According to research produced by staffing behemoth TeamLease Services Ltd., the educational services, electric vehicle, and healthcare & pharmaceuticals sectors expect to retain or expand their personnel in the fourth quarter of the current fiscal year.
“The upcoming job landscape in consumer-centric sectors such as healthcare and pharmaceuticals, Electric Vehicles (EV), Infrastructure, and Fast-Moving Consumer Durables (FMCD) reflects commendable growth,” stated Balasubramanian A, VP and Business Head, of TeamLease Services.
According to the research, 86% of companies in the industries mentioned above want to grow their staff, owing to increasing global health needs and a spike in digital education.
According to the research, which included answers from 1,820 businesses in 14 locations, 79% of employers aim to retain or expand their employment in the second half of FY24.
Consumer and retail industries will also witness a rebound in the next quarter, according to the survey.
Bengaluru topped out among Indian cities, with 89% of businesses anticipating a spike in staff growth, fueled by a strong IT sector, an inflow of start-ups, and large investments, all motivating considerable talent recruitment.
Employers in locations such as Indore (70%) and Chandigarh (73%) have seen relatively moderate worker expansion, reflecting their position as growing markets.
According to the TeamLease research, Bangalore (87%) and Mumbai (86%) dominated the incremental new hiring in the October-March 2023-24 HY period.
Furthermore, 79% of businesses anticipate personnel increase in the medium-sized enterprise sector. Start-ups and micro and small enterprises trailed closely behind, with 77% of employers anticipating staff expansion. Because of their previously established market position and the potential present emphasis on optimizing rather than increasing their personnel in a quickly altering business environment, 76% of employers in major firms predicted workforce growth in the fourth quarter of fiscal year 2024.
According to the research, 69% of respondents believe that economic circumstances have a substantial influence on the work climate.
However, according to 31% of respondents, skill shortages and mismatches between available competent workers and job needs may have a substantial influence on recruiting. With the government and private sectors fostering entrepreneurship, 53% of respondents predicted increased employment prospects in India.
And 15% feel that policy reforms such as labor regulations, taxes, investment incentives, industry regularization, and global trade dynamics would have a significant influence on India’s employment numbers.
“Observing the dynamic evolution of India’s economy, there’s a distinctly optimistic tone among employers,” said Kartik Narayan, CEO, of Staffing, TeamLease Services. “An outstanding 79% want to expand their personnel, demonstrating a solid financial basis to back this confidence, especially for Q4. Despite a slower pace in Q3, the increased trend in employment is a smart effort to leverage economic development and take advantage of favorable policies, adding considerably to the country’s economic rebound.“
