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NEW DELHI: India’s employment outlook between October 2023 and March 2024 points to an expansion in the incremental workforce, with 79% of employers intending to maintain or increase their workforce in the second half of the current financial year, an employment outlook report released by staffing conglomerate TeamLease said on Tuesday. The report, collated on the basis of data collected from 1820 companies across 14 cities between July and September, offers an analysis of anticipated employment trends across 22 industries and suggests that consumer and retail companies will see a resurgence in Q4 from muted demand in semi-urban and rural areas during the festive season in Q3.
Though it reflects a positive sentiment for the financial services sector, the TeamLease survey says it observed “cautious moves” from banks, NBFCs and Fintechs with increased regulatory pressure from the RBI on lending norms for riskier credits.
Indicating positive incremental hiring, including workforce expansion and replacement hiring, the surge in workforce expansion is attributed to government policies and initiatives aimed at fortifying employment opportunities and cultivating a business-friendly environment.
“As a result of the government and private sector encouragement of entrepreneurship, India is poised to witness an increase in employment opportunities,” says the report.
About 67% of respondents have anticipated robust business development during the October-March 2023-24 period, while 79% employers, who were surveyed, expect an increase in workforce in their respective industries to meet surging demand.
In post Covid-19 India, the highest workforce expansion is projected in healthcare and pharmaceuticals industry, while Electric Vehicles (EV) and infrastructure sector follows closely. Top industries that point to a surge in hiring include the EV and infrastructure sector at 88%, and healthcare and pharmaceuticals at 87%. For replacement hiring, the power and energy industry leads the way at 88%, followed by FMCG at 85%, and healthcare and pharma at 84%.
Kartik Narayan, CEO, Staffing, TeamLease Services, said, “Despite a slower pace in Q3, the upward trend in employment isn’t merely about increasing head counts; it’s a strategic move to leverage economic growth and take advantage of conducive policies, contributing significantly to the country’s economic resurgence.”
The report also suggests employment opportunities are thriving in Bangalore, with the highest rate of incremental workforce expansion at 89%, followed by Chennai at 83% and Mumbai at 82%. For new hires, Bangalore maintains its prominence at 87%, while Mumbai and Chennai follow at 86% and 83%, respectively.
In the category of replacement hiring, Mumbai leads with 82%, followed by Bangalore at 78% and Chennai at 76%. As Tier-2 cities gain prominence, high incremental workforce expansion has also been observed in cities like Coimbatore, Gurgaon, Kochi, Nagpur, Chandigarh and Indore.
Though it reflects a positive sentiment for the financial services sector, the TeamLease survey says it observed “cautious moves” from banks, NBFCs and Fintechs with increased regulatory pressure from the RBI on lending norms for riskier credits.
Indicating positive incremental hiring, including workforce expansion and replacement hiring, the surge in workforce expansion is attributed to government policies and initiatives aimed at fortifying employment opportunities and cultivating a business-friendly environment.
“As a result of the government and private sector encouragement of entrepreneurship, India is poised to witness an increase in employment opportunities,” says the report.
About 67% of respondents have anticipated robust business development during the October-March 2023-24 period, while 79% employers, who were surveyed, expect an increase in workforce in their respective industries to meet surging demand.
In post Covid-19 India, the highest workforce expansion is projected in healthcare and pharmaceuticals industry, while Electric Vehicles (EV) and infrastructure sector follows closely. Top industries that point to a surge in hiring include the EV and infrastructure sector at 88%, and healthcare and pharmaceuticals at 87%. For replacement hiring, the power and energy industry leads the way at 88%, followed by FMCG at 85%, and healthcare and pharma at 84%.
Kartik Narayan, CEO, Staffing, TeamLease Services, said, “Despite a slower pace in Q3, the upward trend in employment isn’t merely about increasing head counts; it’s a strategic move to leverage economic growth and take advantage of conducive policies, contributing significantly to the country’s economic resurgence.”
The report also suggests employment opportunities are thriving in Bangalore, with the highest rate of incremental workforce expansion at 89%, followed by Chennai at 83% and Mumbai at 82%. For new hires, Bangalore maintains its prominence at 87%, while Mumbai and Chennai follow at 86% and 83%, respectively.
In the category of replacement hiring, Mumbai leads with 82%, followed by Bangalore at 78% and Chennai at 76%. As Tier-2 cities gain prominence, high incremental workforce expansion has also been observed in cities like Coimbatore, Gurgaon, Kochi, Nagpur, Chandigarh and Indore.
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