According to the latest Manpower Group Employment Outlook Survey, employers report a net employment outlook of 44%
A survey on Tuesday said India’s job market is with 44% of companies planning to add more employees in the next three months, as corporates gear up to bring back workers after the pandemic.
According to the latest Manpowergroup Employment Outlook Survey released by Manpowergroup India, employers report a net employment outlook of 44% – the most optimistic outlook in seven years.
The net employment outlook is obtained by subtracting the percentage of employers anticipating a decrease in hiring activity from the percentage of employers anticipating an increase in hiring activity.
A survey of 3,046 employers indicates that many companies are planning to increase their workforce before the end of the year, in hopes of easing pandemic restrictions and increasing demand for products and services.
“Corporate India is showing healthy signs of recovery and an overall positive sentiment is gripping the market. Several deep structural factors that have sustained the Indian economy over the years such as geopolitical stability, diversified economy, demographics, etc. are likely “Play a key role in the new normal,” said Sandeep Gulati, Group Managing Director, ManpowerGroup India.
Hiring intent improved across all sectors quarter-on-quarter, with some of the most optimistic outlooks in the services, manufacturing and finance, insurance and real estate sectors.
“The vaccine rollout is gaining tremendous momentum with most of corporate India owing to the second vaccine coupled with the start of the festive season, could be a possible reason for the spike in optimism.
“However, the intent of action has to be seen in view of the fear of third wave and the continuing talent shortage, which is making it difficult for most industries to bridge the gap,” Mr Gulati said.
The survey further said that the recruitment prospects in all the four sectors have strengthened as compared to the previous quarter.
Employers in all four sectors expect payrolls to increase during the fourth quarter of 2021. The strongest recruitment momentum is projected in the West, with a net employment outlook of 49%, followed by the East (45%) and the North (43%). While the outlook for the South is 37 per cent.
Despite the bullish sentiment in the market, lack of talent continued to haunt the corporates. The survey said that 89 per cent of employers are struggling to fill vacancies in India, which is higher than the global average of 69 per cent.
According to the survey, the most popular strategies for overcoming hiring challenges include training, skill development, and greater flexibility in work schedules and location.
It added that a significant percentage of employers plan to invest in upgrading technical skills for employees.
.