TeamLease Services, India’s largest composite staffing firm recently announced that the manufacturing, engineering and infrastructure sector together will witness a net addition of 58,200 new jobs. In the current six months, the said sectors will also witness a 2 per cent rise, in their biannual, Employment Outlook Report for the April-September 2019-20 HY.
As per the report findings, Pune will generate 9,150 new jobs and tops in the forecast. Mumbai will generate 8,940 new jobs stands second in the list as the cities with maximum opportunities for this sector. This is closely followed by Bangalore that is expected to add 8,015 new jobs in the same period. As per the study, the exponential growth is due to the increase in investments and production observed in the sector.
Shedding light over the global trends, in the April-September, 2019-20 HY, report states that with the fears about an impending recession subsiding Net Employment Outlook saw incremental improvement for Europe, Middle East and APAC for the forthcoming, April-September, 2019-20, HY. Europe witnessed the highest increase in Net Employment Outlook of 3 per cent for the April-September, 2019-20 HY, followed by the Middle East at 2 per cent and APAC at 1 per cent while the outlook for Americas stays steady at 42 per cent. Africa -2 per cent reports the lone drop in outlook.
Meanwhile, in India a 3 per cent rise in India’s Net Employment Outlook takes it to a high of 95 per cent, for the April-September, 2019-20 HY. The GDP growth forecast for this quarter remains slack.
Commenting on the findings, Sudeep Sen, Head of Industrial, Manufacturing & Engineering Vertical, Teamlease Services said “The Manufacturing, Engineering & Infrastructure sector has employed 6.42 crore people as of HY-2, 2018-19. With the electronic manufacturing ecosystem is expected to reach investments worth Rs 26 lakh crore by 2025 the sector is expected to witness an exponential growth in jobs. Further, the modernisation and the introduction of IIoT in manufacturing will not only witness the sector contributing around 25 per cent of the GDP of the country by 2022 but adding significantly towards job creation as well. Manufacturing, Engineering & Infrastructure industries will also witness an 8.02 per cent growth in jobs between April-September, 2019-20.”
The detailed study also analyses the attrition trends across sector. According to the findings of the report, Manufacturing, Engineering & Infrastructure sector has been stable with the attrition rate remaining stagnant at 11.5 per cent since Oct-Mar, 2017-18.
TeamLease Employment Outlook Report is a comprehensive study that brings forth the important employment and business trends that will play a significant role in determining how job creation and hiring pans out in India and the global market over the next six months. The report serves as a reference manual to corporate houses to understand the employment trend in the present market scenario in major cities across the country and the World. The report analyses functional and environmental aspects across 19 sectors and 14 geographies to provide an in-depth insight into the hiring sentiments. The company has surveyed 775 enterprises in India and 85 businesses across the globe to evaluate employment outlook trends.