Employers anticipate closing out 2024 with enthusiasm as the festival season begins, according to the latest ManpowerGroup Employment Outlook Survey of nearly 3150 employers across sectors and regions in India.
The research is based on survey responses fielded July 1- 31, 2024. The Net Employment Outlook (NEO) for Q4 is +37%, up +7% from Q3 2024, and unchanged when compared with the same time last year.
Employers across all sectors report net positive hiring intentions with the Financial and Real Estate Industry having the strongest outlook of +47% followed by Information Technology (+46%), Industrials and Materials (36%) and Consumer Goods and Services (+35%).
The least optimistic prospects were witnessed in the Communication Services (+28%).
When compared to the same period last quarter, besides Healthcare and Life Sciences (-6%), all other sectors have shown a positive uptick.
The Northern region of India continues to dominate the job demand with an outlook of +41% followed by the West (+39%).
“The hiring intention of employers signifies the positive outlook in the country’s economic position that has been reinforced by exports as a result of multilateral foreign policies and large-scale infrastructure development. Coupled with this, is our demographic advantage that is expected to boost our competitiveness in the global market,” said Sandeep Gulati, Managing Director, ManpowerGroup India and Middle East.
“The Consumer Confidence Index (CCI) and Business Assessment Index (BAI) are moving upwards indicating confidence in the future of the economy,” Gulati added.
Gulati further stated, “India is expected to focus on its high domestic consumption, economy-booster government schemes, increasing demand for outsourcing services and manufacturing boom. With increased focus on skill development to meet market demands, India may be able to reduce unemployment and fasten the pace of economic development by creating a more capable and adaptable workforce that meets the needs of the emerging industries.”
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