Composite staffing firm, TeamLease Services has launched its biannual ‘Employment Outlook Report’ for the April-September, 2019-20 HY. According to the report, the Manufacturing, Engineering and Infrastructure sector together will witness a net addition of 58,200 new jobs in the current six months. The study states that these industries will witness a 2% increase in net employment outlook between April-September, 2019-20.
As per the findings of the report, with 9,150 new jobs, Pune top the list and Mumbai with 8,940 new jobs stand in the second list as the cities with maximum opportunities for this sector. This is closely followed by Bangalore which will witness the addition of 8,015 new jobs in the same period. As per the study, exponential growth is due to the increase in investments and production seen in the sector.
- GLOBAL TRENDS: With the fears about an impending recession subsiding Net Employment Outlook saw incremental improvement for Europe, Middle East and APAC for the forthcoming, April-September, 2019-20, HY. Europe witnessed the highest increase in Net Employment Outlook [3%] for the April-September, 2019-20 HY, followed by the Middle East [2%] and APAC [1%] while the outlook for Americas stays steady at 42%. Africa [-2%] reports the lone drop in outlook and the Net Employment Outlook for India improves by 3% to 95%.
- INDIA: A 3% rise in India’s Net Employment Outlook takes it to a high of 95%, for the April-September, 2019-20 HY. The GDP growth forecast for this quarter remains slack.
Commenting on the findings, Sudeep Sen, Head of Industrial, Manufacturing & Engineering Vertical, Teamlease Services, said “The manufacturing, engineering & infrastructure sector has employed 6.42 crore people as of HY-2, 2018-19. With the electronic manufacturing ecosystem is expected to reach investments worth INR 26 lakh crore by 2025 the sector is expected to witness an exponential growth in jobs."
He added, "The modernisation and the introduction of IIoT in manufacturing will not only witness the sector contributing around 25% of the GDP of the country by 2022 but adding significantly towards job creation as well. Manufacturing, Engineering & Infrastructure industries will also witness an 8.02% growth in jobs between April-September, 2019-20.”
The detailed study also analyses the attrition trends across the sector. According to the findings of the report, Manufacturing, Engineering & Infrastructure sector has been stable with the attrition rate remaining stagnant at 11.5% since Oct-Mar, 2017-18.
TeamLease Employment Outlook Report is a study that brings forth the employment and business trends that will play a significant role in determining how job creation and hiring pans out in India and the global market over the next six months.
The report analyses functional and environmental aspects across 19 sectors and 14 geographies to provide an in-depth insight into the hiring sentiments. It has surveyed 775 enterprises in India and 85 businesses across the globe to evaluate employment outlook trends.