Notwithstanding economic uncertainties, India has emerged as the most optimistic nation in terms of hiring prospects for next three months, primarily driven by services and financial sectors, says a survey. Hiring activities would continue to be robust in three months ending September, according to global HR firm Manpower.
"The seasonally adjusted Net Employment Outlook of +50 per cent indicates Indian employers are the most optimistic among employers in the 41 countries and territories surveyed," Manpower said on Tuesday. The outlook -- which reflects the hiring intentions of companies -- stood at +49 per cent for the June quarter.
Manpower survey of 5,244 employers across India showed that recruitment would be strong especially in the services and financial sectors. Indicating bullish labour market trends, employers in all four regions of the country as well as seven industry sectors reported positive hiring plans for the next three months.
"Despite the global economic uncertainty as well as some signs of a slowdown in India, employer hiring sentiments remain extraordinarily positive in all seven sectors," Manpower India Managing Director Sanjay Pandit said.
The survey found that most job opportunities are expected to be in the services sector (+55 per cent), followed by finance insurance & real estate sector (+53 per cent). Pandit added that employer optimism in the services segment is driven by high growth and expected rise in demand in the IT-enabled services sector.
Interestingly, the global survey of Manpower, that covered over 65,000 employers in 41 countries and territories, found that hiring activities are "expected to slow from last year at this time in two-thirds of the countries and territories surveyed".
The findings point towards varying degrees of positive hiring activity in 33 of 41 countries and territories with the "strongest third-quarter forecasts coming from employers in India, Taiwan, Brazil, Turkey and Singapore".
The global report revealed that many employers are adopting a 'wait-and-see' approach in response to economic uncertainty both at home and abroad. Further, Pandit pointed out that in an attempt to trim costs, many international banks are shifting jobs to India, boosting the outlook in finance, insurance & retail sector.
Among the industries, the survey said in India, third quarter hiring plans are 'weakest' in the wholesale & retail trade (+45 per cent) sector. In terms of geographical regions, the strongest hiring outlook is seen among the employers in the East.
"Employers in the East (+78 per cent) are the most optimistic... With an Outlook of +52 per cent, employers in the West also expect a booming labour market," it said. For South and North, the outlook stood at +44 per cent and +43 per cent, respectively.