India’s private job market is likely to cool off in the January-March quarter as companies take a careful approach to hiring, the Economic Times reported citing a survey of more than 3,000 employers.
As many as 16 per cent of employers expected a decrease in hiring intent and 34 per cent said they would keep workforce levels steady. Only 2 per cent of the respondents were unsure about hiring intentions, according to the ManpowerGroup Employment Outlook Survey.
The net employment outlook—the difference between employers looking to hire and those expecting a decrease—is at 32 per cent, according to the report. The net employment outlook stands 22 percentage points weaker than the corresponding period a year ago.
Global slowdown and fears of a recession have caused apprehensions amongst Indian employers, the report said.
The report quoted Sandeep Gulati, managing director of ManpowerGroup India, which conducted the survey, as saying that the impact might be short-term as the market is expected to see a balanced approach with expected growth in the tech sector and startups.
Hiring markets in India are still ranked second in the Asia-Pacific Middle-East region, alongside Australia, and after Singapore, according to the report.
Sector-wise, IT and technology and finance and real estate have emerged as those with the strongest hiring intentions with a net employment outlook of 39 per cent each, followed by consumer goods and services at 37 per cent.
The transport, logistics and automotive sector have the lowest hiring intent of 22 per cent, according to the report.
The outlook for Industries and materials and energy & utilities sectors stands at 33 per cent. While healthcare and life sciences have an outlook of 32 per cent, according to the report.
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