Optimistic FY24 jobs forecast: Positive growth in manufacturing, energy, textile sectors

By Sakshi Giri
TeamLease Services, India's leading staffing conglomerate revolutionizing employment, employability, and ease of doing business, has unveiled its highly anticipated 'TeamLease's Employment Outlook Report' for the second half of the fiscal year 2024 (October 2023 to March 2024).

The report spotlights hiring trends in key sectors, showcasing the dynamic landscape for India's employment stakeholders.

Key Findings

The report reveals compelling data on the percentage of employers interested in incremental workforce expansion, new hiring, and replacement hiring across vital sectors:
Manufacturing, Engineering & Infrastructure:
Incremental Workforce Expansion: 74%
Incremental New Hiring: 69%
Incremental Replacement Hiring: 63%
Power and Energy:
Incremental Workforce Expansion: 77%
Incremental New Hiring: 73%
Incremental Replacement Hiring: 88%
Textiles:
Incremental Workforce Expansion: 69%
Incremental New Hiring: 65%
Incremental Replacement Hiring: 73%

City-wise Employment Trends

Manufacturing, Engineering & Infrastructure:
Chennai leads in incremental workforce expansion with 15.5%, followed by Bangalore and Coimbatore with 12.1%.
Textiles:
Hyderabad secures the top position in incremental workforce expansion with 22.2%, followed by Chennai and Ahmedabad with 16.7% and 16.6%, respectively.
Power and Energy:
Kolkata emerges as the epicenter for incremental workforce expansion at 12.5%, followed by Chennai and Mumbai with 10%.
Incremental New Hiring:
Chennai tops the charts in manufacturing, engineering, and infrastructure with 16.6%, followed by Bangalore and Coimbatore with 11.1%.
Ahmedabad leads in textile hiring with 23.5%, followed by Chennai and Hyderabad with 17.6% each.
Kolkata leads in power and energy with 13.2%, followed by Mumbai with 10.5%.
Incremental Replacement Hiring:
Chennai takes the lead with 14.3% in manufacturing, engineering, and infrastructure, followed by Hyderabad and Kochi with 10.2%.
Hyderabad and Ahmedabad lead in textile hiring with 21.1% and 21.0%, respectively.
Kolkata and Coimbatore emerge as epicenters for power and energy with 10.9%.
TeamLease Services continues its mission to revolutionize employment, empower businesses, and enhance the ease of doing business in India. This report stands as a testament to the company's commitment to providing valuable insights for strategic decision-making.
Subburathinam P, Chief Strategy Officer - Staffing, TeamLease Services: “It's encouraging to see substantial growth in incremental workforce expansion across these sectors, showcasing promising opportunities for employment stakeholders. The data underscores significant developments in cities like Chennai, Hyderabad, and Kolkata, highlighting the evolving job market dynamics."

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