Hiring Optimism Across India’s Manufacturing Industries Emerges Stouter Than Previous Quarter: TeamLease
TeamLease, one of India’s leading employment services offering a range of HR solutions, has launched its “Employment Outlook Report” for Q4 (January to March 2023) for the manufacturing sector. The report finds that 60% of employers in the manufacturing segment aim to recruit and expand their resource pool in this period. The positive higher hiring sentiment is attributed to large scale enterprises (69%), followed by medium (44%) and small (39%) businesses. The overall intent to hire for both the manufacturing and services sectors combined has grown from 65% in Q3 to 68% in Q4.
Analyzing the geographical trends in an in-depth manner, the report finds that as before, the intent to hire is greater in metro and Tier 1 cities (94%) as compared to Tier 2 cities (73%), Tier 3 (43%), and the rural sector (23%). The cities with the highest intent to hire are Mumbai (97%), Bengaluru (94%), Chennai (89%), Delhi (84%), and Pune (73%). From a sector perspective, Healthcare & Pharmaceuticals (98%), Fast Moving Consumer Goods (86%), Electric Vehicle & Infrastructure sector (71%), Agricultural & Agrochemical (69%), Manufacturing, and Engineering & Infrastructure (65%) are the sectors with the sturdiest hiring intent.
Sharing insights about report’s findings, Dr. Mahesh Bhatt, Chief Business Officer, TeamLease Services, said, “The global employment rate has increased considerably post the last Covid-19 wave and is poised to grow stronger in the coming quarters. With domestic demand increasing, despite stringent external conditions, the manufacturing industry is projected to witness all-encompassing growth. Moreover, the government’s agenda to drive ‘Make in India’ and the introduction of reforms to boost domestic manufacturing will enable India to become a more attractive destination for investments, thereby impacting employment positively.”
“Regardless of global economic challenges, India recorded a GDP of 8.7% GDP in FY 2021-22 and is projected to record a 6.2% GDP growth in 2023. Manpower is going to be a crucial element to achieve this growth vision, especially in the manufacturing sector. Hiring intent for Q4 has increased by 3% and will continue to surge in the coming quarters as well. Production Linked Incentive schemes which have been introduced, along with financial impetus for the manufacturing segment that the budget is likely to address will promote employment optimism”, Balasubramanian A, Vice President and Business Head – Consumer and Healthcare, TeamLease Services added.
The Employment Outlook Report (January to March 2023) for the manufacturing industry accentuates the industry as an ideal sector for job aspirants. Employers are most enthusiastic about recruiting at the junior level (60%), entry-level (55%), followed by mid-level (27%) and senior level (24%). The job profiles with the highest projected hiring intent consist of Sales (98%), Marketing (86%), Information Technology (86%), Engineering (78%), and Blue Collar (75%) jobs.
Further, according to the report attrition appears to be more balanced in the sector. Apart from Healthcare and Pharmaceuticals which have shown a double-digit attrition rate of 15.67% from 14.71 % during the Jul-Sep 2022-23 period, the Manufacturing industry has single-digit attrition rates.
