India Inc likely to get cautious in hiring during January-March quarter

India Inc likely to get cautious in hiring during January-March quarter

India’s job market is likely to see a significant cooling off in the January-March quarter, as companies adopt a cautious approach to hiring in the upcoming months, a survey of 3,000-plus employers has revealed.

About 48% of Indian employers covered in the latest ManpowerGroup Employment Outlook Survey, shared exclusively with ET, said they will hire more people in the March quarter, 16% expect a decrease in hiring intent and 34% expected to keep workforce levels steady. Only 2% were unsure about hiring intentions.

This puts net employment outlook-the difference between companies looking to hire and those expecting a fall in headcount or hiring numbers-at 32%, weakening by 22 percentage points compared to the last quarter and 17 percentage points compared to the corresponding period a year ago.

“Employers are cautious due to the impending recession and deepening global slowdown, which also created a stir in the IT sector during the previous quarter,” said Sandeep Gulati, managing director, ManpowerGroup India.

“India may be impacted in the short term, but the market is expected to see a balanced approach with growth in the tech sector and startups,” added Gulati. Despite the pullback, India still fares much better than most other countries. Hiring markets in India are ranked second in the APME (Asia-Pacific Middle-East) region, alongside Australia, and after Singapore while shows a net employment outlook of 33%.

Digital roles continue to drive most demand globally. IT and technology and finance and real estate sectors have the strongest hiring intentions with a net employment outlook of 39% each, followed by consumer goods and services (37%). Industries and materials and energy & utilities have outlooks of 33% followed by healthcare and life sciences with 32%.

Transport, logistics and automotive indicate the lowest hiring intent with 22%.

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Author: Shirley