India's job market outlook strong for October-December; 54 per cent companies plan to hire
New Delhi, September 13
India’s hiring outlook remains strong with 54 per cent of companies planning to hire in next three months amid predictions of growth opportunities for developing countries in the wake of ongoing geopolitical conflicts, says a survey.
According to the ManpowerGroup Employment Outlook Survey released on Tuesday, the labour market is indicating strong sentiments for October-December 2022.
The survey is based on interviews with more than 40,600 public and private employers across 41 countries and territories to measure anticipated employment trends each quarter. This sample allows for analysis to be performed across specific sectors and regions to provide more detailed information.
As per the survey, in India, 64 per cent expect to increase their staffing levels, 10 per cent anticipate a decrease in hiring intent and 24 per cent do not anticipate any change, resulting in a seasonally adjusted Net Employment Outlook of 54 per cent.
The hiring outlook in India is ranked second globally, after Brazil where 56 per cent expect to increase their staffing levels.
When compared to the same period last year, hiring sentiments have improved by 10 percentage points, while there is a 3 percentage points growth when compared to the last quarter, the survey said.
“India’s deep-rooted fundamentals are healthy and robust. Despite the short-term setbacks, growth-enhancing policies, increased investment in infrastructure, rising exports, etc, will nullify the impact in the mid- and long-term,” said Sandeep Gulati, Managing Director, ManpowerGroup India.
“Externally, the current global geopolitical tailwinds are expected to aid the growth of developing countries like India as predicted by many experts. However, this is also impacting our IT sector adversely with employers treading on a cautious path amid speculations of a global slowdown,” Gulati said.
Despite strong optimism to hire, the industry faces a talent shortage where 85 per cent of employers report difficulty finding the hard and soft skills needed, as per the Talent Shortage Survey carried out in the third quarter of 2022.
