India hiring sentiment for the first quarter of the New Year is the highest among 41 countries, according to a global survey. However, within the country, the job marketshould remain stagnant in relation to the previous quarter. In a recent ManpowerGroup Employment Outlook survey, 49% of 3,150 Indian employers across regions and sectors stated their intention to hire more people from January to March 2024. Meanwhile, 12% anticipated a decrease in their hiring plans or had no plans to fill vacancies. . This resulted in a net employment outlook of 37%, which is the difference between companies looking to hire and those expecting a reduction in headcount.
About 36% of employers planned to maintain current workforce levels, while 3% were unsure about their hiring intentions. These findings were shared with ET.
Compared to the same period last year, hiring sentiment has increased by 5 percentage points and is 11 percentage points higher than the Q1 2024 global average of 26%. According to Sandeep Gulati, Managing Director, ManpowerGroup India and in the Middle East, India's strong hiring prospects can be attributed to buoyant domestic demand and continued private investment, making it an attractive economy.
Sachchidanand Shukla, chief economist at Larsen & Toubro group, said India's hiring outlook is influenced by its growth dynamics and future prospects. Despite the challenges facing the global economy, India has maintained its position as the fastest growing major economy. Recent quarterly growth rates further support this trend, he said. Shukla also highlighted the positive business and consumer sentiment surveys carried out by the RBI, as well as substantial investments in infrastructure, which generate employment opportunities and stimulate income and consumption.

The survey revealed that the financial and real estate sectors presented the most optimistic perspectives with 45%, followed by Information Technologies (44%) and the consumer goods and services sector (42%). On the other hand, the energy and utilities sector had the least positive outlook for the March quarter, at just 28%.
Rajkamal Vempati, head of HR at Axis Bank, expressed the bank's plans to expand its workforce. They see numerous opportunities for growth, especially in areas that serve as drivers of branch development and expansion. Most of its hiring will focus on front-line positions.
Read from ET | India Inc Hiring Sentiment
All four regions of India expect to witness an increase in payrolls during the first quarter of 2024. The Western region is likely to see the most robust hiring pace, with a net employment outlook of 39%, followed by the North and South regions, with prospects of 38% and 35% respectively. The Eastern region had a net employment outlook of 32%.



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