In a newly conducted study encompassing nearly 3,020 employers across various sectors and regions, it was found that hiring intentions have decreased by 17% compared to the same period last year. However, there is a slight quarter-on-quarter improvement of 1%.
According to ManpowerGroup Employment Outlook Survey, the Net Employment Outlook for the October-December quarter reached 37 per cent. This represents a 1 per cent increase from the July-September quarter of 2023, but it has seen a 17 per cent decline when compared to the same period last year.
Indian employers are also preparing for a controlled hiring pace in the upcoming three months. Their focus is on investing in the professional growth of their workforce and cultivating a positive work culture within their organisations.
According to the survey, employers highlighted that the key drivers of enhanced workforce productivity are professional development (including training, upskilling, and reskilling), fostering a positive work culture, and establishing clear goals and objectives.
''The survey findings are clear indicators of a stable economy despite the geo-political and economic uncertainties being faced across the globe,'' Sandeep Gulati, Managing Director of ManpowerGroup India and Middle East, said.
''The government's unwavering focus and initiatives to drive growth in key sectors coupled with the onset of the festival season are expected to act as crucial reinforcements and boost the hiring sentiments across the country,'' he added.
In terms of regional hiring intentions, employers in the North India exhibited the strongest outlook at 40 per cent, closely followed by the West at 38 per cent, the South at 36 per cent, and the East at 34 per cent.
The IT and Tech sector continued to be the driving force in the talent market, boasting the highest net employment outlook at 44 per cent for the fourth consecutive quarter. However, this figure has weakened by 20 per cent compared to the same period in the previous year (October-December quarter of 2022).
In the Asia Pacific region, India and Singapore led the way with the strongest outlooks at 37 per cent and 36 per cent, respectively. On the other hand, employers in Japan exhibited the most cautious outlook at 11 per cent.