Good news for job seekers! 79% employers intend to ramp up hiring in the 2nd half of the fiscal year 2024

A new report by TeamLease has revealed that 79% of employers are intending to hire and retain their employees in the second half of the fiscal year. The report further mentions that consumer and retail companies are expected to see a resurgence in Q4, which follows a quarter of muted demand in Q3.

“A striking 79% of the employers surveyed expect an increase in the workforce in their respective industries over the next six months to meet the surging demand. Both new hires, at 79%, and replacement hires, at 74%, are occurring rapidly, indicating a flourishing labour market in the country,” stated the report

TeamLease Report

According to ‘TeamLease's Employment Outlook Report’ for H2 FY24 (October 2023 to March 2024), that analysed data from 1,820 companies across 14 cities and employee trends across 22 industries, there is positive sentiment for the financial services sector but advised caution when it comes to banks, NBFCs and fintechs.

Also Read: IT hiring plummets to 14% over the last year, Here's why

The report added that the surge in workforce expansion can be attributed to government policies and initiatives that have cultivated a business-friendly environment.

In terms of new hiring Electric Vehicles and Infrastructure sector lead with 88% followed by Healthcare and Pharmaceuticals at 87%. For replacement hiring, Power and Energy leads the way at 88%, followed by Fast Moving Consumer Durables at 85%, and Healthcare and Pharmaceuticals at 84%.

“Observing the dynamic evolution of India's economy, there's a distinctly optimistic tone among employers,” said TeamLease Staffing CEO Kartik Narayan, further adding, “ Despite a slower pace in Q3, this upward trend in employment isn't merely about increasing headcounts; it's a strategic move to leverage economic growth and take advantage of conducive policies, contributing significantly to the country's economic resurgence.”

Demand surge

As per Balasubramanian A, VP & Business Head, TeamLease Services, the surge in consumer-centric sectors including EV and Infrastructure, Healthcare and Pharmaceuticals, Fast-Moving Consumer Durables are due to collective demand for innovation, sustainability and advancements in technology.

Bengaluru has the highest rate of incremental workforce expansion at 89% followed by Chennai at 83% and Mumbai at 82%. In terms of new hires too Bengaluru leads with 87% followed by Mumbai at 86% and Chennai at 83%. For replacement hiring, Mumbai leads with 82%, Bengaluru with 78% and Chennai at 76%.

Department in demand

Human Resources leads workforce expansion with 71%, followed by Marketing with 70% and Information Technology as 70%. In terms of new Hires HR leads again with 92%. followed by Marketing at 87%.

For replacement hiring, Information Technology function leads the way with 94%, with Human Resources at 89%.

31% of the respondents mentioned that skill shortages and mismatches between the talent and the job can have a significant impact on hiring.