Bharat is showing strong signs of economic growth with an impressive GDP increase of 8.2%. This growth has led to the country having the most optimistic hiring outlook in the Asia-Pacific region, according to a recent survey by ManpowerGroup.
Bharat Ranks Sixth Globally in Employment Outlook
Globally, Bharat stands at the sixth position for its employment outlook for the July to September quarter of 2024. The survey reported a Net Employment Outlook (NEO) of +30 percentage points for Bharat, which is 8 points higher than the global average. This positive outlook places Bharat ahead of China, which has a NEO of 28 percentage points.
While Bharat shows strong hiring intentions, other regions are more cautious. Employers in Hong Kong reported a modest outlook of 8%, and Japan showed a 12% outlook. These figures indicate a more reserved approach to hiring in these areas compared to Bharat.
Within Bharat, there is a noticeable variation in hiring intent across different regions. Employers in Northern Bharat showed the strongest intent to hire, followed by those in the Western and Southern regions. However, the Eastern region of Bharat reported the least optimistic outlook.
The survey highlighted that large organizations, particularly those with 1,000 to 4,999 employees, are the most optimistic about hiring. Following them are small (50 – 249 employees) and medium-sized (250 – 999 employees) organizations. Large enterprises also showed a significant intent to hire.
Certain sectors in Bharat are leading the way in terms of hiring. The financial sector, real estate, and healthcare and life sciences are showing the strongest hiring intentions. On the other hand, the outlook is weaker in sectors like communication services, transportation and logistics, and automotive.
Contrary to common belief, the adoption of AI and Machine Learning is expected to increase headcount. About 68% of employers plan to hire more staff over the next two years due to these technological advancements.
Challenges in the IT Sector
The global slowdown has been affecting Bharat’s IT sector. In addition, the political uncertainty due to the upcoming general elections has made employers cautious about short-term resource planning. This was highlighted by Sandeep Gulati, the Managing Director of ManpowerGroup in Bharat and the Middle East.
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Despite these challenges, the real estate sector in Bharat has attracted significant investor interest, with a capital inflow of around 1.1 billion USD, primarily driven by the residential sector. There is optimism that strategic long-term talent planning in companies can help bridge the gap between the demand for specific skills and their supply.
Bharat’s robust economic growth and optimistic hiring outlook reflect its dynamic and evolving job market. With strategic planning and investment, there is potential for continued growth and development across various sectors.
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