BackThese sectors to go on hiring spree in Q4, says Teamlease report. Top 4 trends here
India's ‘intent to hire’ to jump 3% this quarter at 68%, TeamLease report cited
PremiumTeamlease on Monday released its employment outlook reports for the Q4 that India’s intent to hire between January and March 2023 is at 68%, which is about a 3% higher than the last quarter. The highest jobs will be available in Healthcare & Pharmaceuticals, FMCG, and EV.
Here are the key trends to look out for:
- Healthcare & Pharmaceuticals, FMCG, and Electric Vehicle & Infrastructure sectors are the top 3 sectors with high intent to hire
- Metro and Tier-1 cities lead the hiring spree with the highest Intent to hire of 94%
- The hiring intent for Junior level roles sees the highest intent to hire at 60%, followed by entry-level roles at 55%
- Sales (98%), Marketing (86%), and IT (86%) talent continue to be the highest in demand, followed by the demand for engineering and blue-collar roles
Meanwhile, on the international trends, the report cited, that in the US, labor market has remained stable even in the presence of economic stress. Unemployment increased slightly in Q3, but jobs and wages continued to grow.
In Europe, economies are set to contract further in 2023 because of the ongoing energy crisis and tightening monetary policy. Inflation is expected to remain high. Labor market participation is high. Unemployment, however, is at a record low and may increase only modestly.
Asia, as a whole, has a positive outlook for Q4, 2022-23. In China, a private consumption-led economic recovery is running its course. Japan's modest, 1.2% GDP growth is seen to keep the country stable well into 2023. In India, a 6.2% GDP forecast for 2023 and an advanced digital infrastructure are seen to propel employment during the forthcoming quarter.
The TeamLease Employment Outlook Report is a forward-looking tool for human resource professionals, policy and decision-makers, reflecting hiring sentiment across 14 cities and the Manufacturing sector (comprising 9 manufacturing industries) in India.
The report is a prediction for Q-4, 2022-23 based on surveys and analysis during October and November that covered 301 small, medium and large companies across the 9 manufacturing industries across India.
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