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India’s 44% healthcare, life sciences companies planning to expand workforce

The Indian job market is surging ahead, leaving its global counterparts in the dust. According to a recent ManpowerGroup Employment Outlook Survey, 36 per cent of Indian employers plan to add new staff in the upcoming April-June quarter. This translates to the highest Net Employment Outlook (NEO) – a key indicator of hiring intentions – among 42 surveyed countries, surpassing major economies like the United States and China.

The survey reveals a surge in hiring intentions across various sectors. Healthcare and Life Sciences are at the forefront, with 44 per cent of companies planning to expand their workforce. This aligns perfectly with India’s growing focus on healthcare infrastructure and advancements in medical research. The demand for skilled professionals in Communication Services (43 per cent) and Information Technology (41 per cent) remains equally strong.

This positive outlook extends beyond blue-collar jobs and permeates the white-collar sector as well. Naukri’s Hiring Outlook Survey reveals that 92 per cent of recruiters anticipate new or replacement hiring in the first half of 2024, signifying a strong demand for skilled professionals.

The tech sector, a cornerstone of the Indian economy, is witnessing an interesting shift. While tech roles remain in high demand, the survey suggests a growing focus on filling such positions within non-tech sectors. This trend highlights the increasing integration of technology across diverse industries, requiring a skilled workforce that can bridge the gap.

The prediction of low attrition rates bolsters the positive hiring sentiment. 75 per cent of recruiters expect attrition to stay below 15 per cent in the first half of 2024. This stability in the workforce can be attributed to a cautious global economic climate, prompting employees to hold onto their jobs for greater security.

With a robust job market and high demand for talent, salary increases are likely on the horizon. A significant 67 per cent of recruiters forecast increments between 5-15 per cent in the upcoming appraisal cycle.

As India continues on this growth trajectory, it will be fascinating to see how this translates into long-term economic prosperity and a skilled workforce that can propel the nation further. WION

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