The second half of FY24 is projected to see an uptick in hiring on the back of robust GDP growth and government policies aimed at bolstering employment and fostering a conducive business environment, according to a report by TeamLease Services.
Of those surveyed, 79% of employers intend to either sustain or expand their workforce size in H2 FY24 to meet the surging demand, anticipating robust business development, the agency's ‘Employment Outlook Report’ said.
"Both new hires, at 79%, and replacement hires, at 74%, are occurring rapidly, indicating a flourishing labour market in the country," it said.
Around 67% of respondents anticipate robust business development during the second half of the fiscal, reflecting India's optimistic economic outlook.
Skill shortages and mismatches between available skilled personnel and job requirements can have a significant impact on hiring, according to 31% of respondents.
Technological advancements and changes in policy, such as labour laws and regulations, taxation, etc., will also significantly influence employment trends in India, it said.
Industry Hiring Trends
Healthcare and pharmaceuticals (86%) and electric vehicles and infrastructure (85%) are the top industries experiencing incremental workforce expansion.
For replacement hiring, power and energy lead the way at 88%, followed by FMCG at 85%, and healthcare and pharma at 84%.
"This surge in job aspects is driven by a collective demand for innovation, sustainability, and advancements in technology," said Balasubramanian A, the agency's vice president and business head.
"These sectors are at the vanguard of addressing societal needs, be it in delivering essential healthcare services, developing eco-friendly mobility solutions, or meeting evolving consumer preferences."
In terms of workforce expansion, human resources, marketing, and IT emerge as the top functions with 71%, 70%, and 70%, respectively.
Hiring Trends By City
Bengaluru has the highest rate of incremental workforce expansion at 89%, followed by Chennai at 83%, and Mumbai at 82%, the report said.
For new hires, Bengaluru maintains its prominence at 87%, with Mumbai at 86% and Chennai at 83%.
In the category of replacement hiring, Mumbai leads with 82%, followed by Bengaluru at 78% and Chennai at 76%.
Tier-2 cities like Coimbatore, Gurgaon, Kochi, Nagpur, Chandigarh and Indore are also gaining business prominence and show high incremental workforce expansion.
The survey was conducted between July and September, with responses from 1,820 companies across 14 cities.
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