TeamLease report shows positive hiring sentiments across manufacturing, service sectors for Q4

Mumbai is showing the highest intent to hire at 97 percent, followed by Bengaluru at 94 percent, Chennai at 89 percent, Delhi at 84 percent and Pune at 73 percent.

"The Employment Outlook Report (January to March 2023) for the manufacturing industry accentuates the industry as an ideal sector for job aspirants," the statement said.

Employers are enthusiastic about recruiting at the junior-level the most (60 percent), followed by entry-level (55 percent), and then the mid-level (27 percent) and senior level (24 percent). The job profiles with the highest projected hiring intent comprise sales at 98 percent, followed by marketing and IT at 86 percent each, then engineering at 78 percent and blue collar jobs at 75 percent.

The report shows attrition to be more balanced in the sector. "Apart from healthcare and pharmaceuticals sectors that have shown a double digit attrition rate of 15.67 percent from 14.71  percent respectively during July to September, the manufacturing industry has single-digit attrition rates," the statement added.

The health and pharma sectors are showing the sturdiest hiring intent at 98 percent, followed by the FMCG sector at 86 percent, the EV and infrastructure sector at 71 percent. Meanwhile, the agriculture and agrochemical sectors' hiring intent is at 69 percent and the manufacturing, engineering and infrastructure sectors are at 65 percent.

Talking about India's projected outlook of 6.2 percent growth in 2023, Balasubramanian A, vice-president and business head of consumer and healthcare at TeamLease, said manpower is going to be crucial for India to achieve its growth vision, especially in the manufacturing sector. He said the hiring intent has increased by 3 percent and would continue to rise in the upcoming quarters too.

"Production Linked Incentive schemes which have been introduced, along with financial impetus for the manufacturing segment that the budget is likely to address will promote employment optimism," he added.

Mahesh Bhatt, TeamLease's chief business officer, believes the global employment rate has increased considerably following the COVID-19 pandemic and is set to grow stronger in the upcoming quarters. "With domestic demand increasing, despite stringent external conditions, the manufacturing industry is projected to witness an all-encompassing growth.

Moreover, the government’s agenda to drive ‘Make in India’ and the introduction of reforms to boost domestic manufacturing will enable the country to become a more attractive destination for investments, thereby impacting employment positively,” he said.