Join our Waitlist for Expert Advice!

Consumer & Retail Firms To See Resurgence In Q4: Report Healthcare and pharmaceuticals, electric vehicles and infrastructure will experience incremental workforce expansion, predicts TeamLease report

By Shrabona Ghosh

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Canva

Almost 79 per cent of employers intend to maintain or increase their workforce in the second half of FY24, according to TeamLease's Employment Outlook Report. As consumer and retail companies are at the vanguard of addressing societal need, the sector will see resurgence in Q4 from muted demand in semi-urban and rural areas during the festive season in Q3. According to the report findings, H2 is projecting positive incremental hiring, including workforce expansion, new hiring, and replacement hiring. This surge in workforce expansion can be attributed to government policies and initiatives aimed at fortifying employment opportunities and cultivating a business-friendly environment. As many as 1,820 companies across 14 cities have been surveyed.

Notably, India experienced a remarkable 7.8 per cent surge in GDP during the first quarter of the fiscal year 2023-24 (Q1 FY24). This robust GDP growth underscores a potent economic rebound, driving the acceleration in incremental hiring across the nation.

"Observing the dynamic evolution of India's economy, there's a distinctly optimistic tone among employers. An impressive 79 per cent of them are planning to increase their workforce, indicating a robust financial foundation supporting this optimism, particularly for Q4. Despite a slower pace in Q3, this upward trend in employment isn't merely about increasing headcounts; it's a strategic move to leverage economic growth and take advantage of conducive policies, contributing significantly to the country's economic resurgence," said Kartik Narayan, CEO – Staffing, TeamLease Services.

Another significant highlight of the report is that 67 per cent of respondents anticipate robust business development during the October-March 2023-24 half-year period, reflecting India's optimistic economic outlook. It is evident that Healthcare and Pharmaceuticals stand out with 86 per cent workforce expansion. Electric Vehicles and Infrastructure follow closely behind at 85 per cent. Moreover, the top industries for new hiring include the Electric Vehicle and Infrastructure Sector at 88 per cent and Healthcare and Pharmaceuticals at 87 per cent. For replacement hiring, Power and Energy lead the way at 88 per cent, followed by Fast Moving Consumer Durables at 85 per cent, and Healthcare & Pharmaceuticals at 84 per cent.

"The upcoming job landscape in consumer-centric sectors such as healthcare and pharmaceuticals, Electric Vehicles (EV), and Infrastructure and Fast-Moving Consumer Durables (FMCD) reflects commendable growth. This surge in job aspects is driven by a collective demand for innovation, sustainability, and advancements in technology," said Balasubramanian A, VP & Business Head, TeamLease Services.

Shrabona Ghosh

Correspondent

A journalist with a cosmopolitan mindset. I lead a project called 'Corporate Innovations' wherein I cover corporates across verticals and try to tell stories on innovations. Apart from this, I write industry pieces on FMCGs, auto, aviation, 5G and defense. 
News and Trends

Recur Club Announces Credit Offerings for Startups Beyond Series A and SMEs

In FY 24–25, the platform also plans to deploy an additional INR 2000 crores through its Recur Swift program for startups.

News and Trends

Ayushmann Khurrana Joins Birla Brainiacs as Investor and Brand Ambassador

This partnership aimed to reshape education in India by combining online and offline learning experiences that catered to the needs of today's students and their parents.

News and Trends

EvoluteIQ Secures USD 20 Mn in Funding Led by Round2 Capital to Enhance AI-Powered Automation Platform

The investment will drive enhancements to EvoluteIQ's automation platform and support its ambitious global expansion plans.

News and Trends

JSW Group and POSCO Forge Strategic Alliance to Boost Steel, Battery Materials, and Renewable Energy in India

SW and POSCO will jointly explore developing battery materials for EVs, catering to India's evolving green mobility sector.

Business News

JPMorgan Is Suing Customers Over 'Infinite Money Glitch' TikTok Trend

There are some TikTok trends you might want to sit out.