Majority of manufacturing sector firms want to hire in Q4
- ByStartupStory | December 28, 2022
According to a survey, the majority of manufacturing companies anticipate expanding their workforces over the next three months as domestic demand grows.
According to a TeamLease “Employment Outlook Report” for the fourth quarter released on Tuesday, big scale enterprises (69%) are the main drivers of the uptick in hiring, followed by medium-sized (44%) and small-sized (39%) companies.
The results are based on a survey of 301 manufacturing businesses conducted across 14 Indian cities. In the manufacturing sector, more than 60% of businesses want to hire new employees and increase their pool of talent. According to the report, the overall intention to hire for the manufacturing and services sectors combined increased from 65% in the third quarter to 68% in the aforementioned quarter.
“Since the most recent COVID-19 wave, the worldwide employment rate has significantly increased and is expected to continue to strengthen in the upcoming quarters. The manufacturing sector is anticipated to have all-encompassing expansion due to rising local demand, despite challenging foreign conditions.
“Moreover, the government’s agenda to drive ‘Make in India’ and the introduction of reforms to boost domestic manufacturing will enable India to become a more attractive destination for investments, thereby impacting employment positively,” TeamLease Services Chief Business Officer Mahesh Bhatt said.
In comparison to Tier II cities (73%), Tier III cities (43%), and the rural sector (23%), metro areas and Tier I cities (94%) have a higher intention to hire. Mumbai (97%), Bengaluru (94%), Chennai (89%), Delhi (84%), and Pune (73%), according to the report, have the highest intent to hire.
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