Employers anticipate opening 2024 with a prudent and watchful approach to hiring in the first quarter of the calendar year, according to ManpowerGroup’s Employment Outlook Survey of nearly 3,100 employers across sectors and regions.
The research is based on survey responses fielded between October 1-31, 2023. The Net Employment Outlook (NEO) for Q1, 2024 is 37 percent, up 5 percent from Q1 2023, and the same when compared with the last quarter.
Employers across all sectors report net positive hiring intentions with Financials and Real Estate having the strongest outlook of 45 percent followed by Information Technology (44) and Consumer Goods and Services (42 percent). The least optimistic prospects were witnessed in the Energy and Utilities (28 percent) for the first quarter.
The western region of India dominates the job demand with an outlook of 39 percent followed by the North (38 percent). The lowest in the list of key drivers of HR strategies for 2024 include Layoffs, great resignations and quiet quitting.
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“The survey is a reflection of the changing world of work where companies are in the transformational phase but the IT talent with the desired skillsets are scarce.,” said Sandeep Gulati, Managing Director, ManpowerGroup India and Middle East.
“As organizations plan their strategic HR objectives for 2024, employee well-being, recruitment for skilled roles and adopting AI and technology seem to be the top 3 in the chart of priorities. However, training the staff to leverage AI and narrowing down on roles that can take advantage of this advancement continues to remain a concern,” he added.
Talent shortage
Notably, 81 percent of employers report difficulty finding skilled talent, increasing by 1 percent from 2023’s survey with Transport, Logistics and Automotive (88 percent) being the most affected followed by the Information Technology sector (87 percent).
To find, attract, and recruit talent, employers are offering more work flexibility (86 percent) while looking for new talent (47 percent) and raising wages (36 percent). The top five most in-demand skills are IT & data, sales & marketing, engineering, operations & logistics, and HR.
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When asked about Artificial Intelligence (AI), employers cite candidates considering AI jobs, training the staff to leverage AI in their roles and defining roles who can take advantage of AI as the top challenges to fully leverage the technology.
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