Hiring in India seen at a 12-year low in July-Sept quarter: Manpower
Stress in India’s telecom and IT industries as well as global uncertainties have led to companies reporting their weakest hiring plans since 2005, says a Manpower survey
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India’s job market shows no signs of recovery in the coming July-September quarter with companies reporting their weakest hiring plans since 2005, driven by stress in India’s telecom and IT industries, and global uncertainties, according to a survey by ManpowerGroup, a staffing firm.
Only 16% of the 4,910 Indian employers surveyed plan to increase hiring, down from 37% during the same period last year, according to ManpowerGroup Employment Outlook Survey. With 1% employers forecasting a decrease and 61% expecting no change in hiring plans, the Net Employment Outlook for the third quarter (July-September 2017) stands at 14%, after the adjustment of seasonal variation, the firm said.
The Net Employment Outlook registered a 3 percentage point drop quarter-on-quarter and 21 percentage point year-on-year leading to the weakest hiring plan since the inception of the survey 12 years ago.
Net Employment Outlook is the difference in percentage of employers expecting to see a decrease in employment and the percentage of employers anticipating an increase in hiring activity.
Hiring plans are weak for companies irrespective of size and the region where they are based, the survey said.
“In the wake of uncertainties in global markets, employers in India are adopting a wait-and-watch policy. This is probably the reason we are not seeing them commit to optimistic hiring plans,” said A.G. Rao, group managing director of ManpowerGroup India.
Despite this, India comes in seventh in terms of its Net Employment Outlook for the July-September quarter (14%). Japan and Taiwan, with 24%, and Hungary, with 20%, are on top of the chart.