India’s Hiring Sentiments Among The Highest Across The Globe: Report

Employers anticipate opening 2024 with a prudent and watchful approach to hiring in the first quarter of the calendar year, according to the latest ManpowerGroup Employment Outlook Survey of nearly 3100 employers across sectors and region. The research is based on survey responses fielded between October 1-31, 2023. The Net Employment Outlook for Q1, 2024 is +37 per cent, up 5 per cent from Q1 2023, and same when compared with the last quarter.

“The survey is a reflection of the changing world of work where companies are in the transformational phase but the IT talent with the desired skillsets are scarce.,” said Sandeep Gulati, Managing Director, ManpowerGroup India and Middle East. “As organizations plan their strategic HR objectives for 2024, employee well-being, recruitment for skilled roles and adopting AI and technology seems to be the top 3 in the chart of priorities. However, training the staff to leverage AI and narrowing down on roles that can take advantage of this advancement continues to remain a concern.”

Gulati further stated, “Domestic demand remains buoyant and private investment continue to flow in making India a lucrative economy. With stability in the political arena, progressive India is not a dream but a reality.”

Key Findings

• Employers across all sectors report net positive hiring intentions with Financials and Real Estate having the strongest outlook of +45 per cent followed by Information Technology (+44 per cent) and Consumer Goods and Services (+42 per cent). The least optimistic prospects were witnessed in the Energy and Utilities (+28 per cent) for the first quarter.
• Western region of India dominates the job demand with an outlook of +39 per cent followed by North (+38 per cent).
• Lowest in the list of key drivers of HR strategies for 2024 include Layoffs, great resignations and quiet quitting. 

Talent Shortage Survey Key Findings

• 81 per cent of employers report difficulty finding skilled talent and increasing by 1 per cent from 2023’s survey with Transport, Logistics and Automotive (88 per cent) being the most affected followed by Information Technology sector (87 per cent).
• To find, attract, and recruit talent, employers are offering more work flexibility (86 per cent) while looking for new talent (47 per cent) and raising wages (36 per cent).
• The top five most in-demand skills are IT & data, sales & marketing, engineering, operations & logistics, and HR.
• When asked about Artificial Intelligence (AI), employers cite candidates considering AI jobs, training the staff to leverage AI in their roles and defining roles who can take advantage of AI as the top challenges to fully leverage the technology.