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The new year may bring in loads of cheers for job-seekers, as the experts expect the companies to hire more than five lakh new employees during 2012 despite the uncertainties prevailing about the overall economic scenario.

Adding to the cheers of the job market, the employees could expect double-digit salary hikes during 2012. "If all goes well, and depending on policies of the government and market situation, more than 5 lakh jobs will be created across all segments," executive search firm GlobalHunt’s Director Sunil Goel said.

The Indian job market in 2011, felt the ripple effects of the global economic uncertainty, but emerged out of it rather strong, as companies adopted a "cautiously optimistic" approach and experts believe in the new year jobs will continue to be added, albeit at a slower pace. As per Monika Tripathi, Vice President (Heading the IT, ITeS, Telecom and Research practices) at recruitment process outsourcing firm Elixir Consulting, "The IT/ITeS sector alone will generate as many as around 3 lakh jobs in 2012."

Elixir expects the hiring activities to increase by 7-8 per cent in 2012, from the levels seen in 2011.

As the companies would increase their technology investments and entities from abroad look at India-based service providers or development centres, there is a bright prospect for both domestic as well as multinational companies based in India, in the IT/ITES segment.

In the coming months job, opportunities are expected to grow exponentially in sectors like retail, healthcare and IT & ITeS, defence, hospitality and consumer durable.

"Since the interest rates have hardened to all times high, they are bound to come down giving much needed respite to banking, this should give boost to real estate and automobile and hence these sectors are likely to see some hiring," executive search firm Symbiosis Management Consultants’ CEO and Founder Vinay Grover said. Echoing similar sentiments, Richie Madan, Executive Director at Elixir Consulting, "there is a great demand for talent across industries in India. The Retail, BFSI, FMCG, Hotels and Hospitality sectors would pick up pace and would improve in 2012."

FMCG, Pharma are insulated from recession and will remain constant, Grover said, while adding that E-Commerce being a new kid on the block will emerge as a saviour and will compensate for rather dull scenario. As far as compensations are concerned, there is reason to cheer, the average salary increase would increase to at least 12 per cent, from 11 per cent in 2011.