First quarter of FY24 projects strong outlook for entry-level, junior employees: Report

Large organisations in the services and manufacturing sectors have weathered the recession well and have higher levels of hiring intent than in the previous quarter, the report said.

The first quarter of the next fiscal projects a strong outlook for entry and junior-level employees, in both services and manufacturing sectors, according to a report by TeamLease Services.

TeamLease Services is a staffing conglomerate that has released its 'Employment Outlook Report' for the services and manufacturing sectors for April to June 2023.

The outlook for mid-level employees in services and in manufacturing is also balanced, the report said.

"Industries around the world, including those in India, have been severely affected by the current global unrest, which has resulted in large-scale layoffs, a hiring freeze, and an imminent economic downturn," Kartik Narayan, Chief Executive Officer of Staffing at TeamLease Services, said.

"Despite this, hiring prospects in India have continued to improve over the past year, with 64 percent of employers in the service and manufacturing industries expressing a positive outlook on hiring. The main reason for this is the changing global investment dynamics and the precautionary measures that businesses are taking.”

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Large organisations in the services and manufacturing sectors have weathered the recession well and have higher levels of hiring intent than in the previous quarter, the report further read.

Tier-1 cities like Delhi, Mumbai and Chennai are thriving mainly across financial services, telecommunications, information technology and manufacturing, engineering and infrastructure, FMCG, healthcare and pharmaceutical, the report further said.

“Looking at the current 5G rollout, adoption and increasing number of use cases, the telecommunications sector in India is seeing an increase in infrastructure investment to meet the growing needs of both local and global clients. As a result, telecom companies plan to invest Rs 2,000 crore in the construction of large hyper-scale data centres, resulting in steady growth and job creation for blue-collar, gig, and grey-collar workers," Mayur Taday, Chief Business Officer, TeamLease Services said.

"Additionally, the information technology industry is also looking to establish data centres. While there is demand for traditional non-white-collar jobs in the sector, workforce rationalisation around the world and in India has impacted hiring intentions.”

The attrition trend

As per the report, the services industry is seeing a low talent retention rate, especially in growth businesses and mature businesses.

Although, the manufacturing industry is observing a positive increment across segments like textile, power and energy, manufacturing and engineering and infrastructure.

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