How much has technology adoption contributed to the increase in hiring intentions?
The manufacturing sector in India has seen a significant impact because of technology adoption. According to a joint study by NASSCOM and Capgemini, over two-thirds of Indian manufacturers will embrace digital transformation by 2025, with the goal of raising India's manufacturing GDP to 25 per cent. Significant employment opportunities are generated by this change, which also promotes skill development. Technology has provided greater multiple choices for both employers and employees.
Technology's influence also extends to the creation of new jobs, which fuels demand for new positions and expertise related to digital transformation. By adapting to technological advancements, organisations are tracking industry trends and likewise bringing changes and development to the industry. This tech growth is predicted to create around 2.5 million jobs in a range of positions, from IT and maintenance to engineering and design.
How have changing market dynamics and economic conditions impacted hiring intentions in the manufacturing sector? Any factors, like changes in demand, supply chain adjustments, or policy changes, that have been particularly important?
Hiring intentions in the manufacturing sector have been significantly impacted by shifting market dynamics and economic conditions. Supply chain adjustments, policy changes, and changes in customer demand are just a few of the factors that have had a big impact on the employment situation in the sector. Due to dynamic markets, strategic hiring has increased with close evaluation of outsourced rolls and core rolls. Entry-level hiring has increased a lot with ‘Apprenticeship Promotion.' Trained and proven apprentices are moving up the ladder to mid-level roles replacing lateral hiring.
Shifts in consumer demand have a direct impact on production needs, requiring manufacturers to adjust their workforce. For efficient staffing, accurate demand forecasting supported by advanced analytics is crucial. The management of workforce size and composition is aided by demand control policies that are in line with market dynamics. Networks that share information make it easier to make well-informed hiring decisions, and shorter hiring lead times make it possible to react quickly to market changes.
Hiring strategies are regularly reviewed to ensure alignment with changing market dynamics. The manufacturing sector in India faces several difficulties, including China's competition and technological gaps as well as a lack of skilled workers and bureaucratic complexities. Manufacturers must proactively change their hiring goals to respond to these challenges and maintain their competitiveness in a changing market.
What changes in broader economic indicators do these hiring trends represent?
Manufacturing industry hiring patterns are evolving, which is indicative of a wider change in economic indicators. Companies are getting increasingly selective in the candidates that they choose for open positions, placing more emphasis on a candidate's overall ability to produce results besides their technological proficiency. This change denotes an important shift in hiring practices and protocols. Companies are now placing a higher priority on the quality of hires than just quantity. This transformation is being fueled by an increase in outsourcing, where companies are looking for both cost and quality advantages.
Even though economic cycles cause fluctuations, each slump offers insightful lessons that influence future hiring trends. These lessons help to maximise employee potential and hire people with the best skill sets. More entry level hiring will reduce unemployment, poverty, and bring in a better economic balance. HR managers are reviewing their hiring procedures in the post-recession era and integrating scientific guidelines to ensure more efficient recruitment. Assessing candidates using a variety of criteria and comparing skill sets globally, such as the PAC test, aids recruiters in making educated choices. This strategy aligns hiring practices with multi-geographic operations and services by considering skill sets that are available both locally and internationally.
What is the outlook for hiring intentions within the manufacturing sector for the upcoming quarters?
With the courtesy of Semiconductor, Electronics, EV, Solar, and Green Energy, the coming quarters will see an upward trend of 20 per cent in hiring intentions. Hiring trends in manufacturing had shown a 20 per cent increase from the previous year. Chemical industries have shown an increasing hiring trend of 12 per cent.
Our new government policies support the manufacturing of end-to-end components in India, which could see an increase of 80 per cent in hiring trends in the Electronics industry. Further, government initiatives, such as PLI schemes for laptops, are expected to generate a huge demand for hiring. Green energy is going to set a new trend by hiring over 20 per cent of employees in this coming year.
Overall, the manufacturing industry in India is showcasing a positive hiring sentiment. Chemical, Pharma, Industrial Machining, Electrical & Electronics, Automotive, Textile & Apparel industries are moving towards domestic manufacturing which will further result in a 78 per cent increase in hiring.
