adecco India, an HR services and recruiting company. <cmsannotation type="cmsannotation" annotationid="Choose the right course" comment="subhead2" text="Choose the right course">Choose the right course </cmsannotation> The choice of a course will be a function of one’s aspirational career path and where they stand at present . “You must be sure that the courses you are taking shall improve your probability of success and will add resilience. Employers are looking at employees who can be put to multiple job roles and hence possess a variety of skills – sometimes diagonally opposite,” says Shantanu Rooj, Founder &amp; CEO, TeamLease Edtech. For example, software engineers with understanding of psychology would be a great combination! So one approach is to identify skills and competencies that can assist you in advancing in your career or provide you with a competitive advantage in obtaining a promotion. Always look at who is providing and who is teaching the course. Value of the course will depend on the instructor, content, and provider (in that order). “Finally, work towards applying the learning from the course on the job. Remember, courses do not make you employable, they help you develop those skills that make you employable. In your resume, focus on how the courses helped you in your job,” says Prof. Niraj Mankad, associate professor, operations, FLAME University. While a course offered by a reputed university like Harvard may hold more value, you need to assess and evaluate the course contents and how relevant it is to your industry and whether it aligns to their current and future goals. One way to find out more about a course is to connect with people on Linkedin who have already taken the same course and ask them how the course has benefited them in terms of learning and career opportunities. When choosing a course, it is important to strike the right balance between hard skills and soft skills. “Today, aspirants should focus on developing a combination of soft and hard skills as both are equally important in today's employment landscape,” says Shetty. For example, in the field of digital marketing, hard skills such as search engine optimization, pay-per-click advertising, and web analytics are important, but so are soft skills such as communication, creativity, and critical thinking. On the other hand, an IT professional needs to be adept in hard skills including Java, DevOps, MySQL, etc. as well as soft skills such as communication, teamwork, time management, and adaptability. Constant re-skilling and upskilling is thus extremely crucial to remain employable and competitive in today’s rapidly evolving job market. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/dr-reddys-acquires-mayne-pharmas-usa-prescription-portfolio-for-105-mn/articleshow/98265086.cms">Dr Reddy's acquires Mayne Pharma's USA prescription portfolio for $105 Mn</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/adani-ports-spicejet-interglobe-aviation-among-stocks-to-watch/articleshow/98261988.cms">Sensex, Nifty50 likely to open in the red amid negative global cues: Adani Ports, SpiceJet, InterGlobe Aviation among stocks to watch</a>

This layoff season, upskill to stay afloat say experts

<ul><li>Bangalore, India’s IT capital, is the highest paying city in the country. </li><li>Hyderabad took the second spot for junior level roles with CTC at ₹5 lakhs. But for mid and senior levels, Mumbai is the second highest paying city with ₹15.07 lakhs 33.95 lakhs, respectively. </li><li>It has the highest average CTC at ₹5.27 lakh for junior levels (0-6 years), ₹16.45 lakh at mid level (6-15) and ₹35.45 lakh at senior level. </li></ul>If you want to draw a good salary, it might be a good idea to move to Bangalore. The IT capital offers the best salaries according to the Randstad Insights Salary Trends Report 2019. In the city, a junior employee is paid as an average CTC of ₹5.27 lakh. While mid level employees make ₹16.45 lakh and seniors around ₹35.45 lakh per annum. The city offers the highest pay for all three levels. Hyderabad took the second spot for junior level roles with CTC at ₹5 lakhs. But for mid and senior levels, Mumbai is the second highest paying city with ₹15.07 lakhs 33.95 lakhs, respectively. The next best cities are Pune and NCR. “Against the backdrop of the current economic growth scenario, this report comes as an eye opener for both companies and professionals on building their talent pools and competencies. A period of stasis is the best time to push pause, reset the priorities and build towards future proofing of the organization,”said Paul Dupuis, MD &amp; CEO, Randstad India. In May this year, government data showed that joblessness in the country was 6.1% of total labour force during 2017-18, the highest in 45 years. 
 
