Amid layoff doom, hiring outlook remains strong for blue-collar jobs in manufacturing and services: TeamLease
- Close to 64% of employers in the service and manufacturing industries expressed a positive outlook on
hiringfor non-white-collar job roles.
- Large-sized companies in services (86%) and manufacturing (73%) have a higher intention to hire than in the previous quarter.
- The intention to hire is consistently higher in the services sector compared to the manufacturing sector across all regions.
AdvertisementDespite the ongoing global turmoil, hiring intent for blue-collar job roles in India has steadily increased over the past year. In comparison to the same quarter in the previous year (April-June FY23), hiring intentions in Q1 (Apr-Jun FY24) is 10% higher. Close to 64% of employers are keen to increase their resource pool across industries. However, compared to Q4 FY23, the hiring outlook has witnessed a 4% dip. The findings are based on an analysis of hiring trends across industries, functions, and regions for non-white-collar job roles by TeamLease Services, a staffing firm.
The report’s findings also reveal a strong hiring outlook, especially for entry and junior-level employees, in both service (73% and 71%, respectively) and manufacturing (49% and 55%, respectively) sectors. The outlook for mid-level employees is also balanced in both sectors, with 54% in services and 32% in manufacturing. Large-sized companies in services (86%) and manufacturing (73%) have coped well with the economic downturn and have a higher intention to hire than in the previous quarter.
Says Kartik Narayan, CEO–staffing, TeamLease Services, “Industries around the world, including those in India, have been severely affected by the current global unrest, which has resulted in large-scale layoffs, a hiring freeze, and an imminent economic downturn. Despite this, hiring prospects in India have continued to improve over the past year, with 64% of employers in the service and manufacturing industries expressing a positive outlook on hiring. The main reason for this is the changing global investment dynamics and the precautionary measures that businesses are taking.”
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For individuals seeking job opportunities in the services sector, some of the primary industries likely to see significant hiring activity are telecommunications (96%), financial services (93%), e-commerce & allied start-ups (89%), retail (87%), and education services (83%). On the other hand, for those interested in pursuing a career in the manufacturing sector, some of the notable industries with high hiring intent are healthcare and pharmaceuticals (91%), fast-moving consumer goods (FMCG) (89%), and electric vehicles (EV) and infrastructure (73%).
Hiring intent across regions
The intention to hire is consistently higher in the services sector compared to the manufacturing sector across all regions. Despite a correction, the intent to hire in Metro and Tier-1 cities is the highest for both sectors (91% and 85%, respectively). In Tier-2 and Tier-3 cities, the intention to hire is slightly impacted by factors related to the global slowdown. However, the manufacturing sector's intention to hire is higher in these areas. The intention to hire in rural areas is the lowest across all sectors and regions – nevertheless, the intent in the services sector has shown a slight growth of 1% to 26%.
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