Key points:
- More than 54% of the employers express an intent to hire, a 7% rise from the last quarter.
- The Employment Outlook Report Q1 FY23 reveals hiring sentiments in India, covering 796 SMEs and large companies across 21 sectors in India.
- Mumbai tops the cities with a 17% rise in hiring intent.
- Metros and Tier-1 Cities lead in hiring.
- Out of 21 sectors surveyed, 16 showed impressive hiring intents
- Attrition is still a roadblock to business growth.
- Entry-level talent is in demand
As the economy recovers from the pandemic’s aftermath, hiring sentiments show upward trends in the current quarter (April- June 2022), according to the Employment Outlook Report by TeamLease Services. The report also suggests that more than 54% of the employers, which is 4% higher than the previous quarter, expressed their intent to hire. The stats are surprising considering that hiring trends were unfavourable just a year ago when the pandemic took a drastic toll on the whole business world.
The TeamLease Services’ Employment Outlook Report is an advanced tool for policy and decision-makers, human resource professionals, and employers, shedding light on hiring sentiment across many cities and sectors in India. This report provides “Intent to Hire” statistics for the first quarter, April–June 2022, based on the survey and analysis conducted during January and February 2022.
The report covers 796 SMEs and large companies across 21 sectors in India. Surveys and analysis are conducted across 4 geographical areas—divided into Metros, Tier-1, Tier-⅔, and Rural— 4 hierarchical levels—Entry, Junior, Mid and Senior Levels—and 7 functional areas—Sales, Marketing, Engineering, Information Technology, Office Services, Human Resources, and Blue Collar.
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Intent to hire in top sectors
Of all the 21 sectors analysed and reviewed for the survey, 16 sectors showed a solid intent to hire. According to the report, the IT sector ranks at the top of the hiring plan, with 95% of the employers expressing their keenness to hire. Followed by the IT sector is the educational services sector, with 86% of the employers keen on hiring.
Other sectors on the list of ‘intent to hire’ as per the report are E-commerce and technology start-ups, with 81% of the employers up for hiring and healthcare and pharmaceutical sectors, with 78% of the employers intending to hire.
Some sectors are left behind
While many sectors indicate progress in hiring intent, some sectors show stagnant growth in hiring trends. These sectors are Agriculture & Agrochemicals, Fast Moving Consumer Durables, BPO / ITeS, and Retail [Non-Essential]. The report indicates that jobs tend to be spreading across geographies.
Metros and Tier-1 cities are at the forefront of intent to hire
The hiring intent in the Metro and Tier-1 cities has grown tremendously, rising from 73% in the last quarter (Jan-Mar 2022) to a staggering 83% in the current quarter (Apr-June 2022). That said, Tier-2 cities aren’t left behind. These cities show an increase from 48% to 55% in ‘intent to hire’, which is a 7% rise from the previous quarter.
Mumbai tops in talent demand
While analysing and reviewing the cities, the report revealed that amongst cities, Mumbai has the highest increase of 17% growth over the previous quarter in the hiring intent. Meanwhile, in Bangalore, nearly 91% of the employers showed intent to hire, and in Chennai, this number is 78%.
There is a demand for entry-level talent
The survey conducted on hierarchical levels found that the current quarter seems to have a steady pace for hiring across all types of businesses compared to the previous quarter, which witnessed a surge in hiring, particularly by large companies.
However, entry-level talent is in great demand when it comes to hierarchies, experiencing a 10% Q-on-Q growth in hiring intent. Additionally, if you consider a functional point of view, the Sales (82%) and IT (75%) categories continue to rule the race. So for fresh talent, this is the right time to seize opportunities in their respective sectors.
Attrition is still high across all sectors
The TeamLease report provides a detailed view of the attrition trends across various sectors in India, as attrition plays a vital role in business growth. The report reveals that, even though the attrition rate is not as high as what we witnessed during Jan-Mar 2021, it is still significantly high across most sectors compared to the last quarter (Jan-Mar 2022).
Co-Founder of TeamLease Services, Ms Rituparna Chakraborty, shared her views on the report’s findings. She said, “The back-to-office culture and normalcy combined with income growth projections and the superior export performance are driving the growth in demand for talent across all the sectors. While the overall growth in intent to hire may be moderate, more than 14% of the sectors have indicated a double-digit growth showing that the modest approach will soon taper off and the appetite to scale up human resources will grow significantly.”
With the report revealing promising intent to hire for the current quarter, talent can expect to see some exponential growth in their careers. In contrast, employers can take advantage of these hiring trends to fuel their business growth further.
Reference:
- More than 54% of India Inc keen on hiring this quarter: TeamLease Employment Outlook report | FPJ Web Desk | 5 April 2022
- FY23 Kicks Starts on High Note: More than 54% of India Employers Keen on Hiring This Quarter | 6 Apr 2022
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