Employers In India Most Bullish Globally On Hiring In 2024 March Quarter: Survey

Corporate India's hiring sentiment for the next three months is one of the highest across the world, with 37% of employers planning to increase their staff strength amid buoyant domestic demand conditions, says a survey.

According to the latest ManpowerGroup Employment Outlook Survey of nearly 3,100 employers across sectors and regions, the Net Employment Outlook (NEO) in India is the highest amongst 41 countries.

The outlook for January-March 2024, calculated by subtracting the percentage of employers who anticipate reductions to staffing levels from those who plan to hire, stood at 37%, up 5% from the corresponding period of 2023, and same when compared with the last quarter.

"Domestic demand remains buoyant, and private investments continue to flow in making India a lucrative economy. With stability in the political arena, progressive India is not a dream but a reality," Sandeep Gulati, Managing Director of ManpowerGroup India and Middle East, said.

As per the survey, India and the Netherlands reported the strongest net employment outlooks at 37%, followed by Costa Rica and the U.S. at 35% in second place, and Mexico at the third position with 34% of the net employment outlook. The global average stood at 26%.

Businesses in the Financial and Real Estate industry reported the brightest outlook followed by Information Technology and Consumer Goods and Services.

Financials and Real Estate reported the strongest outlook of 45% followed by Information Technology (44%) and Consumer Goods and Services (42%).

The least optimistic prospects were witnessed in the Energy and Utilities (28%) for the first quarter, the survey said.

In terms of region, the western region of India dominated the job demand with an outlook of 39% followed by the north (38%) while the weakest hiring intentions were reported in the eastern region.

Employers reported difficulty filling open roles, with the biggest impacts being felt in Japan as 85% employers reported difficulty finding skilled talent, followed by Germany, Greece and Israel (82%).

In India, 81% of employers reported difficulty finding skilled talent, increasing by 1% from 2023's survey, with Transport, Logistics and Automotive being the most affected, followed by the Information Technology sector.

"The survey is a reflection of the changing world of work where companies are in the transformational phase but IT talent with the desired skill sets are scarce,” Gulati said.

To find, attract, and recruit talent, employers are offering more work flexibility while looking for new talent and raising wages, the report said.

The top five most in-demand skills are IT & Data, Sales & Marketing, Engineering, Operations & Logistics, and HR, it added.

"As organisations plan their strategic HR objectives for 2024, employee well-being, recruitment for skilled roles and adopting AI and technology seems to be the top 3 in the chart of priorities," Gulati said, adding that training the staff to leverage AI and narrowing down on roles that can take advantage of this advancement continues to remain a concern.