Companies in the manufacturing sector — including fast-moving consumer goods (FMCG), healthcare & pharmaceuticals, electric vehicle & allied segments and infrastructure & engineering firms — plan to expand their hiring in January-March quarter despite uncertainties in the global macroeconomic environment, according to a survey by staffing firm Teamlease Services.
According to the latest edition of the Teamlease Employment Outlook Report that reached out to more than 300 companies in the manufacturing sector, about 60% of the firms have a positive hiring intent in the fiscal fourth quarter with plans to ramp up their manpower compared with 57% in October-December quarter. The survey’s findings were shared exclusively with ET.
Sectors showing high intent to hire include healthcare & pharmaceuticals (98%), FMCG (86%), EV & allied companies (71%), agriculture & agrochemicals (69%), manufacturing and engineering & infrastructure (65%). Those with moderate hiring intent include construction & real estate (51%), power and energy (47%), and textile (36%).
“The impact of the macroeconomic uncertainty in the Western economies is likely to be very less in India and manufacturing jobs will continue to grow,” said Mahesh Bhatt, chief business officer, TeamLease Services.
“Our survey shows that demand for manpower continues in several manufacturing domains and is expected to increase going ahead into the year,” he said. “The introduction of various reforms by the government to boost domestic manufacturing will lead to the need for more manpower.”
The intent to hire is greater in metro and Tier-1 cities (94%) as compared to tier-2 cities (73%), tier-3 (43%) cities and the rural sector (23%), shows the survey which covered small, medium and large companies across nine manufacturing industries.
The cities with the highest intent to hire are Mumbai (97%), Bengaluru (94%), Chennai (89%), Delhi (84%), and Pune (73%).
The overall intent to hire for both the manufacturing and services sectors combined has grown from 65% in Q3 to 68% for Q4.
The survey shows that companies are more open to hiring at the junior level (60%) and entry-level (55%), followed by mid-level (27%) and senior level (24%). The job profiles with the highest projected hiring intent consist of sales (98%), marketing (86%), information technology (86%), engineering (78%) and blue collar (75%) jobs.
The survey shows single-digit attrition in most of the manufacturing sectors except for healthcare & pharmaceuticals, which had a double-digit attrition rate of 15.67% in Q3 versus 14.71 % in Q2.
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