TeamLease Services, which provides staffing solutions has released its ‘TeamLease's Employment Outlook Report’ to showcase hiring sentiments for India’s employment stakeholders for H2 FY24 (October 2023 to March 2024).  

The report has collected data from 1,820 companies across 14 cities for a comprehensive analysis of anticipated employment trends across 22 industries. 

The report indicates a remarkable trend in incremental workforce expansion, with 79 per cent of employers intending to maintain or increase their workforce in the second half of FY24. Consumer and retail companies will see a resurgence in Q4 from muted demand in semi-urban and rural areas in the festive season in Q3. It carries positive sentiment for the financial services sector, in addition, it alsoobserves cautious moves from banks, NBFCs, and Fintechs with increased regulatory pressure from the RBI on lending norms for riskier credits. 

According to the report findings, H2 is projecting positive incremental hiring, including workforce expansion, new hiring, and replacement hiring. 

About 31 per cent of those surveyed mentioned that the lack of necessary skills and a mismatch between the skills people have and the skills needed for jobs can make hiring challenging. Also, 19 per cent said that technological progress plays a crucial role in creating job opportunities in India.  

Another 15 per cent believe that changes in government policies, including labour laws, taxes, incentives for investment, industry regulations, and global trade patterns, will significantly affect job trends in India, it added. 

The report shows that 67 per cent of people surveyed expect businesses to grow well from October to March 2023-24. This positive outlook indicates that hiring is likely to keep going strong as we approach the end of the festive season. Even more, 79 per cent of employers in different industries predict they will need more workers in the next six months because of increasing demand. Both hiring for new positions (79 per cent) and replacing people who have left (74 per cent) are happening quickly, showing that the job market in the country is thriving.  

The industries with the newest hires are electric vehicles and infrastructure, with an 88 per cent increase, and healthcare and pharmaceuticals, with 87 per cent. For replacing people who left, power and energy are hiring the most at 88 percent, followed by fast moving consumer durables at 85 per cent, and healthcare and pharmaceuticals at 84 per cent. 

The report uncovered interesting trends in the job market in India. In terms of industries, healthcare, and pharmaceuticals are growing the most, with an 86 per cent increase in the workforce. Electric Vehicles and Infrastructure are close behind at 85 per cent per cent. 

Sharing his views about the industry and the report’s findings, Kartik Narayan, CEO of staffing, TeamLease Services, said, “Observing the dynamic evolution of India's economy, there's a distinctly optimistic tone among employers. An impressive 79 per cent of them are planning to increase their workforce, indicating a robust financial foundation supporting this optimism, particularly for Q4. Despite a slower pace in Q3, this upward trend in employment isn't merely about increasing headcounts; it's a strategic move to leverage economic growth and take advantage of conducive policies, contributing significantly to the country's economic resurgence.”  

According to the report Bangalore comes at the top with the newest jobs, followed by Chennai and Mumbai. For replacing people who left their jobs, Mumbai is leading, followed by Bangalore and Chennai. Other smaller cities, known as Tier-2 cities, are also doing well in terms of business growth and job opportunities. Places like Coimbatore, Gurgaon, Kochi, Nagpur, Chandigarh, and Indore are seeing a significant increase in the number of available jobs.