Education, healthcare, EV sectors to drive jobs in Q4 FY2024: Report
- Consumer and retail companies will also see a resurgence in the upcoming quarter
- 31% of the respondents said that skill shortages and mismatches between available skilled personnel and job requirements can have a significant impact on hiring
Educational services, electric vehicle, and healthcare & pharmaceuticals sectors intend to maintain or increase their workforce in the final quarter of the current fiscal year, according to a report released by staffing conglomerate TeamLease Services Ltd.
"The upcoming job landscape in consumer-centric sectors such as healthcare and pharmaceuticals, Electric Vehicles (EV), and Infrastructure and Fast-Moving Consumer Durables (FMCD) reflects commendable growth," Balasubramanian A, VP & Business Head, TeamLease Services said.
The report said that 86% of employers from the aforementioned sectors are planning to expand the workforce, driven by ongoing global health demands and a surge in digital education.
The report, which collated the responses from 1,820 companies across 14 cities, added that 79% of employers intend to maintain or increase their workforce in the second half of FY24.
Consumer and retail companies will also see a resurgence in the upcoming quarter, the report added.
Among the Indian cities, Bengaluru stood out with 89% of employers foreseeing a surge in workforce expansion, catalysed by a strong tech industry, an influx of start-ups, and major investments, all compelling extensive talent recruitment.
A more tempered workforce growth has been observed by employers in cities such as Indore (70%) and Chandigarh (73%), reflecting their status as emerging markets.
Bangalore (87%) and Mumbai (86%) led the incremental new hiring in the October-March 2023-24 HY timeframe, as per the TeamLease report.
Further, Medium-sized Enterprises lead with 79% of employers anticipating workforce expansion. Start-ups or Micro and small businesses followed closely with 77% of employers expecting workforce growth. 76% of employers in large enterprises anticipated workforce growth in the fourth quarter of the fiscal year 2024 due to their already established market presence and the possible current focus on optimising rather than expanding their workforce in a rapidly evolving business climate.
According to the data, economic conditions significantly impact the employment environment, as cited by 69% of respondents.
However, 31% of the respondents said that skill shortages and mismatches between available skilled personnel and job requirements can have a significant impact on hiring. With the government and private sectors encouraging entrepreneurship, 53% of the respondents said India should see a rise in job opportunities.
And 15% of the respondents believe that policy changes, such as labour laws, taxation, investment incentives, industrial regularisation, and global trade dynamics will have a major impact on India's employment figures.
Kartik Narayan, CEO, Staffing, TeamLease Services said, “Observing the dynamic evolution of India's economy, there's a distinctly optimistic tone among employers. An impressive 79% of them are planning to increase their workforce, indicating a robust financial foundation supporting this optimism, particularly for Q4. Despite a slower pace in Q3, this upward trend in employment isn't merely about increasing headcounts; it's a strategic move to leverage economic growth and take advantage of conducive policies, contributing significantly to the country's economic resurgence”.
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Business NewsIndustryEducation, healthcare, EV sectors to drive jobs in Q4 FY2024: Report
First Published:13 Dec 2023, 01:54 PM IST
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