NEW DELHI, INDIA (September 13 2023) – Employers anticipate closing out 2023 with a calculated approach to hiring, according to the latest ManpowerGroup (NYSE: MAN) Employment Outlook Survey of nearly 3020 employers across sectors and region. The research is based on survey responses fielded July 3-31, 2023. The Net Employment Outlook (NEO) for Q4 is +37%, up 1% from Q3 2023, and decrease by -17% when compared with the same time last year.
“The survey findings are clear indicators of a stable economy despite the geo-political and economic uncertainties being faced across the globe,” said Sandeep Gulati, Managing Director, ManpowerGroup India and Middle East. “The government’s unwavering focus and initiatives to drive growth in key sectors coupled with the onset of the festival season are expected to act as crucial reinforcements and boost the hiring sentiments across the country.”
Mr. Gulati further stated, “With the changing landscape of the world of work, organizations that are focused on investing in professional development of their workforce and creating a positive work culture are better equipped to accelerate transformation and build resilience to combat the market volatility.”
KEY FINDINGS FROM THE Q4 SURVEY
- Employers across all sectors report net positive hiring intentions with IT Industry having the strongest outlook of +44% followed by Transport, Logistics and Automotive (+43) and Healthcare and Life Sciences (+42%). The least optimistic prospects were witnessed in the Communication Services for the fourth quarter.
- Northern region of India dominates the job demand with an outlook of +40% followed by West (+38%).
- When asked to rank the top drivers of workforce productivity, employers point to: professional development through training, upskilling, and reskilling (44%), cultivating a positive work culture that includes performance recognition (39%) and establishing clear goals and objectives for staff (33%). The lowest factors identified: in-person collaboration (14%), effective Communication & Collaboration (18%) and growing adoption of existing tech (23%).
- In evaluating candidates beyond their technical skills, employers ranked: communication, collaboration and teamwork (43%); accountability and reliability (33%); reasoning and problem-solving (29%); active learning and curiosity (23%); and resilience, stress tolerance, and adaptability (23%) as key soft skills.
- To overcome talent shortages, employers report being more willing to hire applicants who are older and seeking employment changes (34%), have been unemployed due to caretaking responsibilities (27%), have non-linear career paths (27%), and/or have been long-term unemployed (26%).