57 Pc Of Employers In Manufacturing Sector Keen, On Hiring: Report

With strong growth trajectory, the manufacturing sector in the country has anticipated an increase in hiring outlook as 57 per cent employers have expressed their intent to hire during October to December, according to a report. Around 57 per cent employers have expressed the intent to hire and expand their resource pool, TeamLease Services 'Employment Outlook Report for Q3 (October to December, 2022) for the manufacturing sector said on Tuesday.

From a macro perspective, the overall intent to hire, across manufacturing and services sectors combined, is projected to cross 70 per cent in the next few quarters, it stated. "Post-Covid, global employment growth has recovered by 2.7 per cent and is currently on a strong growth trajectory in H2 2022.

The third quarter projections for the intent to hire, especially in the manufacturing segment, stand strong. "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," TeamLease Services Chief Business Officer Mahesh Bhatt said. The Rs 2.65 lakh-crore stimulus package by the government 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, he noted.

The TeamLease Employment Outlook Report is a forward looking tool, which has surveyed 311 manufacturing companies across 14 cities in India. Further, the report revealed that driven by post-Covid resilience, resurgence and readiness, metro and tier I cities (91 per cent) have indicated a higher intent to hire compared to tier II cities (69 per cent), tier III (39 per cent) and rural locations (21 per cent). Mumbai (93 per cent), followed by Bengaluru (90 per cent), Chennai (83 per cent), Delhi (79 per cent), Pune (67 per cent), Hyderabad (61 per cent) and Ahmedabad (61 per cent) are the top cities for employment opportunities in the manufacturing segment.

The top sectors across the top cities constitute fast moving consumer goods in Bengaluru, manufacturing, engineering and infrastructure in Mumbai and agricultural and agrochemicals in Chennai, it stated. Large manufacturing firms, with scale and technological heft lead the hiring intent (65 per cent) by a huge margin as they have ramped up to cater to festive demand and optimise production capacities followed by small scale industries at 41 per cent and medium sized businesses at 39 per cent, it said.

"Covid-19 brought a paradigm shift in the healthcare and pharmaceuticals sector and for third quarter, close to 92 per cent employers have expressed the intent to increase their resource pool comparatively with the second quarter in 88 per cent," TeamLease Services Vice President and Business Head - Consumer and Healthcare, Balasubramanian A said. Additionally, he said, driven by higher consumer demand and sales this festive season, 79 per cent employers in the fast moving consumer goods sector are also keen to hire. Agricultural and agrochemical (66 per cent), manufacturing, engineering and infrastructure (62 per cent), and electric vehicle and infrastructure sector (61 per cent) are other top sectors, he added.

(PTI)