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If you are looking for a job, be prepared for a more rigorous selection process.

India Inc. 532832.BY -0.19% will likely go slow on hiring over the next few months, at least until the Indian economy picks up, say recruiters. So, this is not the best time to be out looking for a new job. But if you are looking, recruiters suggest being ready to make some compromises for your new job.

Here are five things to keep in mind:

Lengthy process: In general, companies are now keeping hiring to a minimum, taking on new employees only if they really need to, say experts. Even then, they are being very selective and taking a long time to finalize candidates.

So job-seekers should be mentally and financially ready to be in the job market for as long as six months.

Also, be prepared for a more rigorous selection process. Expect “additional aptitude tests and extra rounds of interviews,” says A.G. Rao, managing director of the recruitment firm ManpowerGroup MAN +1.93% in India.

More for less: Companies are now expecting a lot more from their new hires. They expect employees to be open to flexible working hours, which could include late or very early shifts, or working on weekends. They also prefer employees who have skills in more than one department, says Sunil Goel, chief executive of Delhi recruitment firm GlobalHunt India Pvt.

Consider brushing up your skills or taking a short-term course to learn something new to make yourself more marketable, says Kamal Karanth, managing director of Kelly Services India, a recruitment consultancy based in Gurgaon.

Experts in a particular field, especially where technical knowledge is required, have a better chance of being hired than generalists.

Money: If you’re planning to jump ship to get higher pay, you may be disappointed. Unlike in the past, when companies would give salary raises of 25% to new employees, nowadays the bumps are closer to 15%, say recruiters. You can get close to that in your existing company, if you do a good job.

Also, if you have to forgo a bonus when you leave your job, don’t expect to get a signing bonus from the new company. Most companies don’t give such bonuses now, says Mr. Goel of GlobalHunt.

Travel: If you are willing to relocate for work, you will open yourself up for more jobs.

Many companies are looking to hire staff in their factories and offices in remote areas, says Uday Sodhi, head of executive recruitment firm Head Honchos based in New Delhi.

For instance, companies like outsourcing giants Wipro and Tata Consultancy Services 532540.BY +0.16% are setting up units in Vishakhapatnam, in the southern Indian state of Andhra Pradesh, and Indore, in Madhya Pradesh in central India, respectively. They are looking to hire a lot of staff in these places.

Basics: If you have been out of the job market for more than a couple of years, it’s imperative that you polish your resume. Be sure not to make these common resume mistakes.

Since recruiters are increasingly using the Internet to find job candidates, brush up – or create — your presence online. Here are tips on how to do that.

If you are short-listed for a position, be prepared for a more intensive job interview, where you might even be pitted against someone already working in the company. Read up on the company and industry where you want to work, and avoid these common interview mistakes.