With the bulk of the hiring resurgence being witnessed in Q4CY2021 and Q1CY2022, the latest ManpowerGroup Employment Outlook Survey for Q2 this year has shown an 11 percentage points dip quarter-on-quarter (QoQ).
As against a hiring outlook of 44 per cent in Q4CY2021 and 49 per cent in Q1CY2022, the same now stands at 38 per cent even as the west and south regions are set to lead with a hiring pace of 43 per cent and 39 per cent. On the other hand, north and east regions carry an outlook of 35 per cent and 31 per cent, respectively. However, on a year-on-year (YoY) basis, the hiring outlook of 38 per cent in Q2CY2022 is 28 points higher than the 10 per cent in Q2CY2021.
Conducted across 3090 employers, the ManpowerGroup Employment Outlook Survey found 55 per cent of employers forecasting an increase in payrolls, 17 per cent anticipating a decrease and 36 per cent expecting no change, resulting in a net employment outlook of 38 per cent.
The dip in hiring outlook over the previous two quarters is being attributed to geopolitical instability coupled with rising inflation.
"As the country is heading out of the Pandemic, we are witnessing new challenges of global geopolitical instability and rising inflation. Having said that, India will continue to thrive ahead as the main source of IT and tech resources," said Sandeep Gulati, Group Managing Director ManpowerGroup.
In terms of industry, IT and technology sector employers report the strongest hiring intentions with a NEO of 51 per cent, followed by restaurants & hotels sectors as well as education, health, social work and government sectors with outlooks of 38 per cent and 37 per cent, respectively.
ManpowerGroup also found that since the last quarter survey, four new industries were added including primary production, IT and technology, not-for-profit and restaurants & hotels with an increase in payrolls being forecast for all eleven industry sectors during the coming quarter.
Meanwhile, globally, the strongest hiring prospects are reported in India, followed by Australia and China, while the weakest regional labor market is expected in Japan, with Taiwan and Hong Kong close behind.