Housing finance is one of the leading employment generation industries in the Indian economy. Human capital play key role in the success of any business. HR experts predicted that 2016 will be the year of creativity, bold leadership, speed of execution, employer branding and a fundamental redesigning of the HR practices. Policy Initiatives such as Housing For All by 2022 mission and Smart Cities project and new banking licenses and new housing finance companies will create huge demand for top talent across levels. The major challenge is getting the right talent at the right time and at the right cost and at the same time retaining existing talent. The growing technology and business process reengineering technology will help organizations to achieve more with less manpower. Rural finance industry expected to see increase in hiring activities across junior and middle-level roles and rural and urban areas of the country.
The initiatives such as Housing for All scheme and Smart Cities projects in metros will generate more jobs in tier II and tier III cities from these regions. Housing finance industry has enabled with many new entrants, while increased competition among the firms. The competition among the existing firms and new entrants will definitely impact the manpower requirement in 2016 and identifies the new strategies to retain the quality manpower. To retain top employees organizations need to facilitate robust appraisal policies such as salary increment of 8-10 per cent and wealth creation mechanisms to reward talented employees.
Experts believe that there will be acute skill shortage in remote areas where fresh demand for affordable housing is likely to come up. This will create huge demand for skilled professionals in housing finance sector. It was estimated that increased hiring from campuses will build future talent pool, while references will continue to remain the most popular hiring tool amongst the recruiters and placement agencies.