Report: From January to May this year, hiring increased by 12%

According to a survey released on Tuesday, professional services, manufacturing, BFSI, e-commerce, and IT/ITES sectors all saw increases in employment of 12% year over year in India between January and May of this year.

“Worldwide industries have been significantly impacted by the present global instability. While businesses have been tightening their budgets in recent months, CEO of Allsec Technologies (a Quess Company) Naozer Dalal said that job opportunities in India have increased since last year.

Based on payroll distribution data gathered by its subsidiary Allsec Technologies, business services provider Quess Corp presented a study on employment trends insights on Tuesday.

According to Dalal, a number of international organisations have declared that India would continue to have the world’s fastest-growing economy.

“The rise in staff growth (12%) from January to May 2023 over the same period in the previous year shows that Indian firms are keeping steady and trying to weather the global economic crisis. We predict that India’s continuing investment in important industries like infrastructure and energy will spark job development in the years to come,” he said.

The report showed that the professional services sector has quadrupled its staff since last year, recording the fastest rise.

According to the survey, this is directly related to how businesses are increasingly turning to outside expertise to speed up processes as they try to weather the current economic storm.

According to the report, this is particularly prevalent in industries including taxes, business consulting, risk advice, transaction advising, technology services, and environmental, social, and corporate governance (ESG) services.

With businesses reporting a significant growth in sales of Indian goods both domestically and abroad, the manufacturing sector also saw an almost 50% increase in workforce, it added.

It was also said that this opened the door for a rise in output and employment.

According to the research, the BFSI and e-commerce industries also had strong growth of 16% apiece.

Due to reasons including robust domestic demand, improved credit conditions for borrowers, and better solvency and financing, it was highlighted that the BFSI industry in India has remained stable despite issues encountered by banks internationally.

The extensive use of smartphones, rising internet use, expanding availability of digital payment methods, and the government’s drive for digital transactions are all contributing to the success of the e-commerce industry.

The government’s initiatives to improve the business climate and encourage foreign investment in the nation have also helped the industry expand.

In contrast to the prior year (just released by Covid), the IT/ITes sector’s growth has been more subdued. This growth reflects the industry’s sentiment of treading carefully in the face of an uncertain economic environment as well as global challenges like inflation, recessionary concerns, and geopolitical events that have an impact on the global markets, the report added.