India Inc all set to go on hiring spree
Driven by the needs of the services sector, India Inc is set to go on a hiring binge in the next three months.
By TNN |
NEW DELHI: Driven largely by the needs of the services sector, India Inc is set to go on a hiring binge in the next three months, according to a survey by US based HR consultancy firm Manpower.
The country’s job market has reported a Net Employment Outlook (NEO) of +47% for the third quarter — the highest in three years. According to the survey, India continues to lead hiring trends in the Asia-Pacific region followed by Singapore (+42%), Australia, New Zealand and Hong Kong. India also has the third most optimistic employment outlook among the 27 nations surveyed.
The survey included employers across seven sectors — finance, real estate, manufacturing, public administration, services, transportation and retail trade.
The NEO is derived by taking the percentage of employers anticipating total employment to increase and subtracting from this, the percentage expecting to see a decrease in employment at their location over the next quarter. The employment outlook for the third quarter was up 8 percentage points quarter -onquarter and recorded a 5 percentage point increase year-over-year.
Of the 4,922 employers surveyed, 49% expects an increase in hiring activity in the fourth quarter. Another 41% of the employers do not expect any changes while just about 2% employers anticipate a decrease in hiring activity in the next three months. “The Indian job market usually witnesses the strongest hiring sentiments in the third quarter of the year largely because most companies get their hiring budgets approved by this time. Also several technical and general college sessions end and a fresh batch of graduates are ready to be recruited,” said Manpower India executive chairman Somen Basu. He added that the optimism of Indian employers is reflective of the pace at which business throughout India is growing.
Employers of all seven sectors are bullish on recruitment. The strongest outlook has been observed in the services sector (+54%), followed by finance, insurance & real estate (+51%). The finance, insurance & real estate also reported the highest increase of 17 percentage points quarter-over -quarter. However, recruitment trends in the manufacturing sector showed a slight decline of 1 percentage point.
“The increased hiring in the services sector shows the role of this sector in India’s GDP growth. Also, the capital and financial health of the country today is fuelling demand in finance, real estate and retail sectors which shows there would be many opportunities in the next three months,” he said.
Employers in three out of four regions have anticipated positive hiring trends. The south continues to be the strongest (+50%) followed by the west (+47%). The northern region has improved by seven percentage points (+46%). “Even though the eastern region is strong at (+33%), it has shown marginal decrease in hiring intentions. Traditionally, the eastern region has witnessed lower employment activity due to smaller concentration of industries,” added Mr Basu.
The country’s job market has reported a Net Employment Outlook (NEO) of +47% for the third quarter — the highest in three years. According to the survey, India continues to lead hiring trends in the Asia-Pacific region followed by Singapore (+42%), Australia, New Zealand and Hong Kong. India also has the third most optimistic employment outlook among the 27 nations surveyed.
The survey included employers across seven sectors — finance, real estate, manufacturing, public administration, services, transportation and retail trade.
The NEO is derived by taking the percentage of employers anticipating total employment to increase and subtracting from this, the percentage expecting to see a decrease in employment at their location over the next quarter. The employment outlook for the third quarter was up 8 percentage points quarter -onquarter and recorded a 5 percentage point increase year-over-year.
Of the 4,922 employers surveyed, 49% expects an increase in hiring activity in the fourth quarter. Another 41% of the employers do not expect any changes while just about 2% employers anticipate a decrease in hiring activity in the next three months. “The Indian job market usually witnesses the strongest hiring sentiments in the third quarter of the year largely because most companies get their hiring budgets approved by this time. Also several technical and general college sessions end and a fresh batch of graduates are ready to be recruited,” said Manpower India executive chairman Somen Basu. He added that the optimism of Indian employers is reflective of the pace at which business throughout India is growing.
Employers of all seven sectors are bullish on recruitment. The strongest outlook has been observed in the services sector (+54%), followed by finance, insurance & real estate (+51%). The finance, insurance & real estate also reported the highest increase of 17 percentage points quarter-over -quarter. However, recruitment trends in the manufacturing sector showed a slight decline of 1 percentage point.
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“The increased hiring in the services sector shows the role of this sector in India’s GDP growth. Also, the capital and financial health of the country today is fuelling demand in finance, real estate and retail sectors which shows there would be many opportunities in the next three months,” he said.
Employers in three out of four regions have anticipated positive hiring trends. The south continues to be the strongest (+50%) followed by the west (+47%). The northern region has improved by seven percentage points (+46%). “Even though the eastern region is strong at (+33%), it has shown marginal decrease in hiring intentions. Traditionally, the eastern region has witnessed lower employment activity due to smaller concentration of industries,” added Mr Basu.
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