Hiring Sentiment In India In 2024 Highest In World, Says Survey

Amid talk of a tough job market in 2024, a survey has shown encouraging results.

Corporate hiring sentiment is the highest in India, with 37 per cent of employers planning to recruit and expand their workforce in the January-March quarter of 2024, according to the ManpowerGroup Employment Outlook survey.

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What does the report say?

The report, which covered 3,100 employers across sectors and states, noted that India's Net Employment Outlook (NEO) is the highest among 41 countries. The Net Employment Outlook is derived by taking the percentage of employers anticipating an increase in hiring activity and subtracting from this the percentage of employers that expect to see a decrease in employment at their location in the next quarter.

The outlook for January-March 2024 was calculated by subtracting the percentage of employers who plan reductions to staffing levels from those who plan to hire.

The outlook stood at 37% - 5 per cent higher than in the same period last year.

How is the state of hiring globally?

Globally, the hiring outlook has weakened by -4% since Q4 2023, but it has increased by +3% compared to Q1 2023.

Region-wise, the strongest hiring is anticipated in North America (34%), followed by Asia Pacific (30%), South and Central Americas (28%), and Europe, Middle East, and Africa (23%), while country-wise, India tops the list.

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Hiring outlook was also high in Netherlands (37%), followed by Costa Rica (35%) and the U.S. (35%), while the weakest outlooks are in Hungary (10%), Japan (10%), Czech Republic (8%), and Argentina (2%).

Employers in Hungary (+20%), Poland (+18%), and the Netherlands (+17%) reported the largest year-over-year increases in hiring outlook, while Argentina (-10%), Peru (-10%), Israel (-11%), and Panama (-18%) saw the steepest declines.

Which sector has a bright hiring outlook?

The IT industry had the brightest global hiring outlook at 36%, followed by Financials & Real Estate at 34%, Communication Services at 31%, along with Healthcare and Life Sciences at 28%.

Further, it was noted that companies with 250-999 employees were expected to hire the most.

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Talent shortage

The report also noted a talent shortage, with a percentage of organisations struggling to find skilled talent at an all-time high of 75% in 2024, albeit 2% less than 2023.

The top 5 skills that employers report most difficulty in finding are:

• IT and Data
• Engineering
• Sales and Marketing
• Operations and Logistics
• Manufacturing and Production

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