TeamLease Services, a leading staffing solutions provider, has unveiled its highly anticipated 'Employment Outlook Report' for the second half of fiscal year 2023-24, providing a deep dive into the anticipated hiring sentiments across various sectors in India.
Here are the biggest takeaways:
Incremental Workforce Expansion Across Industries
The report, based on data collected from 1,820 companies across 14 cities, points towards a significant trend in incremental workforce expansion. A staggering 79 per cent of employers express intentions to either maintain or increase their workforce in the latter half of FY24.
Sector-Specific Insights
While consumer and retail companies anticipate a resurgence in Q4, the financial services sector remains cautious, with banks, NBFCs, and Fintechs navigating increased regulatory pressure. The report also highlights government policies as a driving force behind the surge in workforce expansion.
Economic Rebound & GDP Growth
The report attributes the workforce expansion surge to India's remarkable 7.8 per cent GDP growth in the first quarter of FY24, indicating a robust economic rebound. The findings emphasise the multifaceted factors influencing employment, with economic conditions and business growth playing pivotal roles.
Factors Influencing Employment Trends
Respondents identify skill shortages, technological advancements, and changes in policy as significant influencers of employment trends in India. The report underscores the role of government and private sector initiatives in fostering entrepreneurship and creating employment opportunities.
Optimistic Business Outlook
The report reveals that 67 per cent of respondents anticipate robust business development in the October-March 2023-24 period, aligning with India's optimistic economic outlook. A substantial 79 per cent of surveyed employers expect an increase in their respective industries' workforce over the next six months.
Industry-Specific Trends
The report highlights remarkable trends across industries, with healthcare and pharmaceuticals experiencing an 86 per cent workforce expansion. Electric vehicles and infrastructure closely follow at 85 per cent, showcasing commendable growth in specific sectors.
Regional & Functional Insights
The report delves into regional and functional insights, highlighting cities like Bengaluru, Chennai, and Mumbai as leaders in incremental workforce expansion. Specific functional areas such as Human Resources, Marketing, and Information Technology are identified as key contributors to job market dynamics.
The report concludes with a call to adapt, innovate, and invest in skills for a brighter future. It anticipates sustained momentum in hiring as India's economic resurgence continues, with industries aligning with future aspirations and necessities.