New Delhi: Employers in India report further bullish prospects for the April-June quarter, with 38 per cent of companies planning to add more staff in the next three months, a survey said on Tuesday.
Following the 60th annual edition of the Manpower Group Employment Outlook Survey of 3,090 employers, sentiment sentiment across sectors and regions is much stronger compared to the same period last year.
However, on a quarter-on-quarter basis, decision-makers expect net employment prospects to decline by 11 percentage points from the January-March quarter. For the April-June quarter, 55 per cent of employers predict a pay rise, 17 per cent predict a decline and 36 per cent expect no change, the resulting net employment outlook is 38 per cent. The net employment outlook is derived by taking the percentage of employers who forecast total employment to rise and fall from this percentage, which is expected to see a decline in employment in their place in the next quarter.
“As the country emerges from the pandemic, we are witnessing new challenges from global geopolitical instability and rising inflation. Having said that, India will continue to thrive as a major source of IT and tech resources,” said Sandeep Gulati, Group ManpowerGroup CEO .
India is also a haven for unicorns and soonicorns and has the third largest ecosystem for startups in the world. With the central government raising Rs 283.5 crores for the Startup India Seed Fund Scheme (SISFS) in budget 2022-23, I am bullish on growth of employment opportunities for professional youth, “he added. However, the representation of women in the workforce remains a concern, Gulati notes.
According to the survey, IT and technology roles will continue to dominate the market with the strongest prospects (51 percent), followed by restaurants and hotels (38 percent) and education, health, social work and government (37 percent). In addition, large organizations with more than 250 employees plan a net employment prospect of 45 percent. Medium organizations, with a staffing of 50-249, plan a net employment prospect of 35 percent. In all seven Asia Pacific countries and territories, employers expect paychecks to grow over the next three months.
The strongest employment prospects are reported in India, followed by Australia and China, while the weakest regional labor market in Japan is expected, with Taiwan and Hong Kong lagging behind, the survey found.
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