Despite layoffs, ManpowerGroup hires in Q2 2023. 2023
According to a survey by the Manpower organization, India’s employment projection for the second quarter of 2023 is almost unchanged. Nonetheless, at 30%, the net employment projection is 8% lower than it was in the same quarter of the previous year.
The net employment forecast is determined by subtracting the number of employers not intending an increase or replacement from the number of firms planning to hire.
More employment exists in the West.
All four areas anticipate payroll growth during the second quarter of 2023. The West has the most optimistic hiring rate at +34%, followed by the North at +33% for the Net Employment Forecast. In the West, the prognosis has somewhat improved by +2 from the same time last year, while it has decreased by +3% in the North.
With a Net Employment Outlook of 40%, large firms are the most positive about recruiting, followed by small organizations (26%) and medium-sized organizations (25%). Comparing the current period to the same time last year, there is a fall across all industry sizes, with the largest decrease occurring in micro firms (-13%), followed by medium (-10%).
It continues to lead the market in terms of hiring aspirations (+38%), followed by financial services and real estate (+37%) and manufacturing & materials (+31%). The sector with the lowest prognosis is communication services (+15%).
Talent deficit persists
In 2023, nearly four out of five businesses anticipate trouble locating the skills they want.
Companies in the sectors of information technology (81%), consumer goods and services (81%), health care & life sciences (80%), financials and real estate (80%), and energy and utilities (80%) have the most trouble getting the talent they require.
According to businesses, IT & data (37%), sales & marketing (30%), and engineering (29%) are among the most desired technical talents.
Companies are also seeking people with soft talents. The most coveted soft talents are creativity & originality (37%), critical thinking & analysis (35%), leadership and social influence abilities (32%), reasoning & problem-solving (30%), active learning & curiosity (30%), dependability & self-discipline (29%).