The Indian employment market is expected to expand by more than 6 percent in the first half of this fiscal year, driven by a positive economic environment across 23 industries, according to TeamLease Services.
TeamLease’s Employment Outlook Report for H1 FY25 (April 2024 to September 2024), which surveyed 1,417 employers in 20 cities, reveals that 56 percent of respondents anticipate workforce growth in the coming months.
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Around 23 per cent of employers anticipate maintaining their current workforce levels. In comparison, 21 per cent foresee declining staff numbers.
The positive employment outlook was largely supported by prevalent economic conditions, including the near 7 per cent GDP growth forecast for India in 2024 by most global rating agencies, which would make it the fastest-growing G-20 nation.
According to a recent ManpowerGroup Employment Outlook survey, strong staffing climates are predicted in India from June to September 2024 with a Net Employment Outlook (NEO) of +30% points. However, compared to the last quarter and the third quarter of 2023, the Indian NEO has worsened by 6 points.
According to the Q3 ManpowerGroup Employment Outlook survey, India ranks sixth globally for its employment outlook, 8 points above the global average. The survey, gathering data from 3150 employers, depicted financial and real estate industries as forerunners in creating employment followed by healthcare and life sciences.
According to TeamLease Services, strong investment demand and peaking out of headline inflation, coupled with the greater emphasis employers place on technology and skills, make for a resilient job market in the face of hostile geopolitical conditions.
Kartik Narayan, CEO, TeamLease Staffing, said, “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,” Narayan added.
These Sectors To Hire
According to the survey, industries with the most employers indicating plans to increase their workforce are healthcare, pharma, automotive, manufacturing, engineering, and infrastructure.
In terms of workforce size growth, the leading industries are construction and real estate, travel and hospitality, electric vehicles (EV), and EV infrastructure.
Top Hiring Cities
A city-wise analysis shows that Delhi, Bengaluru, and Hyderabad are at the forefront in terms of employment opportunities. Moreover, emerging job locations such as Coimbatore, Visakhapatnam, and Jaipur are experiencing significant growth.
Employers are actively seeking candidates with strong communication skills, attention to detail, technical proficiency, and organisational abilities for both existing and new roles.
Generative AI is projected to significantly impact 35 per cent of talent acquisition strategies, reflecting shifts in hiring practices due to technological advancements.
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