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India’s manufacturing sector is showing positive hiring sentiment, with 60% of employers aiming to hire and expand their resource pool in the fourth quarter of this fiscal year, according to the “Industry Outlook Report”. ’employment’ of TeamLease.
“Positive hiring sentiment is attributed to large companies (69%), followed by medium (44%) and small (39%). Overall hiring intent for manufacturing and services combined is from 65% in the third quarter to 68% in the fourth quarter,” TeamLease said in a statement.
The reports’ findings indicate that intention to hire is higher in metropolitan and Tier 1 cities at 94%, while in Tier 2 and Tier 3 cities it is 73% and 43% respectively, and 23% in the rural sector.
Mumbai has the highest hiring intent at 97%, followed by Bangalore at 94%, Chennai at 89%, Delhi at 84% and Pune at 73%.
“The Employment Outlook Report (January to March 2023) for the Manufacturing Industry highlights the industry as an ideal sector for job candidates,” the statement said.
Employers are most enthusiastic about recruiting at the junior level (60%), followed by the entry level (55%), then the intermediate level (27%) and the senior level (24%). Job profiles with the highest expected hire intent include sales at 98%, followed by marketing and IT at 86% each, then engineering at 78%, and blue-collar jobs. at 75%.
The report shows that attrition is more balanced across the sector. “Besides the healthcare and pharmaceuticals sectors which posted double-digit attrition rates of 15.67% compared to 14.71% respectively from July to September, the manufacturing industry has single-digit attrition rates. number,” the statement added.
The healthcare and pharmaceutical sectors show the strongest hiring intentions at 98%, followed by the FMCG sector at 86%, the electric vehicle and infrastructure sector at 71%. Meanwhile, hiring intentions for the agriculture and agrochemical sectors are at 69% and the manufacturing, engineering and infrastructure sectors are at 65%.
Talking about India’s projected growth outlook of 6.2% in 2023, Balasubramanian A, Vice President and Head of Consumer and Healthcare Business at TeamLease, said workforce will be crucial for India to realize its growth vision, especially in the manufacturing sector. He said hiring intent had increased by 3% and would also continue to increase in the coming quarters.
“The production-related incentive programs that have been introduced, along with the financial boost for the manufacturing segment that the budget is likely to address, will support optimism for jobs,” he added. .
Mahesh Bhatt, Commercial Director of TeamLease, believes that the global employment rate has increased significantly following the COVID-19 pandemic and is expected to strengthen over the coming quarters. “With growing domestic demand, despite tough external conditions, manufacturing is expected to grow overall.
Additionally, the government’s program to boost ‘Make in India’ and the introduction of reforms to boost domestic manufacturing will enable the country to become a more attractive investment destination, which will have a positive impact on the economy. job,” he said.
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Teamlease Report Shows Positive Hiring Sentiments in Manufacturing and Service Sectors for Q4
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