 
 
 
 
 
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 IT is the highest paying industry in India There are no surprises when it comes to the best paying industry which is IT. Juniors in the field are paid ₹4.96 lakhs per annum and seniors at ₹35.84 lakhs. “The renewed demand for professionals with digital skills – cloud, product management, analytics, AI and automation – could be the major factors for the sector’s strong showing this year,” said the report. There is a huge demand-supply gap between Artificial Intelligence and Machine Learning experts. As a result, there’s a cut throat competition for people in AI/ML. “Talent with the ‘right-fit’ skills commands a significant premium over their peers and companies are not constrained by bell curves and averages when it comes to the salary structure for professionals with in-demand skills; evidenced by the findings of this report,” said Dupuis. Professional services sector — that includes GST compliance specialists, accountants, management consultants and lawyers — ranked as the second highest paying sector for junior and senior levels, while topping the salaries for mid-level (₹15.3 lakhs) professionals. See also: <a href="https://www.businessinsider.in/careers/news/ai-and-machine-learning-jobs-are-in-demand-but-hiring-is-difficult/articleshow/72879872.cms">Indian CEOs are having a tough time retaining AI, ML, and data science experts</a> <a href="https://www.businessinsider.in/business/news/india-facing-great-slowdown-economy-headed-to-icu-modi-govts-1st-cea-subramanian/articleshow/72868717.cms">India facing 'Great Slowdown', economy headed to ICU: Modi govt's 1st CEA Subramanian</a>

