Hiring plans of corporate India during the October-December period is the most optimistic in seven years, with employers reporting a net employment outlook of over 44% during this period. The companies are planning to increase headcount across sectors and geographies as more and more firms look to bring employees back to office, according to the latest ManpowerGroup Employment Outlook Survey, released on Tuesday.
The strongest hiring prospects are reported in services (51%), manufacturing (43%) and finance, insurance and real estate (41%), with 89% of employers struggling to fill vacancies — above the global average of 69%.
The survey of 3,046 employers indicates many companies are planning on increasing their headcount before the end of the year, expecting pandemic restrictions to ease and demand for products and services to rise. Hiring intentions improved in all sectors quarter-over-quarter with services, manufacturing and finance, insurance and real estate sectors reporting some of the most optimistic outlooks.
Hiring prospects have strengthened in all four regions when compared with the previous quarter, and employers in all four regions expect to grow payrolls during the fourth quarter of 2021. The strongest hiring pace is anticipated in the west, where the net employment outlook stands at over 49%. Dynamic hiring activity is also forecast in the east and the north, with outlooks of over 45% and more than 43%, respectively, while the outlook for the south is plus 37%.
Also, an increase in payrolls is forecast for all seven industry sectors during the coming quarter. Apart from services, manufacturing sector and the finance, insurance and real estate sector, mining & construction sector employers expect a brisk hiring pace, reporting an outlook of over 34%, while the outlook for the wholesale and retail trade sector stands at over 33%.
In the transportation & utilities sector, employers forecast solid payroll gains with an outlook of over 28%, and the public administration and education sector outlook of over 24% reflects healthy hiring plans.