Hiring Sentiments Looks Positive for Q4 2023 : Survey
India’s Hiring Sentiments, 79% of companies plan to maintain or grow their employment in the second half of FY24, indicating a remarkable trend in incremental workforce expansion, according to the survey.
India’s Hiring Sentiments Show Positive for Q4 2023, “TeamLease’s Employment Outlook Report.”
The largest issue in the nation, with the largest population at the moment, is unemployment. The hiring data as of the third quarter of 2023 were mediocre, but the fourth quarter shows positive growth nationwide, according to “TeamLease’s Employment Outlook Report.”
The top staffing company in India, TeamLease Services, is changing employment, employability, and business convenience. It has published its “TeamLease’s Employment Outlook Report” to highlight hiring trends for India’s employment stakeholders for the second half of fiscal year 2024 (October 2023 to March 2024).
79% of companies plan to maintain or grow their employment in the second half of FY24, indicating a remarkable trend in incremental workforce expansion, according to the survey.
After sluggish demand throughout the holiday season in semi-urban and rural areas in Q3, consumer and retail companies will witness a resurgence in Q4.
Government programs and policies targeted at bolstering employment prospects and fostering a business-friendly climate might be blamed for this spike in workforce expansion.
India’s GDP increased by an impressive 7.8% in the first quarter of the fiscal year 2023–2024 (Q1 FY24). This strong GDP growth highlights a strong economic recovery that is propelling incremental hiring across the country.
The paper delves further into the various aspects that affect employment in India. As indicated by 69% of respondents, the data indicates that the employment environment is greatly impacted by the state of the economy.
Furthermore, as indicated by 53% of respondents, business expansion or growth is a crucial influence. India is expected to experience a rise in job prospects due to the government’s and the private sector’s support of entrepreneurship.
31% of respondents said that hiring decisions may be significantly impacted by skill shortages and inconsistencies between the needs of jobs and the competent workers that are available.
Furthermore, 19% of participants agree that technological progress plays a significant role in shaping job prospects in India.
An additional 15% of respondents think that policy changes pertaining to taxation, investment incentives, industry regularization, labor rules and regulations, and the dynamics of international commerce will have a big impact on employment patterns in India.
A noteworthy aspect of the survey is that 67% of participants expect strong business growth in the October–March 2023–2024 half-year period, which is indicative of India’s bullish economic outlook.
This optimism implies that hiring momentum will likely continue as the holiday season moves into its last stages. To satisfy the soaring demand, an astounding 79% of the companies questioned anticipate hiring more people in their respective industries during the next six months.
With 79% of new hires and 74% of replacement hires, respectively, both hiring is happening quickly, suggesting that the labor market in the nation is thriving.
The report’s conclusions highlight noteworthy patterns in a number of areas related to the Indian labor market. With an 86% increase in workforce, it is clear that the healthcare and pharmaceutical industries stand out in terms of industry developments.
Infrastructure and electric vehicles come in close second at 85%. Furthermore, the sectors with the highest rates of new hires are the infrastructure and electric vehicle sectors (88%), followed by healthcare and pharmaceuticals (87%).
Power and Energy is the industry leader in replacement hiring (88%), followed by Fast Moving Consumer Durables (85%), Healthcare and Pharmaceuticals (84%), and other industries.
Mr. Kartik Narayan, CEO of Staffing at TeamLease Services, expressed his opinions regarding the sector and the report’s conclusions, saying, “Noting the dynamic evolution of India’s economy, there’s a distinctly optimistic tone among employers.” Impressively, 79% of them intend to grow their staff, suggesting a strong financial basis for this optimism, especially for Q4.
Speaking about the BFSI sector’s impressive rise According to Krishnendu Chatterjee, Vice President and Business Head of TeamLease Services, 79% of businesses are employing new employees, while 70% are hiring replacements. In H2, Kolkata leads the BFSI workforce expansion.
“The job market is promising, with no industry seeing a decrease in incremental new hires below 65%. Furthermore, a significant 85% increase in new employment in blue-collar positions demonstrates the continued importance of operational responsibilities involving hands-on work, said Krishnendu Chatterjee.
Bangalore has been adding workers at the fastest rate (89%), followed by Chennai (83%), Mumbai (82%), and Bangalore (89%). Bangalore continues to lead in terms of new hiring (87%), followed by Mumbai (86%), Chennai (83%), and Bangalore (87%).
Mumbai is in the lead with 82% in the replacement hiring category, followed by Bangalore with 78% and Chennai with 76%. Tier-2 cities, such as Coimbatore, Gurgaon, Kochi, Nagpur, Chandigarh, and Indore, are not far behind in terms of business importance and strong incremental workforce increase.
In terms of patterns across several functional domains, the paper emphasizes the importance of particular functions in the labor market. The top three functions in workforce expansion are information technology, marketing, and human resources, with percentages of 71%, 70%, and 70%, respectively.
The Human Resources department leads in terms of new hiring (92%), closely followed by the marketing department (87%). The information technology department has the highest hiring rate for replacements (94%), followed closely by human resources (89%).
Data was gathered from 14 cities and 1820 businesses. The research is a vital tool for companies, HR directors, and legislators since it provides a thorough examination of projected employment patterns across 22 industries.
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