Record high hiring outlook of 51% in eight years
Ahmedabad, NFAPost: Information Technology (IT) and technology employers are exhibiting the strongest hiring intent across 11 sectors for the July-September 2022 quarter, according to the latest ManpowerGroup Employment Outlook Survey.
Following the IT and technology sector is the Banking, Finance, Insurance and Real Estate sector at 60 per cent of hiring outlook. Overall, at 51%, the net employment outlook is at a record high in eight years, the global workforce solutions company’s quarterly survey shows.
The net employment outlook for the third quarter of the calendar year 2022 includes 63% of employers expecting to increase their staffing levels. Twelve per cent anticipated a decrease in hiring intent while 24 per cent did not anticipate any change.
When compared to the same period last year, hiring sentiment has improved by a staggering 46 percentage points while there is a 13-percentage-point growth over the last quarter.
According to the ManpowerGroup Survey, hiring markets in India are ranked first in the region and third globally, 19 points above the regional average. India’s year-on-year increase is ranked first globally, outperforming the 40-country average spike since Q3 2021 by 28-points.
Geographically, employers in the northern, southern and western regions showed equally strong pace, with a net employment outlook of 53%, whereas the outlook for east was 41%.
The beginning of the year had seen four new industries, including primary production, IT and technology, not-for-profit and restaurants & hotels being added in the survey.
Of these, the hiring forecast was least optimistic in the primary production and not-for-profit sectors with an outlook of 25% and 35%, respectively. Such has been the vacancy levels, that over 80 per cent of employers surveyed are finding it difficult to fill open positions with the biggest impact being felt in the construction sector at 85%.
In terms of skills, organizations are facing difficulty finding talent for the likes of creativity and originality, critical thinking and analysis, reasoning and problem solving, leadership and social influence and Initiative taking.
According to ManpowerGroup India managing director Sandeep Gulati, the positive hiring intent is despite rising inflation and the geopolitical instability even as sectors look to speed up the recovery process and sustain the economic growth of the country.
“We are, however, faced with an unprecedented demand supply gap as indicated by our talent shortage survey. reskilling and upskilling the workforce to mitigate this gap should be the highest priority for employers as well as industry players like us. Growing need for digitization, automation and tech enabled services in our country coupled with demand for Indian IT workforce across the globe will retain the IT and technology sector on top of the charts in the Indian job market,” Gulati added.
