Globally, India most optimistic about hiring in Q2 2024

The Net Employment Outlook (NEO) was calculated by subtracting the percentage of employers who anticipate reductions in staffing levels from those who plan to hire. As per the survey, 50% of employers anticipate an increase in hiring while 14 per cent expect a decline.

Despite persistent struggles with talent acquisitions and geopolitical tensions weighing down on macroeconomic stability, firms in India have signalled a positive outlook for their hiring plans in the second quarter of 2024. A net 36 per cent of employers in India anticipate an increase in hiring in the coming quarter, which is up 6 per cent since the previous year but down 1per cent quarter-over-quarter, according to a survey of 3,150 employers conducted by global workforce solutions provider Manpower Group.

The Net Employment Outlook (NEO) was calculated by subtracting the percentage of employers who anticipate reductions in staffing levels from those who plan to hire. As per the survey, 50 per cent of employers anticipate an increase in hiring while 14 per cent expect a decline.

The average NEO globally stood at 22 per cent, placing India at the top, globally, followed by the United States at 34 per cent and China at 32 per cent. Romania had the worst NEO at -2 per cent. Regionally, however, North America (31per cent) reported the strongest hiring intentions, followed by the Asia-Pacific (27 per cent), where Japan and Taiwan expressed cautious outlooks.

Within the country, the strongest hiring intentions were among firms in North India at 40 per cent, followed by West (35 per cent) and South (33 per cent), with the East (30 per cent) reporting the least optimistic outlook. Although, outlook for the latter regions dipped marginally between 2-4 per cent QoQ.

The outlook remains the most positive among large companies with over 5,000 employees, while micro, small and medium enterprises expressed a relatively prudent approach.

Sectorally, healthcare and life sciences led the way with a 44 per cent intention of increasing hiring, followed by the communications, information technology (IT), financial services and real estate sectors. The weakest outlook was indicated in energy and utilities at 20 per cent. However, the report claimed that despite intentions to ramp up their payroll, companies have been facing issues in locating the right talent for their vacancies.

“With the further strengthening of the educational infrastructure underway and a large pool of talent availability, there is no stopping India from progressing into the next orbit of growth and development,” said ManpowerGroup’s India and Middle East managing director Sandeep Gulati.