Riding high on strong demand conditions, companies are willing to raise their staff level, and the pace of hiring is expected to be faster than last year, says a UBS survey.
According to UBS Evidence Lab's C-suite survey of 247 C-suite executives (CEOs, CFOs, strategy and finance directors), companies' hiring outlook is relatively robust as half of the surveyed firms expect the pace of hiring to be faster compared to last year.
UBS expects four million jobs to be created per annum over the next five years, up from 2 million per annum in the past five years.
As per the survey, corporate India's hiring plans are in line with expectations of changes in demand, and future increases in hiring is expected to be more for temporary jobs, the survey said, adding that nearly two thirds of the surveyed firms expect salaries to increase less than 10 per cent.
"Most firms in our survey expect an increase in the number of employees (7 per cent average increase), and their hiring plans are in line with expectations of changes in demand. Job quality may be worsening, with a tilt towards temporary workers," the survey said.
Meanwhile, the survey noted that many firms were unaware of artificial intelligence/blockchain, and many others have not invested in these areas.
"New automation techniques have yet to impact hiring plans," it noted.
The UBS Evidence Lab's survey of 247 C-suite executives from Indian firms indicates a mixed demand outlook with average expectations of 8 per cent growth, and somewhat higher profit margins than in the past.
"These suggest a recovery, but not yet a sharp one," it noted.