Hiring activity in India to weaken amid global recession fears

Amid fears of a global recession looming large, hiring activity in India could slowdown in the January to March 2023 quarter.

The latest ManpowerGroup Employment Outlook Survey says that Indian employers' hiring intentions are conservative for the current quarter compared to the previous one.

The survey of over 3000 employers, shows that around 48% of Indian companies said that they would hire more people in March quarter, while 16% of the companies expect a reduction in hiring intent and 34% plan to keep the workforce steady.

The report says that India’s net employment outlook stands at 32% implying that hiring intentions have fallen 17% on a year-over-year basis and 22% on a quarter-on-quarter basis. Despite this, at 32% net employment outlook, India remains among the countries with the most optimistic outlooks.

The report goes on to say that hiring confidence has taken a hit across countries, amid concerns of a recession coupled with inflationary pressures. Apart from India, countries which report the most optimistic outlooks include Singapore (33%) and Australia (32%). While the employment outlook is most cautious in Japan (8%) and Taiwan (11%).