New Delhi: 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 released on Tuesday, which covered 5,005 employers across India, only 19 per cent companies 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 to 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 A G Rao said.
Rao further said that "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. But "the difference between the skills needed on the job 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 and construction (19 per cent) and public administration and education (18 per cent).
Talking of regions, employers in all four regions forecast an increase 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.
Globally, job outlook for next three months is mostly positive, with employers in 42 of 43 countries and territories expecting staff strength to grow by varying margins. Only employers in Switzerland forecast a flat fourth-quarter hiring pace.
Compared to this time one year ago, hiring plans strengthen in 25 of the 43 countries and territories, weaken in 15 and are unchanged in three, the survey said.
ManpowerGroup Employment Outlook is a forward-looking survey that was commenced in 1962 and now covers over 59,000 employers in 43 countries and territories to measure their intentions to increase or decrease the number of employees in their workforce during the next quarter.