These are the average corporate salaries in top Indian cities

<ul><li><keyword id="1930805" type="PERSON" weightage="20" keywordseo="Wistron">Wistron</keyword>, one of <keyword id="6354427" type="ORGANIZATION" weightage="20" keywordseo="apple">Apple</keyword>’s manufacturers for the iPhone in India, is facing trouble with the Indian government over the non-payment and delay in payment of wages. </li><li>According to lawyers, allegations against the company are in violation of three Indian labour laws — the <keyword id="695544" type="PERSON" weightage="20" keywordseo="Payment-of-Wages-Act">Payment of Wages Act</keyword> (PWA) of 1936, the Factories Act (FA) of 1948 and the Contract Labour, <keyword id="3938435" type="PERSON" weightage="20" keywordseo="Regulation-and-Abolition-Act">Regulation and Abolition Act</keyword> (CLRA) of 1970.</li><li>Wistron blames the issue of the payment of salaries to a software ‘glitch’ on its system, which could cushion the blow.</li></ul>Supplier of Apple iPhones in India, Wistron, claims a software ‘glitch’ is the reason why its contract employees’ salaries were being unfairly deducted and payments were four days late. A dispute that led to a violent reaction from the workers at the Narasapur (Karnataka) factory who threw stones, damaged some vehicles and looted some of the iPhones kept for export, according to the FIR filed by Wistron against 7,000 people. <div type="image" title="wistron factory damage1_edited" msid="79790340" hostid="261" caption="&amp;lt;p&amp;gt;Damage to Wistron&amp;#39;s factory in Karnataka after employee protests turned violent&amp;lt;/p&amp;gt;"></div> While that argument may help Wistron cushion the blow, lawyers believe that the current allegations against the company are in violation of three Indian labour laws — the Payment of Wages Act (PWA) of 1936, the Factories Act (FA) of 1948 and the Contract Labour, Regulation and Abolition Act (CLRA) of 1970. The company, which also manufactures IT products for Microsoft and Lenovo, is currently being investigated by Apple, the Karnataka government’s Department of Factories, Boilers, Industrial Safety &amp; Health and the Karnataka Police. “Software glitch can be a reason but that is not of any consequence under the law. That is for Wistron to take care and deal with its software provider,” Neeraj Dubey, a corporate law partner at Singh &amp; Associates told Business Insider. Minimum wage and timely payment of wages The state’s labour department preliminary enquiry has deduced that the hiring agencies were not at fault. It was Wistron’s management, which deducted two to four days’ of salary over the past couple of months due to a software ‘glitch’. <div type="image" title="wistron factory damage 2_edited" msid="79791172" hostid="261" caption="&amp;lt;p&amp;gt;Overturned and burned vehicles left in the wreckage of the violence at Wistron&amp;#39;s factory in Karnataka&amp;lt;/p&amp;gt;"></div> The workers <a href="https://www.thenewsminute.com/article/wistron-iphone-plant-violence-workers-say-months-pent-anger-behind-outburst-139681">said</a> that they were angry because they weren’t paid for the additional hours they worked for many months. Things boiled over after the November wages were delayed by four days. “The law mandates salaries to be disbursed by the 7th of every month. Wistron paid contractors on December 10 and those agencies paid workers the next day. The company has said that the delay was because they were trying to fix the technical snag that had led to the deduction of salaries in the previous months,” the labour commissioner told the press. Under the Payment of Wages Act (PWA) of 1936, not paying wages on time is a punishable offence within stipulates a fine at least ₹1,500 for every violation, but could extend to up to ₹7,000 for first offenders. “Although the agency or the contractor is responsible for payment of wages - if they fail to pay the workers, the liability under the Contract Labour Regulation Act is that of the principal employer’s i.e. Wistron in the present scenario,” Avik Biswas, a partner at IndusLaw, told Business Insider. Dubey adds that there is also scope for an additional fine of ₹10,000 for non-maintenance of proper records pressed against Wistron. Laws to specifically protect contract workers Wistron had hired 9,800 employees through six contractors — Creative Engineers, Quess Corp, Innovsource, Adecco Group, Needs Manpower Support Services and Randstad. While 1,343 were permanent employees, the <a href="https://theprint.in/india/missing-contractors-key-to-solving-mystery-of-wistron-iphone-plant-attack-police-begin-hunt/569016/">other 8,490 were hired on a contract basis</a>. The latter are protected by the Contract Labour - Regulation and Abolition Act (CLRA) of 1970. Under this law, if the investigators find Wistron’s management guilty of non-payment of wages, they could end up in jail for up to three months, be fined up to ₹1,000, or both. Location, location, location Biswa adds that since this incident took place at a factory, the Factories Act (FA) of 1948 will also apply. This dictates that if any worker — including those working on contract — works on the premises for more than nine hours in a day, they’re entitled to overtime wages. These overtime wages have to be at least double the ordinary rate of wages. A preliminary report submitted by the Department of Factories Boilers and Industrial Safety dated 13 December, found that Wistron had increased overtime work hours for employees without informing the Labour Department. It added the difference in pay was not credited along with the salary for the month of November 2020. “The salary of the housekeeping contract workers are not paid till date, and are required to work for 12 hours a day for six days a week, and are being paid the same salary which they were being paid when they were working for 8 hours a day,” said the report. If the allegations hold true, the penalty for not paying or overtime would leave both the occupier and manager of the factory includes imprisonment of up to two years, a fine not exceeding ₹1 lakh or both. “If the contravention is continued after conviction, with a further fine which may extend to ₹1,000 for each day on which the contravention is so continued” explained Biswas. How much protection does the ‘glitch’ offer? According to the law, the company is accountable to be prosecuted. “The reason for non-payment of actual dues is immaterial as making the payment is of paramount significance under the laws,” said Dubey. However, if Wistron can prove that the offence was committed without the knowledge of its employees and Wistron could have done nothing about the software glitch, then Wistron may not be accountable under CLRA. “Similarly, under PWA, there may be no penalty if Wistron can satisfy the law only broken due to a bona fide error — like a software glitch — as to the amount payable to the employed person,” explained Biswas. And, finally, under FA, if the management at Wistron can prove to the satisfaction of the court that they followed due diligence to enforce the law and that the non-payment of wages occurred due to a specific person committing the offence on their own, then the liability of the Company can be significantly limited. SEE ALSO: <a href="https://www.businessinsider.in/science/news/fda-says-it-will-rapidly-work-toward-authorizing-modernas-covid-19-vaccine/articleshow/79789544.cms" data-type="tilCustomLink">FDA says it will 'rapidly work toward' authorizing Moderna's COVID-19 vaccine</a> <a href="https://www.businessinsider.in/tech/news/facebook-and-google-have-been-accused-of-striking-a-secret-illegal-advertising-deal/articleshow/79778780.cms" data-type="tilCustomLink">Facebook and Google have been accused of striking a secret, illegal advertising deal</a>

If investigators find Wistron management guilty, here's what is at stake for the company

India is shining, and the world is taking a notice of that. Global companies are setting up their bases in India, and the economy is growing like never before. However, when it comes to working overseas, a substantially higher number of Indian employees will not think twice before saying yes, even if it means leaving the country that the world is attracted to. 
 
This ‘urge’ to go overseas for jobs has rapidly grown over the last five years, no matter the slowdown in global economy, and the rapid pace of India’s economy. 
 
A Randstad survey reveals that 85% of the respondents surveyed said that they are keen on working abroad, and a shocking 88% of these numbers are women. A 2011 survey on the same topic stated the number of respondents willing to go overseas for job to be 74%. 
 Bhaskar Chakravorti, senior associate dean, The Fletcher School, Tufts University has something to say for this ‘<keyword id="3507678" type="UNKNOWN" weightage="100" keywordseo="foreign-fascination">foreign fascination</keyword>’. 
 
