Majority Of Indian Employers Set To Expand Staff In First Half Of FY25: Report

Employers' heightened focus on technology and skills development further supports a positive trajectory for job creation and retention across various sectors

The Indian employment market is poised for significant growth, projected to expand by more than 6 per cent, according to TeamLease Services' Employment Outlook Report for the first half of fiscal year 2025 (April 2024 to September 2024). This optimistic forecast is supported by an impressive economic environment across 23 industries.

The report further reveals that 56 per cent of respondents anticipate an increase in their workforce in the coming months. Meanwhile, approximately 23 per cent of employers expect to maintain current staffing levels, while 21 per cent foresee a reduction in their workforce.

The robust employment outlook is pushed by favourable economic indicators, including the projected nearly 7 per cent GDP growth for India in 2024 as forecasted by leading global rating agencies, positioning the country as the fastest-growing G-20 nation. Furthermore, strong investment demand and a stabilisation of headline inflation contribute to the resilience of the job market amidst challenging geopolitical conditions.

Employers' heightened focus on technology and skills development further supports a positive trajectory for job creation and retention across various sectors.

"With India forecasted to be the fastest-growing G-20 economy in 2024, coupled with strong investment demand and easing inflation, the job market remains resilient in the face of global headwinds. Nearly two out of five organisations are prioritising skills development, equipping their workforce for the technological advancements that lie ahead. The findings of our report shed light on the dynamic and optimistic hiring landscape," said Kartik Narayan, CEO of TeamLease Staffing.

The survey highlights that healthcare, pharmaceuticals, automotive, manufacturing, engineering, and infrastructure are prominently among the industries planning to expand their workforce. Industries leading in terms of workforce size growth include construction, real estate, travel and hospitality, electric vehicles (EV), and EV infrastructure.

City-wise trends show that Delhi, Bengaluru, and Hyderabad have emerged as key hubs for employment opportunities. Additionally, the report claims that up-and-coming job markets like Coimbatore, Visakhapatnam, and Jaipur are experiencing substantial growth.

Employers are actively seeking candidates with strong communication skills, attention to detail, technical proficiency, and organisational abilities to fill existing and newly created positions. Furthermore, the integration of generative AI is expected to significantly impact 35 per cent of talent acquisition strategies, underscoring evolving hiring practices influenced by technological advancements.