According to the ManpowerGroup Employment Outlook Survey was released the labour market is indicating positive sentiments in the third quarter of 2023 despite news of layoffs and anticipated global economic slowdown. Nearly half of the employers surveyed expect to increase their staffing levels, 13% anticipate a decrease in hiring intent and 34% do not anticipate any change, resulting in a seasonally adjusted Net Employment Outlook of +36%.
When compared to the same period last year, hiring sentiments have declined by -15% while there is a 6 percentage points growth when compared to the last quarter. Hiring markets in India ranks second after Australia in the region, and fifth globally.
Employers in all four regions are expecting a strong pace when compared to last quarter. East has indicated the highest growth rate with +9% followed closely by West (8%), North and South with +6% each when compared to the last quarter.
ManpowerGroup also surveyed employers on their outlook toward green jobs and the difficulties, they face in hiring.
Key Findings
- Companies in the IT, Technology, Telecom, Communications and Media sector report hiring outlook of +47% and +89% of them are currently hiring for green jobs followed by Financials and Real Estate sector with +41% outlook and +85% focussed on green job hiring.
- The top five areas of concern in green job recruitment include finding qualified workers, understanding which existing skills need to be updated, creating relevant upskilling and training programs, identifying current skills which can be applied, and calculating the ROI for the business.
Commenting on the findings, Sandeep Gulati, Managing Director, ManpowerGroup India and Middle East opines, “India is one of the significant IT talent hubs for tech companies across the globe.”
“Coupled with that, is the government’s continuous reinforcement in the semiconductor industry, both of which are fortifying the IT sector as the dominant player for growth in the Indian job market”, Sandeep Gulati added.
“Furthermore, demand during the festival season is expected to fuel the overall economy which will largely impact the temp staffing industry as well as the gig economy positively,” commented Mr. Gulati.
Hiring Plans by Region
Employers in all four regions expect to grow payrolls during the third quarter of 2023. The hiring pace is the most promising in West with +42% Net Employment Outlook followed by North and South where the Net Employment Outlook stands at +39% and +33% respectively.
Dynamic hiring activity is also forecast for the East where the outlook is recorded at +29%. Hiring prospects weaken when compared to the same time last year.
Hiring Plans by Industry
At the beginning of last year, four new industries were added – Primary Production, IT and Technology, Not for Profit, and Restaurants and Hotels. An increase in payrolls is forecast for all eleven industry sectors during the coming quarter. IT and Technology sector employers report the strongest hiring intentions with a Net Employment Outlook of +47% followed by Finance, Insurance, and Real Estate (+41%) and Healthcare and Life Sciences (+40%).
To view complete results for ManpowerGroup India’s Employment Outlook Survey Click here
The next ManpowerGroup Employment Outlook Survey will be released in September and will detail expected labor market activity for Q4 2023.
