Construction & Real Estate, Travel & Hospitality, and EV & EV infrastructure are the industries with the greatest positive change in workforce size.
Delhi, Bangalore, and Hyderabad are the top Indian cities where employment opportunities are thriving
Generative AI is projected to significantly impact 35% of talent acquisition strategies, reflecting shifts in hiring practices due to technological advancementsEmployers are actively seeking candidates with strong communication skills, attention to detail, technical proficiency, and organizational abilities for both existing and new roles
The Indian employment market is likely to see an incremental expansion of more than 6% over the first half year of FY 2024-25 for the 23 industries, according to ‘TeamLease’s Employment Outlook Report’ released by TeamLease Services.
With a comprehensive survey of 1,417 employers in 20 cities, the report analyzes anticipated directional and quantifiable changes in employment for businesses, policymakers, and stakeholders. Findings indicate a positive hiring sentiment in the Indian employment market, with 56% of surveyed employers stating that their workforce will likely grow in the coming months. 23% anticipate maintaining their current workforce levels. In comparison, 21% foresee declining staff numbers.
According to the survey, the industries with the most employers indicating plans to increase their workforce are healthcare, pharma, automotive, manufacturing, engineering, and infrastructure. In terms of workforce size growth, the leading industries are construction and real estate, travel and hospitality, electric vehicles (EV), and EV infrastructure.
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When examining trends by city, the report highlights specific Indian cities where employment opportunities are thriving. Delhi, Bangalore, and Hyderabad are at the forefront, with 53.21%, 50.46%, and 47.57% of employers indicating increasing their workforce sizes in these established job hubs. In addition, emerging job locations such as Coimbatore, Visakhapatnam, and Jaipur are experiencing notable growth, with 18.28%, 15.88%, and 15.46% of employers expressing interest in expanding their workforce. Start-ups, small businesses, and medium-sized companies are rapidly expanding their workforce.
Crucial to this positive employment outlook are the prevalent economic conditions, including the near 7% GDP growth forecast for India in 2024 by most global rating agencies, which would make it the fastest-growing G-20 nation. Additionally, strong investment demand and peaking out of headline inflation, coupled with the greater emphasis employers place on technology and skills, make for a resilient job market in the face of hostile geopolitical conditions.
In terms of in-demand skills, employers are actively seeking candidates with strong communication skills, attention to detail, technical proficiency, and organizational abilities. This shift towards a more adaptable and skilled workforce is further underscored by the report’s finding that nearly 43% of organizations are focusing on bridging skill gaps, emphasizing the shift towards a more adaptable and skilled workforce prepared for technological advancements and the advent of new skills.
The report also highlights the impact of generative AI on workforce dynamics and talent management strategies. Generative AI holds the promise of transforming key business processes, and in response, 35% of surveyed organizations report a substantial change in talent acquisition approaches to accommodate the integration of advanced AI technologies such as generative AI.
Kartik Narayan, CEO of TeamLease Staffing, remarked, “With India forecasted to be the fastest-growing G-20 economy in 2024, coupled with strong investment demand and easing inflation, the job market remains resilient in the face of global headwinds. Nearly two out of five organizations are prioritizing skills development, equipping their workforce for the technological advancements that lie ahead. The findings of our report shed light on the dynamic and optimistic hiring landscape.”
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