"Even economies such as India that are experiencing a rare burst of growth do not hold a promise that this growth is going to last and lead to exciting new jobs. The alternative is to look elsewhere beyond one's home market with the hope that somehow the grass is going to be greener on the other side," Chakravorti told <a href="http://economictimes.indiatimes.com/jobs/india-shining-but-lure-of-overseas-jobs-still-hard-to-resist/articleshow/53331522.cms">ET</a>. 
 
Second, the pace at which business is becoming global, there are some dynamic opportunities that exist in new markets outside India. "Naturally, it creates a desire to visit and work in these places," said Chakravorti. 
 "Earlier, going abroad for higher earnings and better lifestyle was desired because India offered few opportunities. Although India is a different place now, the old perception continues by and large, and perceptions take time to change. It is noteworthy that not everyone wants to go abroad for more income. Better lifestyle, equal opportunity for all, and lower crime are other reasons. And these remain issues of concern in India," said Siddharth Shekhar Singh, associate professor of marketing at <keyword id="6357275" type="ORGANIZATION" weightage="100" keywordseo="Indian-School-of-Business">Indian School of Business</keyword>. 
 
Moreover, it’s the impact that work experience abroad has, leading to better career opportunities, which adds to Indians’ wish to earn this experience, even if they don’t plan to permanently settle down abroad. 
 
Some of the key sectors that continue to lure Indian talent to overseas jobs are IT, accounting and financial services, consulting, healthcare and oil &amp; gas. 
 
<a href="http://mcraigweaver.com/images/eye.jpg">Image source</a>

Indian economy is growing rapidly, but youth is still lured by jobs in foreign lands

Canada, Australia, the US still might be a hot favorite among Indians who dream of going and staying abroad, but the heart of non-resident Indians lies in India. No wonder, they are planning for a ‘ghar wapasi’ considering the pace of recovery that India’s economy has shown in the recent past. 
 
A recent Economic Times report reveals that the trend of Indians returning from abroad to work here has picked up pace with the recovery in the country's economy. The reasons for the homing pigeons coming back to their lofts are quite similar — family matters and better job prospects, the report mentioned. 
 
So, who all are coming back? IT professionals? Doctors? Everyone say recruitment experts, who feel that it is a more broad-based trend encompassing sectors like banking and finance, pharma, auto, textiles and food processing. Moorthy K Uppaluri, CEO, Randstad India, told ET that with the recovery of the Indian economy and increase in the number of Indian companies looking to expand globally, there is a definite rise in the number of Indian repatriates. 
 Better prospects and avenues in the country are some of the factors, which <keyword id="58225" type="ORGANIZATION" weightage="20" keywordseo="NRIs">NRIs</keyword> are considering to come back to India. The fact that salaries in the West and India are now almost at par is also helping them take this decision. Uppaluri told ET, "About a decade ago, the difference in the junior and middle levels was as much as 75%, and at the top management level it was about 50% to 60%. Today, the difference at the junior and middle levels is about 50%, and at the top it's just about 30% to 40%." 
 
Nilay Khandelwal, regional director, Michael Page, a recruitment firm also agrees. He told the financial daily, “The gap has been reduced as the early movers had a better advantage than people moving at later stages. So, for example, a 40-50% premium in the past is now reduced to 20-30%." 
 Foreign banks have started witnessing this reversal of brain drain. "We have seen a lot of interest across the developed markets from managers wanting to relocate to India, whether for personal or professional reasons. In the last 18 months, the trend of returning Indians has gathered momentum," Anuranjita Kumar, chief HR officer, Citi South Asia told ET. "The last time around when we witnessed such a trend was a decade ago between 2005-07 when Indian <keyword id="35050" type="CITY" weightage="20" keywordseo="gdp">GDP</keyword> growth was around 8% to 9%. However, following the subsequent uncertainty surrounding the global financial crisis and lower growth in India, the trend plateaued out," said Kumar.

‘Ghar wapsi’ of a lucrative kind!

Freelancing opportunities are growing rapidly across industries. Find out how to make the most of this trend. 
 
