Hiring Trends for Medical Executives in India
The process of hiring qualified medical executives for your India office can be difficult. Due to India’s fast growth recently, there is increased competition to find the top medical talent to staff medical companies in India. There is a very strong demand for executives who have experience with product registration and compliance in the medical business. Quality assurance executives are also in short supply as medical manufacturers try and improve the quality of their factories and products to increase international sales.
The increasing competition among foreign and domestic companies for good executives has resulted in a shift in hiring trends. Indian employees no longer expect to work in one company for life. Rather, job changes have become more frequent. Indian employees are constantly checking their salaries against the market, and can be induced to change jobs periodically for immediate gains.
In general, Indian compensation is still lower than in the West. However, typical compensation schemes also add on other indirect costs such as free transport, food, recreation, security, etc. Most Indian employees are hardworking and used to working extra hours and holidays. In addition, they are generally amenable to training and not averse to travel or relocation. Their analytical skills are good, but at times their written communication needs some improvement. Indian employees are family oriented and expect to socialize with colleagues and bosses from time to time, especially at company sponsored events or outings.
Recruiting Strategies for Medical Executives in India
Newspapers and Technical Journals – Job advertising is expensive and not often used in India due to the large flood of applications that would result from advertisements. However, sometimes the response to advertisements is good in special supplements of national newspapers for experienced personnel and top management positions.
Websites – Recruitment websites such as www.monster.com, www.jobsahead.com, www.timesjobs.com, and www.naukri.com are cost-effective and popular. It has also become increasingly common for companies to solicit applications through their own websites.
Campus Recruiting – Many campus candidates may have prior work experience from before they entered college. The most reputed institutes have organized recruitment with facilities for on-campus presentations, tests, and interviews. The top institutions are the Indian Institutes of Technology (IITs) and the Indian Institutes of Management (IIMs).
Recruitment Agencies – With the increasing number of foreign companies in India, executive recruiting agencies have become more widespread as well. Both international and local recruitment agencies are available.
Employee Retention in India
There are several factors that influence the retention of Indian medical employees. In addition to good working conditions and good in-company facilities for food, transport and leisure, Indian employees value flexible work hours, options for study leave or help with financing higher studies, opportunities for training and development, and transparent personnel policies. It is important that their salary level is in line with market levels, and preferably that they are given increasing responsibilities and fast promotions. Indian executives like the “American style” of the open appraisal system, where they are given clear, direct feedback multiple times per year.
It is also helpful to keep in mind the criteria that Indian candidates tend to think about when making a career choice, which include: company reputation and profitability; salary and perquisites, location and facilities, availability of overseas postings, career prospects and promotions, access to top management, and opportunities for training and development. Indians tend to have a preference for foreign multinational companies as they think they will be paid more.
India’s Labor Laws
India has become more progressive with labor laws over the years. There are many labor laws in India, but the laws are published in English, so they are relatively accessible. These laws stipulate specific requirements for things such as working conditions, minimum wage, bonuses, overtime pay, rest periods, casual leave, sick leave, etc.
Management-labor relations in India are reasonably good. Any seven or more employees can form a trade union, irrespective of salary or designation, but unions are usually not found in sectors where salaries are high and lower-level tasks are contracted out. There is no unemployment insurance in India.
Wages and Compensation in India
Technical and managerial salaries are generally lower than salaries in Western countries, but they are rising steadily due to economic growth and fierce competition for experienced medical executives. Traditionally, employees in multinational companies are paid more than employees in local firms, but this difference is narrowing. CEO salaries are generally high in India, and thus very attractive to expatriates as well as with local Indians. More and more foreign expatriates are being recruited to India to head medical companies or divisions of medical companies there.
Companies in India periodically review their salaries against peer groups through formal or informal surveys of equivalent jobs, so there is not a lot of guesswork about what someone with a certain amount of experience in each industry and position should be earning at one company versus the next.
Salary structures in India tend to be very complex, with a number of benefits in addition to the base salary. Although the benefits are being gradually reduced or fitted into a “cost to company” (CTC) basis, they are not being done away with completely. The base salary is controlled since some retirement benefits are linked to the base salary, and base salary increases are provided for excellent performers. Generally, the employee may choose his or her benefits within certain limits, depending on their individual tax or other personal requirements. Alternatively, the company can provide a fixed benefits package linked to grade or base salary.