According to the latest edition of Teamlease’s Employment Outlook Report which reached more than 300 companies in the manufacturing sector, around 60% of companies have a positive hiring intention in the fourth fiscal quarter with plans to increase their workforce. compared to 57% during the October-December quarter. The survey results were shared exclusively with ET.
Industries with high hiring intent include healthcare and pharmaceuticals (98%), consumer packaged goods (86%), electric vehicles and related businesses (71%), agriculture and industry. agrochemicals (69%), manufacturing and engineering and infrastructure (65%). Those with a moderate hiring intention include construction and real estate (51%), power and energy (47%) and textiles (36%).
“The impact of macroeconomic uncertainty in Western economies is likely to be much less in India and manufacturing jobs will continue to grow,” said Mahesh Bhatt, chief commercial officer of TeamLease Services.
“Our survey shows that demand for labor is continuing in several manufacturing areas and is expected to increase over the course of the year,” he said. “The introduction of various reforms by the government to stimulate domestic manufacturing will result in the need for more labor.”
Intent to hire is higher in metropolitan and Tier 1 cities (94%) than in Tier 2 cities (73%), Tier 3 cities (43%) and rural (23%) , shows the survey that covered small, medium and large businesses in nine manufacturing industries.
The cities with the highest hiring intention are Mumbai (97%), Bengaluru (94%), Chennai (89%), Delhi (84%) and Pune (73%). Overall hiring intent for manufacturing and services combined increased from 65% in Q3 to 68% in Q4.
The survey shows that companies are most open to hiring at junior level (60%) and entry level (55%), followed by mid-level (27%) and senior level (24%). The job profiles with the highest expected hiring intent are sales (98%), marketing (86%), information technology (86%), engineering (78%) and blue collar workers (75%).
The survey shows single-digit attrition in most manufacturing sectors, with the exception of healthcare and pharmaceuticals, which had a double-digit attrition rate of 15.67% in Q3 compared to 14.71 % at Q2.