The Indian job market has grand plans for the year ahead as employers have expressed plans to add more employees in the January to March quarter of 2022, according to a survey conducted by the ManpowerGroup. As per the findings in the survey, around 49 per cent of the companies in India have intentions to provide jobs to more people in the specified quarter. This is because employers have a positive outlook about achieving sustained post-pandemic recovery, said the survey. This is set to reach an eight-year peak since 2014, setting a new record in the hiring sector of the country.
The latest ManpowerGroup Employment Outlook Survey sheds light on the employers’ sentiment regarding hiring in India, which has improved by five percentage points in comparison with the prior quarter, says a PTI report. This has also improved by 43 percentage points when calculated on a year-on-year basis.
What Else did the ManpowerGroup Survey Say?
Not only this, around 64 per cent of the 3,020 employers that took part in the ManpowerGroup survey said they will employ more staff in the coming quarter. Compared to this, only 15 per cent of the companies said they will cut their staffing levels, while 20 per cent of them intended to keep the same in a steady level. Just 1 per cent of the employers said they were unsure of the hiring intentions.
“India registered a V-shaped recovery owing to increased consumer spending, educational sector opening up and the government’s sustained efforts to accelerate vaccination coverage thereby breaking the virus chain,” said Sandeep Gulati, the managing director of ManpowerGroup India.
Gulati further added that “the boost in hiring outlook reflects employers’ sustained confidence in achieving a post-pandemic recovery. The ‘Great Resignation’ is additionally impacting the hiring sentiments in companies especially in the IT and technology sectors.”
Which Sector Will Hire the Most Number of Employees?
As per the findings of the ManpowerGroup’s survey, employers in large companies have the most positive outlook in terms of hiring, with 51 per cent of them planning to hire more employees in the January to March quarter. This is more than double when compared to small companies, who intend to hire 25 per cent more staff.
Five out of eleven sectors surveyed sectors including IT and technology, communications telecom and media sectors reported a net hiring outlook of 60 per cent. The restaurant and hotels sector was close behind with a 56 per cent net hiring intentions. This was the weakest in the primary production and construction sectors.
However, most of the companies throughout the eleven sectors and in all four regions — north, east, west and south — said they wanted to implement an increase in their payrolls during the first quarter of 2022. The strongest hiring activity is likely to be in north at 52 per cent, followed by west and south at 50 and 49 per cent respectively. In the east, the hiring activity is anticipated to be 40 per cent, the report said.
Employers Willing to Provide Benefits Too
According to an Indeep Report released earlier this year, the demand for IT professionals has risen as much as 400 per cent. The report also threw light on the salary hike expectations in case full-stack engineers, the companies are offering hikes in the range of 70-120 per cent.
Fintech company BharatPe earlier in the year also announced that it will give BMW bikes to employees who join the company as an incentive, in order to attract more people. In mid-July, it was also reported that HCL Technologies was going the extra mile to combat attrition rates by possibly bringing back the practice of rewarding top performers with Mercedes-Benz cars. Some companies are reportedly also providing cash bonuses to write tests, or even iPhones or better work hours in order to get them to take the job before the competition poaches them.