When Sahil Manekia (see details below) returned to India after a 4-year stint in the US, he was expecting to land a good job with a leading organisation. However, the <keyword id="282190" type="POSITION" weightage="40" keywordseo="data-analyst">data analyst</keyword> who specialises in assessing the impact of non-profit ventures, drew a blank. 
 “I wanted to focus on non-profit projects, but the <keyword id="11018" type="COMPANY" weightage="100" keywordseo="Jobs">jobs</keyword> on offer did not match my skill set,” says the 29-year-old Mumbai resident. Manekia now works <keyword id="278613" type="COMPANY" weightage="40" keywordseo="Freelance">freelance</keyword> for companies to assess the impact of their corporate social responsibility initiatives. 
 In another part of India’s financial capital, corporate trainer Maneesh Konkar is preparing a PowerPoint presentation for a workshop later during the month. A freelancer, 43-year-old Konkar conducts workshops for the sales teams of companies. Till now, he has trained employees of <keyword id="34523" type="CITY" weightage="40" keywordseo="fmcg">FMCG</keyword> companies, consumer electronics manufacturers, auto companies and even IT firms. 
 
“They may be from different sectors but the fundamentals of effective sales are the same across industries,” he says. Freelancing, once seen as the preserve of writers and photographers, is increasingly attracting professionals from other streams. The Internet has spawned opportunities for teachers, data analysts, IT professionals and corporate trainers like Konkar. 
 
You can grab freelancing assignments not only in your city or in India but literally in any corner of the world. According to one estimate, every third user of Freelancer.com is from India. 
 
The US-based website helps freelancers get assignments and takes a cut when the deal is done . It’s a trend that is slowly catching on. A growing number of professionals is junking regular employment to try their hands at freelancing. They are driven by the dream to be independent and work on their own terms without the straitjacket of a 9-to-5 job. To be fair, freelancing does unshackle the individual from the tyranny of corporate hierarchy. 
 
 
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You are your own boss and get to draw your own schedule. However, it is not a cakewalk. “While being on your own offers you the flexibility of working in your own fashion, it is certainly not a bed of roses. One has to work very hard to establish oneself and, subsequently, get a regular income to be successful,” says Aditya Narayan Mishra, president (staffing), of head-hunting firm, Randstad India. 
 
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The jobs are everywhere. What you need to do is find the niche that matches your expertise. “Don’t go by just the current demand, but also assess how it will shape up in the coming years,” says Sangeeta Lala, senior vice-president, Teamlease, an HR consultancy firm. It pays to keep yourself abreast of the latest developments in your chosen field. 
 
When the Companies Bill was passed, Manekia immediately sensed an opportunity in the clause that requires companies of a certain size to spend 2% of their threeyear average annual profit on CSR initiatives. 
 “An in-depth research in your field goes a long way in finding your way in the market,” he says. Similarly, Mumbai-based <keyword id="237600" type="POSITION" weightage="40" keywordseo="freelance-photographer">freelance photographer</keyword> Kedar Bhat (see details below) saw an opportunity in training amateur photographers. He charges Rs 3,000 per student for a one-day workshop. 
 
Freelancers don’t have the luxury of a big brand name to back them. It is their work that speaks for them. So, the first step is to build a portfolio of work samples and testimonials from satisfied clients. 
 
Don’t make it too extensive; just a select representation of what you are capable of. “If you don’t have any past work experience to showcase clients, then create dummy samples. Meeting a prospective client without any work sample is not a very good idea,” says Asif Upadhye, director at an employee engagement firm, Never Grow Up. 
 
 
 
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	Appearances and behaviour count
Being your own boss doesn’t mean you can do things your way all the time. Yes, you are not an employee and there is no dress code for freelancers, but it’s important that your attire and demeanour exude professionalism. 
 
You might not be taken seriously if you go to a meeting in casual wear. Similarly, you should realise that you are a marketing manager, cost accountant, HR head and CEO all rolled into one. Be polite when you meet your clients. 
 
Don’t lose patience if they don’t understand your pitch, or look down upon them if they cannot afford your services. Keep one golden rule in mind: the customer is always correct. Listen to him, and then customise your offering to his needs. Don’t try to customise his needs to what you have to offer. Also, never shy away from seeking advice from others who have been in the market for a while. 
 
 
 
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Finding work 
 
Finding work is perhaps the toughest part for a freelancer. He has to knock on several doors and spend time, money and energy trying to get work. “It can be very demoralising when you don’t get a response or your proposal is rejected,” says Konkar, who approached companies directly when he started freelancing. “The first two companies I approached were auto manufacturers. 
 
