The employers across all sectors report net positive hiring intentions with Financials and Real Estate having the strongest outlook of +45% followed by Information Technology (+44) and Consumer Goods and Services.
The ManpowerGroup Employer Outlook Survey for the 1st quarter of 2024 finds the Net Employment Outlook in India the highest amongst 41 countries and remains stable when compared to the same time last quarter.
“The survey is a reflection of the changing world of work where companies are in the transformational phase but the IT talent with the desired skillsets are scarce,” said Sandeep Gulati, Managing Director, ManpowerGroup India and Middle East.
“As organizations plan their strategic HR objectives for 2024, employee well-being, recruitment for skilled roles and adopting AI and technology seems to be the top 3 in the chart of priorities”, Sandeep Gulati added.
Sandeep Gulati further said, “However, training the staff to leverage AI and narrowing down on roles that can take advantage of this advancement continues to remain a concern”, Sandeep Gulati said.
The Net Employment Outlook (NEO) for Q1, 2024 is +37%, up 5% from Q1 2023, and same when compared with the last quarter.
KEY FINDINGS FROM THE Q1, 2024 SURVEY
- Employers across all sectors report net positive hiring intentions with Financials and Real Estate having the strongest outlook of +45% followed by Information Technology (+44) and Consumer Goods and Services. (+42%). The least optimistic prospects were witnessed in the Energy and Utilities (+28%) for the first quarter.
- Western region of India dominates the job demand with an outlook of +39% followed by North (+38%).
- Lowest in the list of key drivers of HR strategies for 2024 include Layoffs, great resignations and quiet quitting.
TALENT SHORTAGE SURVEY KEY FINDINGS
- 81% of employers report difficulty finding skilled talent, and increasing by 1% from 2023’s survey with Transport, Logistics and Automotive (88%) being the most affected followed by Information Technology sector (87%).
- To find, attract, and recruit talent, employers are offering more work flexibility (86%) while looking for new talent (47%) and raising wages (36%).
- The top five most in-demand skills are IT & data, sales & marketing, engineering, operations & logistics, and HR.
- When asked about Artificial Intelligence (AI), employers cite candidates considering AI jobs, training the staff to leverage AI in their roles and defining roles who can take advantage of AI as the top challenges to fully leverage the technology.
Employers anticipate opening 2024 with a prudent and watchful approach to hiring in the first quarter of the calendar year, according to the latest ManpowerGroup Employment Outlook Survey of nearly 3100 employers across sectors and region. The research is based on survey responses fielded between October 1-31, 2023.
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