Mumbai, India. July 04th, 2023: Quess Corp, India’s leading business services provider, today released employment trends insights based on payroll distribution data of its subsidiary Allsec Technologies Ltd. There was a positive surge in headcount growth this year despite ongoing global turbulence, with a 12% uptick from Jan to May’23 compared to the corresponding period last year. This is largely due to improvement in the country’s financial and investment cycle.
Professional services & Manufacturing sectors lead headcount growth.
Compared to last year, the Professional services industry doubled the headcount registering the highest growth. This directly corresponds to companies increasingly seeking external expertise to expedite business operations while looking to tide over global turbulence. This is especially predominant in areas such as Taxation, Business Consulting, Risk Advisory, Deal advisory, Technology services, and ESG services.
Following closely, the Manufacturing sector also exhibited nearly a 50% increase in headcount with companies experiencing a strong uptick in sales for Indian products, both locally as well as internationally. This in turn paved the way for an increase in production and employment.
Industries such as BFSI and E-commerce witness growth
Following Professional services and Manufacturing sectors, the BFSI & E-Commerce sectors witnessed robust growth too at 16% each. The BFSI sector in India has remained steady due to Indian banks holding their ground amidst challenges faced by banks worldwide. This can be attributed to factors such as strong domestic demand, enhanced credit conditions for borrowers, and strengthened solvency and funding.
The E-commerce sector is also doing well due to a multitude of reasons. The widespread adoption of smartphones, increasing internet penetration, growing access to digital payment systems and the government’s push towards digital transactions have all boosted this growth. The Indian government’s efforts to create a more business friendly environment and promote foreign investment in the country have also contributed to the sector’s growth.
At 9%, the IT/ITes sector rounds up the list of top 5 sectors which witnessed headcount growth. This growth is muted compared to the previous year (just coming out of Covid) & reflects the industry’s sentiment of treading carefully amidst an uncertain economic scenario and global challenges such as inflation, recessionary concerns and geopolitical events impacting the global markets.
Elaborating on the payroll headcount trends, Mr. Naozer Dalal, CEO, Allsec Technologies (a Quess Company), said, “The current global instability has had a significant impact on industries worldwide. Over the past few months, we have seen companies tightening their belts but India’s hiring prospects have improved from the past year. Moreover, several global bodies have affirmed that India will maintain its position as the fastest growing economy in the world. The increase in headcount growth proves that Indian businesses are holding steady and looking to tide the global economic storm. We anticipate that India’s continued investment in crucial sectors like energy and infrastructure will catalyze employment growth in the years ahead.”
Methodology: The above trends are determined based on payroll distribution data collated by Allsec Technologies over time.
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