Employers in India continue to report upbeat hiring prospects for the April-June quarter, with 38% of companies planning to hire more staff in the next three months, a survey showed on Tuesday.
According to the 60th edition of the ManpowerGroup Employment Outlook Survey of 3,090 employers, hiring sentiment is much stronger across all sectors and regions compared to the same period last year.
On a quarterly basis, however, hiring decision makers expect the net employment outlook to fall 11 percentage points from the January-March quarter.
For the April-June quarter, 55% of employers forecast an increase in payrolls, 17% expect a decrease and 36% expect no change, resulting in net employment forecast of 38%.
Net employment prospects are derived by subtracting the percentage of employers who expect overall employment to increase from that percentage who expect employment at their location to fall over the next quarter.
“As the country moves out of the pandemic, we are witnessing new challenges of global geopolitical instability and rising inflation. Nonetheless, India will continue to thrive as a major source of IT and technology resources,” said Sandeep Gulati, Group Managing Director, Manpower Group.
“India is also a paradise for unicorns and soonicorns and has the third largest ecosystem for startups in the world. With the central government allocating £283.5 million to the start-up India Seed Fund Scheme (SISFS) in the 2022-23 budget, I’m optimistic about the growth in job opportunities for the employable youth,” he added.
However, the representation of women in the workforce remains a concern, noted Mr. Gulati.
According to the survey, IT and technology roles will continue to dominate the market with the strongest prospects (51%), followed by restaurants and hotels (38%), and education, health, social work and government (37%).
In addition, large organizations with more than 250 employees project a net employment perspective of 45%. Medium-sized organizations with 50 to 249 employees project a net employment prospect of 35%.
In all seven Asia-Pacific countries and territories, employers expect wage numbers to increase over the next three months.
The strongest hiring prospects are reported in India, followed by Australia and China, while the weakest regional job market is expected in Japan, followed closely by Taiwan and Hong Kong, according to the survey.