Article: Global hiring cools, but India heats up

Employment Landscape

Global hiring cools, but India heats up

The global job market is slowing down, but India remains optimistic, showing a strong and steady employment scene.
Global hiring cools, but India heats up

The latest ManpowerGroup Employment Outlook Survey reveals a slowdown in global hiring, with a net employment outlook of 22% for the second quarter of 2024. This decline reflects a cautious approach from employers amidst economic and geopolitical uncertainties.

The rapid hiring pace we've seen post-pandemic is naturally adjusting, according to Jonas Prising, Chairman and CEO of ManpowerGroup. "However, skilled talent remains crucial for growth," Jonas said.

However, the global slowdown doesn't dampen the optimism in the Indian job market, which stands out as the brightest spot across 42 countries covered in the study by the workforce solutions company. 

Indian employers reported the highest net employment outlook globally at 36%, a significant 14 percentage points higher than the global average. This signifies a robust job market in India, with a considerable number of employers anticipating workforce expansion in the April-June quarter.

Jonas suggests companies adopt flexible talent acquisition strategies. Upskilling and reskilling existing employees can bridge internal talent gaps, while targeted recruitment focusing on specific skills will likely become more common.

While the overall hiring outlook has moderated, the IT industry continues to be a bright spot. The survey indicates a net employment outlook of +34% for the IT sector, showing a sustained demand for tech talent globally. 

This is followed by Financials & Real Estate (+29%), and Health Care & Life Sciences (+28%).

As per the survey, the most optimistic outlook in India is reported by employers in healthcare and life sciences, at 44%, and communication services, at 43%. Information technology comes in at third place with a net employment outlook of 41%.

Gender equity initiatives are making progress in just under half of roles. Top-level management and STEM positions lag in women candidates.

Interestingly, flexible working policies emerge as the most effective strategy in both retaining and attracting diverse talent.

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Topics: Employment Landscape, Talent Acquisition, #Hiring

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