India shows strong hiring outlook in Q3 despite global layoffs: Report

India is among the Asia-Pacific countries that show the strongest outlook towards increasing headcount and a positive hiring scenario in the third quarter this year, a report showed on Tuesday.

In the latest survey of nearly 39,000 employers, 29 of the 41 countries report an increase in hiring intentions higher than in the previous quarter. Image Courtesy: Pexels

India is among the Asia-Pacific countries that show the strongest outlook towards increasing headcount and a positive hiring scenario in the third quarter this year, a report showed on Tuesday.

According to the Manpower Group Employment Outlook Survey, India with 36 per cent is among the top five countries with the highest positive hiring outlook in the July-September period. India has been ranked fifth after Australia in the global list.

The labour market in the country is showing positive sentiments in the third quarter of 2023 amid global layoffs and global macroeconomic conditions, said the report.

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Employers across APAC anticipate increasing headcount (+31 per cent), further improving when compared to the previous quarter (+4 per cent) but slightly weakening year-over-year (-1 per cent).

"All regions showed a net positive hiring outlook, though hiring plans are weaker year-over-year globally, the findings showed.

Digital roles continue to drive the most demand globally with businesses in the IT industry reporting the brightest outlook for the third time this year but weakening -7 per cent compared with Q3 2022. Organisations in the IT sector (39 per cent) report the strongest outlook, followed by Energy and Utilities (34 per cent).

In the latest survey of nearly 39,000 employers, 29 of the 41 countries report an increase in hiring intentions higher than in the previous quarter.

"Employers around the world continue to anticipate hiring more workers in the third quarter of 2023, reporting a seasonally adjusted, Net Employment Outlook of +28 per cent," the report said.

With stable outlooks across the regions, employers in North America (+35 per cent) reported the strongest hiring intentions, followed by Asia Pacific (+31 per cent), Central and South Americas (+29 per cent) and EMEA (+20 per cent).

"This data suggests employers are planning more measured hiring for the quarter ahead as they navigate a range of local and macro level challenges from supply constraints to uneven consumer confidence and rising inflation," said Manpower Group Chairman and CEO, Jonas Prising.

That said, "attracting and retaining business critical talent remains a priority, and our survey respondents around the world continue to be focused on hiring for in-demand roles," Prising added.

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