India's job market poised for strong growth in Q2 2024 with NEO of 36 pc

This figure reflects a resilient job market that remains strong despite global economic fluctuations, underscoring the continued optimism and growth potential within the Indian economy.

3,150 employers across India have shared their hiring intentions for the second quarter of 2024.

The NEO for Q2 2024 stands at 36 per cent, calculated by subtracting the percentage of employers expecting to reduce staffing levels from those planning to hire.

This figure marks a 6 per cent year-on-year increase but a slight 1 per cent decrease from Q1 2024. The survey results show that 50 per cent of employers anticipate an increase in hiring, 14 per cent expect a decrease, 33 per cent foresee no change, and 3 per cent remain unsure.

Sector-specific insights highlight that the Healthcare and Life Sciences sector leads with the highest hiring demand.

This sector has shown a 15 per cent increase from the previous quarter and a 20 per cent year-on-year rise. The Communication Services sector also reports strong hiring intentions, indicating a broad-based recovery in these critical areas of the economy.

Regional variations in the employment outlook are evident. Northern India exhibits the strongest employment outlook at 40 per cent, reflecting a 2 per cent increase from Q1 2024 and a 7 per cent year-on-year rise.

In contrast, Southern, Eastern, and Western India show slight dips compared to the last quarter. The NEO for West India stands at 35 per cent, South India at 33 per cent, and East India at 30 per cent.

However, compared to the same period last year, hiring intentions have increased by 1 per cent, 6 per cent, and 10 per cent, respectively.

In terms of gender equity and diversity, over half (54 per cent) of the employers report being on track to meet their gender equity targets.

Additionally, 86 per cent of companies indicate that flexible working arrangements have helped them retain talent and diversify their candidate pool.

These findings suggest a progressive approach to workforce management, crucial for attracting and retaining diverse talent.

The report places India within a broader global and regional context. In the Asia-Pacific region, India and China lead with strong outlooks at 36 per cent and 32 per cent, respectively.

The regional average stands at 27 per cent, with a slight decline from the previous quarter but stable year-on-year.

Globally, the average NEO is 22 per cent, with Romania reporting the weakest outlook at -2 per cent.

The Communication Services sector in Hong Kong and the Energy and Utilities sector in China show the strongest global hiring intentions.

The Manpower Group report underscores a resilient and dynamic job market in India, with significant sectoral and regional variations.

The strong performance in Healthcare and Life Sciences highlights the critical role of these sectors in driving employment growth.

Despite minor declines in certain regions and sectors, the overall positive outlook for Q2 2024 reflects underlying economic strength and optimism among Indian employers.

As global economic conditions stabilize, these trends are expected to bolster India's growth further, positioning it as a key player in the Asia-Pacific employment landscape. (ANI)