Amid growing recession fears and slowdown, a significant 57% of employers are ready to hire and expand their resource pool, a study revealed.
From a macro perspective, the overall intent to hire, across manufacturing and services sectors combined, has increased from 61% in Q2 to 65% in Q3 and is projected to cross 70% in the next few quarters, the findings said.
The report highlights that driven by post-Covid resilience, resurgence, and readiness; metro and Tier I cities (91%) have indicated a higher intent to hire. The trend, however, is less in Tier 2 cities, where the rate is 69%. Only 39% of employers in Tier 3 cities are willing to hire whereas not more than 21% of them are ready to hire in rural locations.
Mumbai (93%) tops the trend and is followed by Bangalore (90%), Chennai (83%), Delhi (79%), Pune (67%), Hyderabad (61%), and Ahmedabad (61%). These are the top cities for employment opportunities in the manufacturing segment.
Manufacturing firms are looking to scale up hiring in the post-pandemic world and are staffing their front with young talent. Junior-level talent (57%) commands the best demand, hierarchically, and is closely followed by entry-level talent (51%), mid-level (29%), and senior-level (21%) employees.
From a job function perspective, manufacturing companies are focusing more on operations and profiles. The most sought-after sectors are sales (95%), marketing (79%), information and technology (77%), engineering, and blue-collar (67%)
Further, according to the report, the manufacturing industry has fared comparatively better when it comes to talent retention. Apart from Healthcare and Pharmaceuticals (14.71%), all the other sectors show low single-digit attrition rates.
Speaking on the industry and the report’s findings, Mahesh Bhatt, Chief Business Officer, TeamLease Services, said, “After Covid, global employment growth has recovered by 2.7% and is currently on a strong growth trajectory in H2 2022. Q3 projections for the intent to hire, especially in the manufacturing segment, stand strong. Much of this optimism is driven by the resurgence in the industry, increased consumer demand this festive season and the additional impetus introduced by the government.”
He added, “The Rs 2.65 lakh crore stimulus package by the government to generate job opportunities and provide liquidity support to tourism, aviation, construction, and housing has been lucrative towards increasing employment opportunities in the manufacturing sectors.”