Amidst layoffs in startups and global turmoil, hiring intentions in services and manufacturing sectors for non-white collar roles for the first quarter (April-June) of 2023-24 are 10% more than the year-ago period, according to a TeamLease Services report released on Tuesday.
The report, “Employment Outlook Report”, said close to 64% of employers (compared with 54% in Q1, 2022) are keen to increase their resource pool across industries.
Also read: Tech SMEs’ revenue to double by FY30 from estimated $15-20 billion in FY23: Nasscom report
However, the hiring outlook has witnessed a 4% dip when compared with Q4 FY22-23.
The report is based on a survey of 809 small, medium and large companies across 14 industries in India and covered non-white collar profiles.
According to the report, the first quarter is projecting a strong outlook, especially for entry and junior-level employees, in both services (73% and 71%, respectively) and manufacturing (49% and 55%, respectively) sectors.
The outlook for mid-level in services (54%) and in manufacturing (32%) is also balanced, the report stated.
From a business size perspective, large-sized organisations in the services (86%) and manufacturing (73%) sectors have weathered the recession well and have higher levels of hiring intent than in the previous quarter.
Across the two quarters and sizes of companies, the services sector has higher levels of hiring intent than the manufacturing sector, it noted.
“Industries around the world, including those in India, have been severely affected by the current global unrest, which has resulted in large-scale layoffs and hiring freeze.
“Despite this, hiring prospects in India have continued to improve over the past year, with 64% of employers in the service and manufacturing industries expressing a positive outlook on hiring. The main reason for this is the changing global investment dynamics and the precautionary measures that businesses are taking,” TeamLease Services CEO (staffing) Kartik Narayan said.
Also read: Smita Harish Kuber appointed as IDBI Bank CFO, to take charge from April 1
The report revealed that job opportunities are positive in the services sectors in some of the key industries including telecommunications (96%), financial services (93%), e-commerce and allied start-ups (89%), retail (87%) and education services (83%).
While in the manufacturing sector, some of the prominent industries with high hiring intent are healthcare and pharmaceuticals (91%), FMCG (89%), EV and infrastructure (73%), it added.