New Delhi, Jun 27 (PTI) The Indian employment market is likely to see an incremental expansion of more than 6 per cent in the first half this fiscal, supported by an upbeat economic climate across 23 industries, TeamLease Services said on Thursday.
According to TeamLease’s Employment Outlook Report for H1 FY25 (April 2024 to September 2024), which covered 1,417 employers in 20 cities, 56 per cent said their workforce will likely grow in the coming months.
Around 23 per cent of employers anticipate maintaining their current workforce levels. In comparison, 21 per cent foresee declining staff numbers.
The positive employment outlook was largely supported by prevalent economic conditions, including the near 7 per cent GDP growth forecast for India in 2024 by most global rating agencies, which would make it the fastest-growing G-20 nation.
Additionally, strong investment demand and peaking out of headline inflation, coupled with the greater emphasis employers place on technology and skills, make for a resilient job market in the face of hostile geopolitical conditions.
“With India forecasted to be the fastest-growing G-20 economy in 2024, coupled with strong investment demand and easing inflation, the job market remains resilient in the face of global headwinds.
“Nearly two out of five organisations are prioritising skills development, equipping their workforce for the technological advancements that lie ahead. The findings of our report shed light on the dynamic and optimistic hiring landscape,” Kartik Narayan, CEO of TeamLease Staffing, said.
According to the survey, industries with the most employers indicating plans to increase their workforce are healthcare, pharma, automotive, manufacturing, engineering, and infrastructure.
In terms of workforce size growth, the leading industries are construction and real estate, travel and hospitality, electric vehicles (EV), and EV infrastructure.
A city-wise analysis shows that Delhi, Bengaluru, and Hyderabad are at the forefront in terms of employment opportunities. Moreover, emerging job locations such as Coimbatore, Visakhapatnam, and Jaipur are experiencing significant growth.
Employers are actively seeking candidates with strong communication skills, attention to detail, technical proficiency, and organisational abilities for both existing and new roles.
Generative AI is projected to significantly impact 35 per cent of talent acquisition strategies, reflecting shifts in hiring practices due to technological advancements​. PTI DRR SHW
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