Consumer & Retail Firms To See Resurgence In Q4: Report Healthcare and pharmaceuticals, electric vehicles and infrastructure will experience incremental workforce expansion, predicts TeamLease report
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Almost 79 per cent of employers intend to maintain or increase their workforce in the second half of FY24, according to TeamLease's Employment Outlook Report. As consumer and retail companies are at the vanguard of addressing societal need, the sector will see resurgence in Q4 from muted demand in semi-urban and rural areas during the festive season in Q3. According to the report findings, H2 is projecting positive incremental hiring, including workforce expansion, new hiring, and replacement hiring. This surge in workforce expansion can be attributed to government policies and initiatives aimed at fortifying employment opportunities and cultivating a business-friendly environment. As many as 1,820 companies across 14 cities have been surveyed.
Notably, India experienced a remarkable 7.8 per cent 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.
"Observing the dynamic evolution of India's economy, there's a distinctly optimistic tone among employers. An impressive 79 per cent of them are planning to increase their workforce, indicating a robust financial foundation supporting this optimism, particularly for Q4. Despite a slower pace in Q3, this upward trend in employment isn't merely about increasing headcounts; it's a strategic move to leverage economic growth and take advantage of conducive policies, contributing significantly to the country's economic resurgence," said Kartik Narayan, CEO – Staffing, TeamLease Services.
Another significant highlight of the report is that 67 per cent of respondents anticipate robust business development during the October-March 2023-24 half-year period, reflecting India's optimistic economic outlook. It is evident that Healthcare and Pharmaceuticals stand out with 86 per cent workforce expansion. Electric Vehicles and Infrastructure follow closely behind at 85 per cent. Moreover, the top industries for new hiring include the Electric Vehicle and Infrastructure Sector at 88 per cent and Healthcare and Pharmaceuticals at 87 per cent. For replacement hiring, Power and Energy lead the way at 88 per cent, followed by Fast Moving Consumer Durables at 85 per cent, and Healthcare & Pharmaceuticals at 84 per cent.
"The upcoming job landscape in consumer-centric sectors such as healthcare and pharmaceuticals, Electric Vehicles (EV), and Infrastructure and Fast-Moving Consumer Durables (FMCD) reflects commendable growth. This surge in job aspects is driven by a collective demand for innovation, sustainability, and advancements in technology," said Balasubramanian A, VP & Business Head, TeamLease Services.