India's Hiring Boom: Employers Most Bullish Globally

New Delhi, Sep 10 (PTI) Corporate India reported the strongest hiring sentiments globally for the next three months, with 37 per cent of employers planning to increase their staff strength as businesses are bullish about the country's economic position, a survey said on Tuesday.

According to the ManpowerGroup Employment Outlook Survey Q4, 2024, of nearly 3,150 employers across sectors and regions, the Net Employment Outlook in India is the strongest worldwide at 37 per cent, followed by Costa Rica (36 per cent) and the US (34 per cent) in the second and third place respectively.

The Net Employment Outlook (NEO) is calculated by subtracting the percentage of employers who anticipate reductions to staffing levels from those who plan to hire.

The India employment outlook for Q4 (October-December) stood at 37 per cent, up 7 per cent from Q3 2024, and unchanged when compared with the same time last year.

"The hiring intention of employers signifies the positive outlook in the country's economic position that has been reinforced by exports as a result of multilateral foreign policies and large-scale infrastructure development. Coupled with this, is our demographic advantage that is expected to boost our competitiveness in the global market,” said Sandeep Gulati, Managing Director, ManpowerGroup India and Middle East.

According to the survey, employers across all sectors report net positive hiring intentions with the financial and real estate industry having the strongest outlook of 47 per cent, followed by information technology (46 per cent), industrials and materials (36 per cent) and consumer goods and services (35 per cent).

The least optimistic prospects were witnessed in the communication services (28 per cent).

The survey further noted that the Northern region of India continues to dominate the job demand with an outlook of 41 per cent followed by the West (39 per cent).

Gulati further noted that "India is expected to focus on its high domestic consumption, economy-booster government schemes, increasing demand for outsourcing services and manufacturing boom.

"With increased focus on skill development to meet market demands, India may be able to reduce unemployment and fasten the pace of economic development by creating a more capable and adaptable workforce that meets the needs of the emerging industries."

Hiring managers across the Asia-Pacific countries anticipate the second strongest regional Outlook at 27 per cent, an increase of 4 per cent from the previous quarter but decreased when compared to the same time last year.

India, Singapore, and China continue to report the strongest employment outlooks in the region. The most cautious employment outlooks were reported by employers in Hong Kong (8 per cent).

Survey responses were collected from July 1-31, 2024, and 40,340 employers across 42 countries were asked about their fourth-quarter hiring intentions.