There is positive sentiment across sectors in India in an effort to accelerate recovery, despite rising inflation and geopolitical instability
There is positive sentiment across sectors in India in an effort to accelerate recovery, despite rising inflation and geopolitical instability
ManpowerGroup estimates that India’s labor market is expected to show strong sentiment in the third quarter of calendar 2022.
According to its employment outlook study released on June 14, some 63% of enterprises in the country expect an increase in their employee base, 12% expect a reduction in hiring intent and 24% do not expect any change. This indicates a seasonally adjusted net employment outlook. of +51% which is a record high in eight years.
As per the study, the hiring sentiment has improved by +46 as compared to the corresponding period last year, while there has been an increase of 13 percentage points as compared to the previous quarter.
“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.
The study found that employers in three of the four regions (North, South and West) showed similarly strong momentum, with a net employment outlook of +53 percent, while the outlook for the East was +41%.
IT, telecom, communication and media sectors were expected to have a net hiring outlook of +68% followed by banking, finance, insurance and real estate sectors (60%).
However, enterprises said it was difficult to find talent with soft skills such as creativity, originality, critical thinking, analytical mind, reasoning and problem-solving ability.