After a year of layoffs, India’s manufacturing sector shows uptick in hiring intent

It is safe to say that the year 2022 saw massive layoffs and job losses. However, in its latest employment outlook report, human resource solutions providing platform TeamLease has revealed that the employers within the manufacturing sector have shown an increase in the hiring intent. 60 per cent of the employers want to hire and expand their talent and resource pool in the last quarter (January-February-March) of FY23, the report noted. 
 
Additionally, the report also highlighted that the hiring intent was greater in metro cities (94 per cent) as compared to the non-metro ones (73 per cent). Mumbai (97 per cent), Bengaluru (94 per cent), Chennai (89 per cent), Delhi, (84 per cent) and Pune (73 per cent) were the cities with the highest hiring intent.
 
“The global employment rate has increased considerably post the last Covid-19 wave and is poised to grow stronger in the coming quarters. With domestic demand increasing, despite stringent external conditions, the manufacturing industry is projected to witness all-encompassing growth,” said Mahesh Bhatt, Chief Business Officer of TeamLease Services. 
 
Bhatt also added that 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 which in turn will impact employment positively.    
 
The report also revealed that the attrition rate is also balanced in the sector. Apart from the healthcare and pharmaceuticals sectors that have shown a double-digit attrition rate of 15.67 per cent from 14.71 per cent during the July-September quarter, the manufacturing industry has single-digit attrition rates.

For this report, TeamLease surveyed 301 manufacturing companies across 14 cities and 09 manufacturing industries in India.

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