India’s job market is looking upward, with 63 per cent of employers aiming to hire more people in the next three months to accelerate the recovery process and sustain economic growth. The labor market is showing strong sentiments in the third quarter (July-September) of 2022, with a net employment outlook of 51 per cent, a record high in eight years, according to the Manpower Group Employment Outlook Survey released on June 14.
Percentage of total employers expected employment They are then subtracted from the percentage predicted to place employment reduction in the coming quarter to arrive at the Net Employment Outlook.
For the September quarter, 63 percent expected to increase their personnel levels, 12 percent expected hiring intentions to decrease, and 24 percent expected no change, with 51 percent seasonally expected. Given in the adjusted net employment outlook.
“Despite rising inflation and geopolitical instability, there is a positive sentiment across sectors in India to accelerate the recovery process and sustain the country’s economic growth,” said Sandeep Gulati, Managing Director, ManpowerGroup India.
Compared to the same period last year, the hiring sentiment has improved by 46 percentage points as compared to the April-June period by 13 percentage points, indicates a survey of over 3,000 employers in India.
The survey further noted that employers anticipate strong demand for talent in key sectors, and digital roles drive the most demand. IT and technology reported the strongest outlook (68 per cent), followed by banking, finance, insurance and real estate (60 per cent), other services (52 per cent), restaurants and hotels (48 per cent) and manufacturing (48 per cent). was the place.
Gulati said, “The demand for Indian IT workforce across the globe coupled with the growing need for digitization, automation and tech enabled services in our country will keep the IT and technology sector at the top of the charts in the Indian job market.”
In the Asia Pacific region, India (51 percent), Singapore (40 percent) and Australia (38 percent) reported the strongest recruitment intentions. Whereas, Taiwan (3 percent), Japan (4 percent), and Hong Kong (11 percent) reported the weakest hiring intentions.
Meanwhile, the recruitment prospects have strengthened for all the four regions of the country as compared to the last quarter and the same period last year. The pace of recruitment is similar in 3 out of 4 regions (North, West and South) with a net employment outlook of 53 per cent. The outlook for the former was 41 percent, the survey said.
Recruitment optimism is being undermined by the highest level of global talent shortage in 16 years, according to the survey. “Shifting demographics, which include declining birth rates and an increase in early retirees, mean talent is more scarce than ever,” it said.
Employers report difficulty filling open roles, with the most impact being felt in Taiwan, Portugal, Singapore, China, Hong Kong and India. The top five soft skills that organizations have a hard time finding include creativity and originality, critical thinking and analysis, reasoning and problem solving, leadership and social influence, and initiative.
On the shortage of talent and the difficulties faced in finding the required soft skills to match the job, Gulati said, “We are facing an unprecedented demand supply gap as indicated by our Talent Shortage Survey. Reskilling and upskilling the workforce to bridge the gap should be a top priority for employers as well as industry players like us.”
(with PTI inputs)