India reports sixth strongest hiring outlook globally in September quarter: Survey
- IBEF
- June 12, 2024
India ranks sixth globally for its employment outlook in the September quarter of 2024, with 30% of businesses planning to increase their staff over the next 3 months, according to a global survey by workforce solutions company ManpowerGroup. The Net Employment Outlook (NEO) for India, calculated by subtracting employers planning reductions versus those planning to hire, stood at 30%. This figure reflects a weakening from the previous quarter and the same period last year by 6%, indicative of employers' cautious hiring intent for the upcoming 3 months. Globally, Costa Rica reports the strongest hiring expectation for July-September at 35%, followed by Switzerland (34%), Guatemala (32%), Mexico (32%), and South Africa (31%). Conversely, Argentina and Romania report the weakest NEO at 3%. India and China continue to demonstrate the strongest outlook in the Asia-Pacific region. At the same time, Hong Kong and Japan exhibit the most cautious hiring sentiments. ManpowerGroup's India and Middle East Managing Director, Mr. Sandeep Gulati, attributes this caution to global economic slowdowns and political uncertainty surrounding general elections during the survey period.
The real estate sector in India has seen increased investor interest, with a capital inflow of US$ 1.1 billion primarily led by the residential segment. He emphasizes the need for strategic long-term talent planning to bridge the gap between skill demand and supply. Hiring intentions across all sectors have declined compared to last year's period, with large organizations expressing the strongest optimism in hiring, followed by small and medium enterprises. The financial and real estate sectors and healthcare and life sciences continue to exhibit the strongest hiring intentions, while communication services and transport, logistics, and automotive sectors show weaker outlooks. Despite common misconceptions, many employers plan to increase headcount by adopting AI and Machine Learning, particularly in the communication services, financial and real estate, industrials & materials, and information technology sectors over the next 2 years.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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