NEW DELHI: Labour market is indicating the highest net employment outlook in 8 years during the third quarter of 2022, according to the ManpowerGroup Employment Outlook Survey released on Tuesday.
Nearly 63% employers expect to increase their staffing levels while 12% anticipate a fall in hiring intent and 24% do not anticipate any change, resulting in a seasonally adjusted net employment outlook of over 51%, a record high in 8 years, says the report. When compared to the same period last year, hiring sentiments have improved by 46%, while there is a 13% growth when compared to the last quarter.
In terms of sectors, companies in IT, technology, telecom, communications and media report hiring outlook of 68%, followed by the banking, finance, insurance and real estate sectors (60%). There’s also a massive talent shortage being witnessed with 83% of employers surveyed finding it difficult to fill open positions. Hiring optimism is being tempered by the highest levels of global talent shortages in 16 years, says the report.
Organisations are finding it difficult to get the right candidates with the required skill sets for professions including IT & data, sales & marketing, operations & logistics, manufacturing & production and administration & office support skills. Sandeep Gulati, Managing Director, ManpowerGroup India said, “Despite rising inflation and geopolitical instability, there is a positive sentiment across sectors in India in a bid to speed up the recovery process and sustain the economic growth of the country.”