Hiring outlook to improve in the next quarter says ManpowerGroup

• The IT industry (47%) consistently maintains the most positive outlook among businesses, indicating a strong hiring sentiment.
  
• Employers in all four regions are optimistic about expanding their payrolls in the third quarter of 2023.
  
• As many as 84% of employers said they are recruiting for green jobs or roles requiring green skills.
  

Despite reports of layoffs, and a projected global economic slowdown, the job market is showing positive indicators in the third quarter of 2023 (July to September).

In a ManpowerGroup survey of employers, almost half of them (49%) expect to increase their workforce, while 13% anticipate a decrease in hiring in the upcoming quarter. Around 34% do not foresee any changes in their staffing levels.

Although there has been a decline of 15% in hiring sentiments compared to the same period last year, there is a notable growth of 6% as compared to the previous quarter.

In the region, India ranks second in markets that intend to hire after Australia, and fifth globally. Interestingly, 84% of employers said they are recruiting for green jobs or roles requiring green skills.

Hiring by industries

In the upcoming quarter, an increase in employment is projected across all eleven industry sectors.

The IT, and Technology sector stands out with the highest hiring intentions, as employers in this sector report a net employment positive outlook of 47%. The finance, insurance, and real estate sector follow closely with a positive outlook of 41%, and the healthcare, and life sciences sector also shows strong hiring intentions with a 40% positive outlook. These industries demonstrate promising hiring prospects, and are expected to experience growth in their workforce.

Says Sandeep Gulati, managing director, ManpowerGroup India, and Middle East, “India is one of the significant IT talent hubs for tech companies across the globe. Coupled with that, is the government’s continuous reinforcement in the semiconductor industry, both of which is fortifying the IT sector as the dominant player for growth in the Indian job market.”

Hiring by region

Employers in all four regions are optimistic about expanding their payrolls in the third quarter of 2023. The West shows the most promising hiring pace, with a positive net employment outlook of 42%.

Following closely, the North, and South regions have positive outlooks of 39%, and 33% respectively. The East also forecasts dynamic hiring activity with an outlook of 29%. However, it is worth noting that hiring prospects have weakened compared to the same period last year.