New Delhi: A survey conducted on employers in India revealed that they are expecting a moderate pace of hiring in the next three months. The survey highlighted that organizations are focused on investing in the professional development of their workforce and creating a positive work culture.
According to the latest ManpowerGroup Employment Outlook Survey, which included nearly 3,020 employers from different sectors and regions, the hiring intentions have decreased by 17 per cent compared to the same time last year. However, on a quarterly basis, there has been a marginal improvement of 1 per cent.
The Net Employment Outlook for the October-December quarter stood at 37 per cent, up 1 per cent from the July-September quarter of 2023, and decreased by 17 per cent when compared with the same time last year.
The Net Employment Outlook is determined by taking the percentage of employers expecting an increase in hiring activity and subtracting the percentage of employers expecting a decrease.
The survey revealed that employers have identified professional development (training, upskilling, and reskilling), positive work culture, and clear goals and objectives as essential drivers of increased workforce productivity. Sandeep Gulati, Managing Director of ManpowerGroup India and Middle East, stated that the survey findings indicate a stable economy despite the global geopolitical and economic uncertainties. He also mentioned that the government’s focus and initiatives in key sectors, along with the onset of the festival season, are expected to reinforce and boost hiring sentiments throughout the country.
In terms of regions, employers in the North region reported the strongest hiring intentions at 40 per cent, followed by the West region at 38 per cent, the South region at 36 per cent, and the East region at 34 per cent.
The IT and Tech sector continued to have the highest net employment outlook of 44 per cent for the fourth consecutive quarter. However, this outlook weakened by 20 per cent compared to the October-December quarter of 2022.
In the Asia Pacific region, India had the strongest outlook at 37 per cent, followed by Singapore at 36 per cent. Japan had the most cautious outlook at 11 per cent.
In order to address talent shortages, employers are now more willing to hire applicants who are older and seeking employment changes, have been unemployed due to caretaking responsibilities, have non-linear career paths, and/or have been long-term unemployed.
Gulati emphasized that organizations that invest in the professional development of their workforce and foster a positive work culture are better equipped to navigate market volatility and accelerate transformation.
