National:- TeamLease Services, India’s leading staffing conglomerate, has released the ‘TeamLease Employment Outlook Report’ for the latter half of the fiscal year 2024 (October 2023 to March 2024). This comprehensive report offers profound insights into the evolving hiring trends within key consumer sectors among other prominent sectors, highlighting pivotal shifts and growth opportunities for stakeholders in the employment sector.
The report presents essential data reflecting employers’ intent to expand their workforce across the consumer sector.
Overall Trends:
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In accordance with the India@100 vision, the Indian pharmaceutical sector aims to attain a significant milestone of US$130 billion by 2030. The industry’s dedication to innovation, integration with the global pharmaceutical landscape, and provision of integrated healthcare will propel this ascent. Capacity expansion, talent development, and the cultivation of indispensable skill sets will be the key drivers of this ambitious expansion. As per TeamLease’s Employment Outlook Report, Healthcare and pharma lead in Incremental Workforce Expansion in the second half of FY24, as intended by 86% of employers.
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The Indian consumer durables sector is positioned for revitalization in the coming months, following a sequence of obstacles that included sluggish consumer sentiment and delayed inventory liquidation. This reversal is anticipated to be fueled by a housing sector recovery and a significant single-digit price increase. 84% of employers in the FMCD industry intend for workforce expansion.
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The FMCG industry is witnessing a sustained increase in demand from urban areas, whereas rural demand has remained constrained due to the economic strain on rural areas’ incomes. With mixed sentiments, 80% of employers in the FMCG industry intend to expand their workforce.
City-wise Employment Trends:
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In Healthcare and pharma, Chennai leads in incremental workforce expansion at 12.8%, followed by Kolkata at 11.6% and Coimbatore at 11.5%
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Hyderabad emerges as the frontrunner in incremental workforce expansion at 13.2%, followed by Delhi at 10.5%, and Bangalore, Pune, and Ahmedabad at 9.2% for the FMCD industry
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In the FMCG industry, Mumbai leads in incremental workforce expansion at 13.2%, closely followed by Nagpur at 11.3%, and Bangalore, Pune, and Indore at 9.4%
Balasubramanian A, Vice President of TeamLease Services, emphasized, “The data highlights substantial growth potential within the consumer space, particularly in Healthcare & Pharma, FMCD, and FMCG sectors. These findings underscore strategic shifts and emerging opportunities, signifying a positive trajectory for employment stakeholders and city-specific job market dynamics, notably in cities like Mumbai, Hyderabad, and Chennai. The growth in the Healthcare and Pharma will be a reflection of the GCCs’ substantial contributions to the innovation ecosystem and skill development throughout the value chain and the government’s recently introduced Scheme for Promotion of Research and Innovation in the Pharma-MedTech Sector (PRIP) in India”