The officials thought I was too young to be a trainer. After struggling for a few months, an IT company accepted my proposal and allowed me to train its employees,” he says. Zeroing in on work has become easier in recent years, with the advent of social media and websites that play matchmaker between clients and freelancers. 
 
“Networking has significantly improved due to the Internet and social media,” says Mishra of Randstad. There are several sources, both online and offline, that can be tapped. Though freelancing portals take a 10-15% cut from your earnings, it is worth the cost. 
 
For a freelancer, dealing with an overseas client directly can be very problematic. Even dealing with a domestic entity is fraught with problems. Clients armtwist the freelancer, knowing that he is on his own. 
Payments get delayed and work is rejected without assigning any plausible reason. You can jump past these hurdles if you go through a website that ensures timely and full payment once the project is complete. The most popular foreign freelance sites are Elance.com and Freelancer.com. Indian websites, too, are gaining popularity. However, do conduct a background check before you deal with these websites. Ask other freelancers about their experiences and other details. Social media sites like <keyword id="28120" type="CITY" weightage="40" keywordseo="Linkedin">LinkedIn</keyword> and <keyword id="6354576" type="CITY" weightage="40" keywordseo="Facebook">Facebook</keyword> have changed the definition of networking. 
 With a few clicks of the mouse, you can find people who may be interested in your work as well as connect with other freelancers like yourself. While LinkedIn helps connect only with professionals, Facebook, too, can be used to find work. You can upload status messages or create a page that informs <keyword id="343" type="ENTERTAINMENT" weightage="40" keywordseo="Friends">friends</keyword> about your work. 
 
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Your Internet profile can also be used to upload sample work, which may attract clients. However, always ensure that your work is protected from copyright violation. “I usually upload only password-protected Excel sheets so that my work is not copied by someone else,” says Manekia, who actively uses social networking sites to connect with clients. 
 
Financial implications 
 
Given the freedom it offers and the money you can make, a freelancing career appears Utopian. However, there are several pitfalls you can encounter. For starters, there is no stability of income as in a regular job. As they say, you have to dig a well every day to drink water. You can never be sure about the next project. For those saddled with financial responsibilities, it can lead to a sticky situation if there is a long dry spell on the work front. The other problem is that when you start out, you cannot quote very high rates. 
 So it is likely that you will earn much less than that you did earlier or could have in a regular job. You will also have to give a miss to employee benefits like the <keyword id="45028" type="ORGANIZATION" weightage="40" keywordseo="Provident-Fund">Provident Fund</keyword> or <keyword id="35450" type="COMPANY" weightage="40" keywordseo="insurance">insurance</keyword> that salaried individuals get. For freelancers with lumpy incomes, it is advisable to take a conservative estimate of your salary. 
 
 
 
It helps keep a tighter rein on expenses and gives you a buffer in case of an emergency. In the absence of group insurance and retiral benefits, you need to buy a cover for yourself and your family, as well as save for unforeseen events. Keep in mind that some expenses, such as food, housing, education and medical needs, are nonnegotiable expenses that cannot be cut in any circumstances. 
 
Goodbye to leisure 
 
Apart from the money factor, freelancing takes away a lot of your free time. For clients, a freelancer is a vendor they can call 24x7. Don’t be surprised if you get calls at 8 am or 9 pm from a client. This is especially true if he is based abroad and is on a different time zone. “If you are working on a project with tight deadlines, you may have to forget your weekends,” says Maneesh Konkar. (see details below) 
 
While freelancers do need to put in hard work, experts warn against letting work occupy too much of your life. It is a sureshot recipe for a burnout. The more hours you work at once, the less productive you get. You also need to take a break and attend to other things in life. 
 
 
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	Where are the opportunities: There is a lot of demand for freelancers in these areas.
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Besides the erratic schedules a freelancer has to deal with, he must also be able to handle trouble with clients. Many times, a client may back out at the last minute, leaving you in the lurch or he may express dissatisfaction with your work and try to cut your payment. 
 
“Since freelancing is a one man show, you have to deal with each and every problem yourself, be it an administrative issue or a troublesome client,” says Bhat. 
 
One way of avoiding money or copyright issues with the client is to have an agreement drafted and signed by the company that clearly spells out your rights. 
 
“Make sure you go through each and every clause of the agreement to know what your position is. Don’t blindly accept all the terms and conditions that the company sets forth,” says Mishra. 
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