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Local manufacturing push to drive 60% Indian employers to hire new talent in Q1 2023
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IANS | 28 Dec, 2022
The government's reforms to boost local manufacturing have triggered the
creation of new jobs in the sector, and 60 per cent of employers in the
manufacturing segment aim to recruit and expand their resource pool in
the first quarter of 2023, a report showed on Tuesday.
The
positive higher hiring sentiment is attributed to large-scale
enterprises (69 per cent), followed by medium (44 per cent) and small
(39 per cent) businesses.
The overall intent to hire for both the
manufacturing and services sectors combined grew from 65 per cent in Q3
to 68 per cent in Q4 of the ongoing financial year, according to the
report published by employment services provider TeamLease.
"The
global employment rate has increased considerably post the last Covid-19
wave and is poised to grow stronger in the coming quarters. With
domestic demand increasing, despite stringent external conditions, the
manufacturing industry is projected to witness all-encompassing growth,"
said Mahesh Bhatt, Chief Business Officer, TeamLease Services.
In
the January-March 2023 period, employers in the manufacturing sector
are most enthusiastic about recruiting at the junior level (60 per cent)
and entry-level (55 per cent), followed by mid-level (27 per cent) and
senior level (24 per cent).
The intent to hire is greater in
Metro and Tier I cities (94 per cent) as compared to Tier II cities (73
per cent), Tier III (43 per cent), and the rural sector (23 per cent).
The cities with the highest intent to hire are Mumbai, Bengaluru, Chennai, Delhi and Pune.
"Hiring
intent for Q4 has increased by 3 per cent and will continue to surge in
the coming quarters as well. Production-linked incentive schemes, along
with financial impetus for the manufacturing segment that the budget is
likely to address, will promote employment optimism," said
Balasubramanian, Vice President and Business Head - Consumer and
Healthcare, TeamLease Services.
Further, attrition appears to be
more balanced in the sector. Apart from healthcare and pharmaceuticals
that have shown a double-digit attrition rate during the July-September
period this year, the manufacturing industry has single-digit attrition
rates, said the report.
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As on 13 Aug, 2022 |
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