Teamlease released its fourth quarter employment outlook reports on Monday that India’s hiring intent between January and March 2023 is 68%, which is about 3% higher than last quarter. The highest jobs will be available in Health & Pharma, FMCG, and EV.
Here are the key trends to watch out for:
- The health and pharmaceuticals, FMCG and electric vehicles and infrastructure sectors are the top 3 sectors with high hiring intention
- Metro and Tier 1 cities are leading the hiring wave with hiring intention higher than 94%.
- Hiring intent for junior-level roles sees the highest intent to hire at 60%, followed by entry-level roles at 55%
- Sales (98%), Marketing (86%) and IT (86%) talent continue to be the most in-demand, followed by demand for engineering and administrative positions.
Meanwhile, on international trends, the report cited that in the US, the job market has remained stable even in the presence of economic stress. Unemployment rose slightly in the third quarter, but jobs and wages continued to grow.
In Europe, economies will contract further in 2023 due to the ongoing energy crisis and tightening of monetary policy. Inflation is expected to remain high. Participation in the labor market is high. Unemployment, however, is at a record low and may rise only modestly.
Asia as a whole has a positive outlook for the fourth quarter of 2022-23. In China, the economic recovery driven by private consumption is continuing. Japan’s modest 1.2% GDP growth is seen to keep the country stable well into 2023. In India, a forecast 6.2% GDP for 2023 and advanced digital infrastructure are expected to boost employment over the next quarter.
The TeamLease Employment Outlook Report is a forward-looking tool for HR professionals, policy makers and decision makers, reflecting hiring sentiment in 14 cities and the manufacturing sector (comprising 9 manufacturing industries) in India.
The report is a prediction for the fourth quarter of 2022-23 based on surveys and analysis during October and November that covered 301 small, medium and large companies in India’s 9 manufacturing industries.