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TeamLease Services: Indian manufacturing sector projects strong hiring outlook for Q3 – 57% of employers are keen to increase their resource pool

TeamLease Services, a conglomerate revolutionizing employment, employability, and ease of doing business

in India, has launched its “Employment Outlook Report” for Q3 (October to December 2022) for the manufacturing sector.

The report findings indicate that 57% of employers intend to hire and expand their resource pool. From a macro perspective, the overall intent to hire across manufacturing and services has increased from 61% in Q2 to 65% in Q3 and is projected to cross 70% in the next few quarters.

Deep diving into the geographic trends, the report highlights that driven by post-COVID resilience, resurgence, and readiness; metro and Tier I cities (91%) have indicated a higher intent to hire vs. Tier – 2 cities (69%), Tier – 3 (39%) and rural locations (21%). Mumbai (93%), followed by Bangalore (90%), Chennai (83%), Delhi (79%), Pune (67%), Hyderabad (61%), and Ahmedabad (61%) are the top cities for employment opportunities in the manufacturing segment.

The top sectors across the top cities constitute Fast Moving Consumer Goods in Bangalore; Manufacturing, Engineering & Infrastructure in Mumbai; and Agricultural & Agrochemicals in Chennai.

Sharing his views about the industry and the report’s findings, Dr. Mahesh Bhatt, Chief Business Officer TeamLease Services, said, “Post COVID, global employment growth has recovered by 2.7% and is currently on a solid growth trajectory in H2 2022. Q3 projections for the intent to hire, especially in the manufacturing segment, stand firm.

Much of this optimism is driven by the resurgence in the industry, increased consumer demand this festive season and the additional impetus introduced by the government.

The INR 2.65 lakh crore stimulus package by the Government of India to generate job opportunities and provide liquidity support to Tourism, Aviation, Construction, and Housing has been lucrative towards increasing employment opportunities in the manufacturing sectors.

Large manufacturing firms, with scale and technological heft, lead the hiring intent (65%) by a considerable margin as they have ramped up to cater to festive demand and optimize production capacities, followed by small-scale industries at 41% and medium-sized businesses at 39%.

“Majority of the sectors in the manufacturing segment (177 out of the 311 surveyed) indicate a higher intent to hire in Q3. COVID-19 brought a paradigm shift in the Healthcare & Pharmaceuticals sector, and for Q3, close to 92% of employers have expressed the intent to increase their resource pool comparatively with Q2 88%. Additionally, driven by higher consumer demand and sales this festive season, 79% of employers in the Fast Moving Consumer Goods sector are also keen to hire.

Agricultural & Agrochemical (66%), Manufacturing, Engineering & Infrastructure (62%) and Electric Vehicle & Infrastructure sector (61%) are other top sectors”, added Balasubramanian A, Vice President and Business Head – Consumer and Healthcare, TeamLease Services.
The Employment Outlook Report for October to December 2022 quarter for the manufacturing sector highlights the job market sweet spots for candidates. Manufacturing firms are looking to scale in a post-pandemic world and are staffing their frontlines with young talent. Junior-level talent (57%) commands the best demand hierarchically and is closely followed by entry-level talent (51%), mid-level (29%), and senior-level (21%).
From a job function perspective, manufacturing companies are focusing more on operations, and the profiles which are projected to have a higher hiring inclination are sales (95%), marketing (79%), information and technology (77%), engineering, and blue-collar (67%)
Further, according to the report, the manufacturing industry has fared comparatively better regarding talent retention. Apart from Healthcare and Pharmaceuticals (14.71%), all the other sectors have low single-digit attrition rates.
The TeamLease Employment Outlook Report is a forward-looking tool that surveyed 311 manufacturing companies across 14 cities in India. The Intent to Hire indicator is adapted to capture both moderate and significant changes in hiring sentiment as companies. The metric enables us to accurately record the environment during a particular quarter and contrast it with the background from the preceding quarter.
This article was shared with Prittle Prattle News as a Press Release.
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