India is among the most optimistic globally in terms of hiring outlook of companies, but the pace has faltered considerably over the past year, as companies still remain cautious, ManpowerGroup said on Tuesday.
The most optimistic fourth-quarter hiring intentions were reported in Japan (23 per cent), Taiwan (22 per cent), Costa Rica (19 per cent), India and Hungary while Switzerland, Brazil and the Czech Republic formed the weakest.
According to the ManpowerGroup employment outlook survey, which covered 5,005 employers in India, only 19 per cent firms have bullish hiring plans for the October-December quarter.
Although the findings indicate payrolls growing in the next three months, the overall hiring momentum will be slower compared with the same period a year ago. Net employment outlook for October-December 2016 stood at 30 per cent.
“Companies are cautiously hiring and going to ever- greater lengths to identify the candidates who have the right mix of skills. The job-seekers need to have industry knowledge with practical intelligence,” ManpowerGroup India group managing director AG Rao said.
With increased focus of the government on ease of doing business, many MNCs find a conducive investment climate in India, resulting in creation of employment opportunities and business growth, he added. But “the difference between skills needed and those possessed by job applicants is huge”.
Sector-wise, the strongest hiring prospects were reported in the services sector – net employment outlook of 23 per cent – followed by transportation and utilities (20 per cent), mining & construction (19 per cent) and public administration and education (18 per cent).
Talking of regions, employers in all four regions forecast a rise in staffing levels during October- December 2017. The strongest labour market is anticipated by employers in North, who report a net employment outlook of 27 per cent, while for South, it was (20 per cent) and West (15 per cent). The most cautious regional outlook of 7 per cent was reported in East.