Employers continue to show optimism for the second consecutive quarter according to the latest ManpowerGroup Employment Outlook Survey of 3020 employers.
64 per cent expect to increase their staffing levels, 15 per cent anticipate a decrease and 20 per cent do not anticipate any change, resulting in a seasonally adjusted Net Employment Outlook of +49 per cent which is a record high in 8 years. When compared to the same period last year, hiring sentiments have improved by a whopping +43 while there is a 5 percentage points growth when compared to the last quarter.
Employers in large organisations report the most optimistic outlook with 51 per cent intending to hire in the first quarter compared to 25 per cent in small companies. Employers in the North report the strongest hiring intentions for Q1 followed by South and West.
To provide a wider coverage of the market segments, ManpowerGroup has included four new sectors in this report like IT and Technology, Primary Production, Restaurants and Hotels and Not for Profit increasing the overall number of industry sectors’ analysis from seven to eleven.
All eleven industry sectors surveyed report positive intentions to add to their payrolls. ManpowerGroup also surveyed employers on their vaccination implementation and work arrangement plans.
Companies in the IT, Technology, Telecom, Communications and Media sector report hiring outlook of +60 per cent followed by 56 per cent in Restaurants and Hotels sector.
Hiring forecast is least optimistic in the Construction and Primary Production sectors, with a Net Employment Outlook of +29 per cent and +28 per cent respectively.
91 per cent of employers surveyed will mandate double vaccination and require proof from staff. Corporates expect to adopt hybrid working for 51 per cent of Finance & Accounting and 49 per cent of Human Resource staff while 45 per cent of Production and Manufacturing staff is expected to be at the workplace all the time.
Commenting on the findings, Sandeep Gulati, Managing Director, ManpowerGroup India said, “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. 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.