TeamLease Services, the recruitment and human resources services company, in a recent report showcased hiring sentiments for India’s employment stakeholders for H2 FY24 (October 2023 to March 2024).
The ‘TeamLease’s Employment Outlook Report’ indicated a remarkable trend in incremental workforce expansion, with 79% of employers intending to maintain or increase their workforce in the second half of FY24.
With data from 1820 companies across 14 cities, the report offered a comprehensive analysis of anticipated employment trends across 22 industries, making it an indispensable resource for businesses, HR leaders, and policymakers
Key findings of the report;
Consumer and retail companies will see a resurgence in Q4 from muted demand in semi-urban and rural areas in the festive season in Q3. While the report carries positive sentiment for the financial services sector, it highlighted cautious moves from banks, NBFCs and Fintechs with increased regulatory pressure from the RBI on lending norms for riskier credits.
Notably, India experienced a remarkable 7.8% surge in GDP during the first quarter of the fiscal year 2023-24 (Q1 FY24). This robust GDP growth underscores a potent economic rebound, driving the acceleration in incremental hiring across the nation, the report said.
According to the data, economic conditions significantly impact the employment environment, as cited by 69% of respondents. Furthermore, business growth or expansion is a significant factor, as mentioned by 53% of respondents.