The Services sector is expected to drive the third quarter job markets with a Net Employment Outlook of +16% followed by the Mining& Construction, Wholesale & Retail Trade and Manufacturing sectors with Outlooks of +11%
According to the ManpowerGroup Employment Outlook Survey released today, employers across India indicate upbeat hiring plans for the next three months reporting a Net Employment Outlook of +13%.The Services sector is the strongest of India’s seven industry sectors with an Outlook of +16%. Workforce gains are expected in all three organisation size categories during the upcoming quarter. In a regional comparison, employers in the South and West regionslead hiring expectations.
Cynthia Gokhale, Associate Director Marketing of ManpowerGroup India said, “New government initiatives coupled with investors’ interest in start-ups is generating a growth trajectory in some sectors. Due to the dynamics of a rapidly evolving business environment, contract staffing is taking precedence over the traditional workforce. This is a direct consequence of the demand for greater flexibility. More employment opportunities are expected, facilitating the transition from informal to formal employment for those who are already in the labour market. Opportunities are expected to remain favourable for candidates with the right skills and flexibility.
Ms. Gokhale adds, “Major trends that will drive recruitment in 2019 in India are diversity, automated recruitment, virtual reality, and remote working options among others.With more than a million unemployable graduates that the Indian universities are churning out every year and thousands of jobs disappearing each year, India now must prioritize investing in education to bridge the skill gap between the requirements in the market and job seekers skillsets.”
Workforce gains are anticipated in all seven industry sectors during the coming quarter. While Services sector employers are the most optimistic with an Outlook of +16%, respectable payroll gains are also forecast in three sectors with Outlooks of +11% in the Manufacturing sector, the Mining & Construction sector and the Wholesale & Retail Trade sector. Some hiring opportunities are expected in the Finance, Insurance & Real Estate sector and the Public Administration & Education sector, where Outlooks for both stand at +8%, and in the Transportation & Utilities sector with an Outlook of +6%.
“Over the last few months, the landscape of the recruitment industry in India has changed. The HR field is also going through an automation revamp. The so-called fourth industrial revolution has now reversed the conventional practice of a management-driven approach, which seemed one-sided compared to a candidate-centric method, which puts the spotlight on the candidate,” commented Ms. Gokhale.
Ms. Gokhale continues, “According to ManpowerGroup’s survey, India’s job market, overall, looks consistent, although it is still going through the transition with a slight slowdown inemployment. Technology and innovation is leading all other sectors and across jobs and regions as well. Business leaders in India are persistently on the lookout for the best talent in the market. Non-IT sectors are also showing higher hiring intentions for the upcoming months. Real estate will be one of the major contributors to the Indian economy by supporting innumerable subsidiary industries, thus providing employment directly and indirectly.”
India’s Regional Trends
Employers in all four regions expect to add to payrolls during the forthcoming quarter. The strongest labour market is expected in the South, where the Net Employment Outlook stands at +14%. Steady workforce gains are also forecast for the West and the North, with Outlooks of +13% and +12%, respectively. Meanwhile, moderate hiring activity is anticipated in the East, where the Outlook is +9%.
ManpowerGroup interviewed over 59,000 employers in 44 countries and territories to forecast labour market activity* in the third quarter of 2019, including 4,951 employers in India. All participants were asked, “How do you anticipate total employment at your location to change in the three months to the end of September 2019 as compared to the current quarter?”
The ManpowerGroup research for the third quarter of 2019 reveals employers expect workforce gains in 43 of 44 countries and territories surveyed in the period up to the end of September.
When compared with the previous quarter, employers in 18 of 44 countries and territories report stronger hiring prospects, while employers in 18 report weaker hiring plans and no change is anticipated in eight. In a comparison with the same period last year, hiring intentions strengthen in 12 countries and territories, but weaken in 26 and are unchanged in six. The strongest hiring sentiment is reported in Japan, Croatia, Taiwan, the U.S., Greece and Slovenia, while the weakest hiring prospects are reported for Hungary, Argentina, Italy and Spain.
Payroll gains are anticipated by employers in 25 of 26 Europe, Middle East & Africa (EMEA) region countries surveyed during the next three months, while employers in Hungary expect to trim payrolls. When compared with the second quarter of 2019, hiring prospects improve in five countries but weaken in 14. In a comparison with the third quarter of 2018, Outlooks also strengthen in five countries, but decline in 17. The strongest hiring expectations for the coming quarter are reported in Croatia, Greece and Slovenia, while employers in Hungary, Italy and Spain report the weakest hiring plans.
About the Survey
The ManpowerGroup Employment Outlook Survey is the longest-running, most extensive, forward-looking employment survey in the world, commencing in 1962 and now polling over 58,000 employers in43 countries and territories to measure their intentions to increase or decrease the number of employees in their workforce during the next quarter. The survey serves as a bellwether of labor market trends and activities and is regularly used to inform the Bank of England’s Inflation Reports, as well as a regular data source for the European Commission, informing its EU Employment Situation and Social Outlook report the Monthly Monitor. ManpowerGroup’s independent survey data is also sourced by financial analysts and economists around the world to help determine the health of labor markets. For India Employment Outlook please visit at ManpowerGroup India website:http://www.manpowergroup.co.in/MEOS.htm and Experis India: http://www.experis.in/meos.htm