 "79% employers looking to sustain or increase their workforce in H2FY24")
Nearly four out of five employers intend to maintain or increase their workforce in the second half of financial year 2023-24, according to a TeamLease report released on Tuesday.
The report titled Employment outlook Report attributes the upswing to government policies and initiatives which aimed at bolstering employment and fostering a conducive business environment — the post-covid Aatmanirbhar Bharat package, PLI schemes, Pradhan Mantri Gati Shakti scheme, Prime Minister’s Employment Generation Programme, and Mahatma Gandhi National Rural Employment Guarantee Scheme, among others.
“Moreover, India witnessed a 7.8 per cent growth in its gross domestic product (GDP) in the first quarter of the fiscal year 2023- 24, indicating a vigorous economic rebound, which in turn is propelling the momentum in incremental hiring,” the report adds.
The report also mentions economic conditions (69 per cent), business growth (53 per cent), and skill shortages (31 per cent) have as top factors affecting employment.
The report surveyed 1,820 companies across 14 cities and offers a comprehensive analysis of anticipated employment trends across 22 industries. A striking 84 per cent of the employers surveyed expect an increase in workforce in their respective industries over the next six months.
Both new hires, at 79 per cent, and replacement hires, at 74 per cent, are occurring rapidly, indicating a flourishing labour market in the country.
The report shows that educational services, health care and pharmaceuticals stand out with 86 per cent work-force expansion, followed by electric vehicles & infrastructure (85 per cent). Moreover, top industries for new hiring include the EV and infrastructure sector and health care and pharmaceuticals.