Photograph used for representational purposes | Photo credit: The Hindu
India’s labor market is showing positive sentiments for the July-September quarter of this year and companies in the IT sector continue to show the best hiring prospects, according to a June 13 survey.
According to the ManpowerGroup Employment Outlook Survey of nearly 3,020 employers, the labor market is showing positive sentiments in the third quarter of 2023 despite news of layoffs and the expected global economic slowdown.
Up to 49% of employers report higher hiring intentions, while 13% do not plan to hire, yielding a seasonally adjusted net employment outlook of 36%.
Compared to the same period last year, hiring sentiments have decreased by 15%, while there is a growth of 6 percentage points compared to last quarter.
Globally, employers in all 41 countries predict a net positive hiring outlook, with Costa Rica leading the way with a net employment outlook of 43%, followed by the Netherlands (39%) and the Peru (38%) in second and third position, respectively.
India was ranked in fifth place (36%) after Australia in the global list.
The most cautious outlook was reported in Japan (14%) and Taiwan (15%), according to the survey.
According to the survey, 84% of Indian employers recruit for “green jobs” or positions requiring “green skills”.
Sector-wise, companies in the IT, technology, telecommunications, communications and media sectors reported a 47% hiring outlook and 89% of them are currently hiring for green jobs, followed by the finance and real estate sector with 41% outlook and 85% focused on hiring green jobs, according to the survey.
“India is one of the major hubs of IT talent for technology companies across the globe. Added to this is the government’s continued strengthening in the semiconductor industry, both of which are bolstering the IT sector as a as the dominant growth player in the Indian labor market,” said Sandeep Gulati, Managing Director, ManpowerGroup India and Middle East.
Mr. Gulati further noted that “demand during the festival season is expected to fuel the overall economy, which will have a largely positive impact on the temporary staffing industry as well as the gig economy.” According to the survey, employers in all four regions expect payrolls to increase in the third quarter of 2023.
The pace of hiring is most promising in the West with a net employment outlook of 42%, followed by the North and the South where it stands at 39% and 33%, respectively. In the East, net employment prospects stand at 29%, he added.