Hiring sentiment improves to 7-year high; services sector to be job creator
Mumbai: Indian employers are bullish on hiring for October to December with 64% of employers forecasting an increase in payrolls, 20% anticipating a decrease and 15% expecting no change, according to the Manpower-Group Employment Outlook Survey.
Participating employers are categorized into one of three organization sizes: small businesses having 10-49 employees, medium businesses with 50-249 employees, and large businesses having 250 or more employees.
Employers in all three size categories expect to increase payrolls during the next three months. The strongest hiring pace is anticipated by large employers who report a net employment outlook of +49%, while outlooks stand at +39% and +37% in the small and medium-size categories, respectively.
Hiring plans improve in all three organization size categories when compared with the previous quarter, including a sharp increase of 44 percentage points for Large firms.
Small employers report an improvement of 33 percentage points and the outlook for medium employers strengthens by 29 percentage points. When compared with last year at this time, Large employers report an increase of 46 percentage points.
Elsewhere, outlook improved by 34 and 28 percentage points for medium and small-size employers, respectively.
Employers in all four regions expect to grow payrolls during the fourth quarter of 2021. The strongest hiring pace is anticipated in the West, where the net employment outlook at +49%.
Dynamic hiring activity is also forecast in the East and the North, with outlooks of +45% and +43%, respectively, while the outlook for the south is +37%.
Hiring prospects strengthen in all four regions when compared with the previous quarter. Sharp increases of 44 and 40 percentage points are reported in the West and the East, respectively. In the North, the outlook improved by 36 percentage points, while employers in the South report an increase of 31 percentage points.
When compared with this time one year ago, hiring plans also strengthen in all four regions, most notably by 46 percentage points in the West. Hiring plans are 40 percentage points stronger in the East, and improved by 39 and 36 percentage points in the North and the South, respectively.
An increase in payrolls has been forecast for all seven industry sectors during the coming quarter. Services sector employers report the strongest hiring intentions with a net employment outlook of +50%. Vigorous hiring activity is anticipated in the manufacturing sector and the finance, insurance & real estate sector, with outlooks of +43% and +42%, respectively. Mining & construction sector employers expect a brisk hiring pace, reporting an outlook of +34%, while the outlook for the wholesale & retail trade sector stands at +33%.
In the transportation & utilities sector, employers forecast solid payroll gains with an outlook of +28%, and the public administration & education sector outlook of +24% reflects healthy hiring plans.