The Indian labour market is displaying positive sentiments for the July-September quarter of 2023, with the IT industry reporting the most optimistic hiring outlook, according to a survey released on Tuesday. The ManpowerGroup Employment Outlook Survey, which involved nearly 3,020 employers, indicated positive sentiments despite news of layoffs and an anticipated global economic slowdown.
The survey revealed that 49 per cent of employers expressed higher intentions for hiring, while 13 per cent did not expect to hire, resulting in a seasonally adjusted net employment outlook of 36 per cent. Although hiring sentiments have declined by 15 per cent compared to the same period last year, there has been a 6 percentage point growth when compared to the previous quarter.
Global outlook
On a global scale, employers in all 41 countries surveyed anticipated a net positive hiring outlook. Costa Rica led the chart with a net employment outlook of 43 per cent, followed by the Netherlands (39 per cent) and Peru (38 per cent) in the second and third positions. India secured the fifth place with a net employment outlook of 36 per cent, following Australia on the global list. The survey highlighted that the most cautious outlooks were reported in Japan (14 per cent) and Taiwan (15 per cent).
Regarding green jobs, the survey indicated that 84 per cent of Indian employers were actively recruiting for roles requiring green skills. Among different sectors, the IT, technology, telecom, communications, and media companies reported a hiring outlook of 47 per cent, with 89 per cent of them currently focusing on green job hiring. The financial and real estate sector followed with a 41 per cent hiring outlook, of which 85 per cent focused on green job recruitment.
Sandeep Gulati, Managing Director of ManpowerGroup India and Middle East, emphasised India’s significance as an IT talent hub globally. He attributed the strong hiring outlook in the IT sector to the government’s continuous reinforcement in the semiconductor industry, which positions it as a dominant player for job market growth in India. Gulati also anticipated that the demand during the festival season would positively impact the overall economy, as well as the temporary staffing industry and the gig economy.
The survey further revealed that employers in all four regions of India expected to expand their payrolls during the third quarter of 2023. The West region displayed the most promising hiring pace with a 42 per cent net employment outlook, followed by the North and South regions at 39 per cent and 33 per cent, respectively. The East region had a net employment outlook of 29 per cent.