Privately held businesses bullish on hiring: Survey

NEW DELHI: Country's privately held businesses are still bullish about their hiring plans as around 74 per cent expect a growth in employment rate this year, even as the global recruitment drive has suffered a downtrend, a latest survey said.

"Whilst expected growth in employment globally has fallen from 45 per cent in 2007 to 33 per cent, this year, it has remained level in India (74 per cent)," according to a recent report prepared by advisory firm Grant Thornton India.

The optimism shown by the industry assumes significance as the actual reported employment growth in India was marginally lower than expected in 2007, in line with the global trend.

The International Business Report examines the attitudes, plans and trends of 7,800 privately held businesses in 34 economies.

Interestingly, availability of a skilled workforce was also cited as one of the major constraint by most businesses (38 per cent) in the country that restricts their expansion plans.

Grant Thornton in the International Business Report (IBR) further said business houses now a days are more focused on retention than those one year ago.

As many as 71 per cent of Indian businesses ensure that all employees understand the company's core values, mission and goals to aid recruitment or retention.

Besides, increased operating costs due to staff retention issues have created roadblocks according to 33 per cent of respondents of the survey.