Employers Forecast Steady Third-Quarter Hiring Pace
The services sector is expected to drive the third quarter job markets with a net employment outlook of +16 percent
Employers across India indicate upbeat hiring plans for the next three months reporting a Net Employment Outlook of +13 percent, according to the Manpower Group Employment Outlook Survey. The services sector is the strongest of India’s seven industry sectors with an outlook of +16 percent. Workforce gains are expected in all three organization size categories during the upcoming quarter. In a regional comparison, employers in the South and West regions lead hiring expectations.
Cynthia Gokhale, Associate Director Marketing of ManpowerGroup India said, “New government initiatives coupled with investors’ interest in start-ups is generating a growth trajectory in some sectors. Due to the dynamics of a rapidly evolving business environment, contract staffing is taking precedence over the traditional workforce. This is a direct consequence of the demand for greater flexibility. More employment opportunities are expected, facilitating the transition from informal to formal employment for those who are already in the labour market. Opportunities are expected to remain favourable for candidates with the right skills and flexibility.”
Gokhale adds, “With more than a million unemployable graduates that the Indian universities are churning out every year and thousands of jobs disappearing each year, India now must prioritize investing in education to bridge the skill gap between the requirements in the market and job seekers skillsets.”
Workforce gains are anticipated in all seven industry sectors during the coming quarter. While Services sector employers are the most optimistic with an Outlook of +16 percent, respectable payroll gains are also forecast in three sectors with Outlooks of +11 percent in the Manufacturing sector, the Mining & Construction sector and the Wholesale & Retail Trade sector. Some hiring opportunities are expected in the Finance, Insurance & Real Estate sector and the Public Administration & Education sector, where Outlooks for both stands at +8 percent, and in the Transportation & Utilities sector with an Outlook of +6 percent.
“Over the last few months, the landscape of the recruitment industry in India has changed. The HR field is also going through an automation revamp. The so-called fourth industrial revolution has now reversed the conventional practice of a management-driven approach, which seemed one-sided compared to a candidate-centric method, which puts the spotlight on the candidate," commented Cynthia Gokhale.
India’s Regional Trends
Employers in all four regions expect to add to payrolls during the forthcoming quarter. The strongest labour market is expected in the South, where the Net Employment Outlook stands at +14 percent. Steady workforce gains are also forecast for the West and the North, with Outlooks of +13 percent and +12 percent, respectively. Meanwhile, moderate hiring activity is anticipated in the East, where the Outlook is +9 percent.