Q1 FY23-24 Records 10% Increase In Hiring Outlook!

TeamLease Services has released its "Employment Outlook Report’’ for the Services and Manufacturing sectors for Q1 (April to June 2023). The report is an in-depth analysis of hiring trends across industries, functions, and regions for non-white collar job roles. According to the report, despite the ongoing global turmoil, hiring intent in India has steadily increased over the past year.

In comparison to the same quarter in the previous year (April-June 2022-23), hiring intentions in Q1 Apr-Jun FY23-24 are 10% higher. Close to 64% of employers (compared to 54% in Q1, 2022) are keen to increase their resource pool across industries. However, compared to Q4 FY22-23, the hiring outlook has witnessed a 4% dip.

According to the report findings, Q1 is projecting a strong outlook, especially for entry and junior-level employees, in both Service (73% and 71%, respectively) and Manufacturing (49% and 55%, respectively) sectors. The outlook for mid-level (54%) in Services and (32%) in Manufacturing is also balanced.

From a business size perspective, large-sized organizations in the services (86%) and manufacturing (73%) sectors have weathered the recession well and have higher levels of hiring intent than in the previous quarter. Across the two quarters and sizes of companies, the services sector has higher levels of hiring intent than the manufacturing sector.

For candidates who are looking to secure job opportunities in the services sectors, some of the key industries leading the hiring spree are Telecommunications (96%), Financial Services (93%), Ecommerce & Allied Start-ups (89%), Retail (87%) and Education Services (83%). Whereas, for those who are looking to build a promising future in the manufacturing sector, some of the prominent industries are Healthcare & Pharmaceuticals (91%), FMCG (89%) as well as EV & Infrastructure (73%).

Community Manager.


That’s some positive and good news.

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