India Inc hiring intent may remain stable in Dec quarter, says survey

India Inc hiring intent may remain stable in Dec quarter, says survey

India’s job market is likely to remain largely flat in the October-December quarter, signalling stable hiring intentions by corporate India compared with the previous quarter, a survey of 3,020 employers has revealed.

Around 49% of employers covered in the latest ManpowerGroup Employment Outlook Survey said they would hire more people in the December quarter, while 12% said they expected a decrease in hiring intent or had no plans to backfill. About 34% plan to keep their workforce levels steady and 5% are unsure about hiring intentions, according to the findings shared exclusively with ET.

This puts the net employment outlook – the difference between companies looking to hire and those expecting a fall in headcount or hiring numbers – at 37%. The hiring sentiment has improved by 1 percentage point compared with that in the September quarter, but is still weaker by 17 percentage points from a year earlier.

India’s net employment outlook is 7 percentage points higher than the global average of 30% and the fourth highest among the 41 markets surveyed, after Costa Rica, Brazil and Switzerland. However, India has seen the sharpest decline in net employment outlook among all surveyed, compared to the corresponding quarter last year.

IT and tech, despite a slowdown in the sector, continue to lead the market demand for talent with the highest net employment outlook of 44% for the fourth consecutive quarter, but weakened 20% compared to October-December 2022.

IT is closely followed by transport, logistics and automotive (43%), health care & life sciences (42%) and consumer goods and services (41%).”The survey findings are clear indicators of a stable economy despite the geopolitical and economic uncertainties being faced across the globe,” said Sandeep Gulati, managing director, ManpowerGroup, India and the Middle East.Employers in all four regions of India expect to grow payrolls during the December quarter of 2023. The hiring pace is most robust in the North with a net employment outlook of 40% (39% last quarter) followed by West and South with outlooks of 38% and 36%, respectively (4 percentage points lower for the West and up 3 points for the South from last quarter). The East has a net employment outlook of 34% (up 5 percentage points from last quarter). Hiring prospects are down year-on-year in all four regions, by between 13 and 20 percentage points.

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Author: Shirley