More than 54% of India Inc keen on hiring this quarter: TeamLease Employment Outlook report

Hiring sentiments are on a growth trajectory in the current quarter (April- June ’22). More than 54 percent of the employers, 4 percent point higher than the previous quarter (Jan-March ’22) surveyed have expressed their intent to hire, according to an Employment report.

Out of the 21 sectors reviewed, 16 have indicated keenness to hire. Incidentally, Information and Technology (95 percent of the employers keen to hire) followed by Educational Services (86 percent of the employers), E-commerce and technology startups (81 percent of the employers) and Healthcare and Pharmaceuticals (78 percent of the employers) are frontrunners in the hiring intent.

These findings are from TeamLease Services' latest edition of its quarterly comprehensive hiring outlook analysis-‘Employment Outlook Report’ for the period April- June 2022. It provides insights about the hiring trends and factors that drive job creation across 21 sectors and 14 cities.

Demand not seen in few sectors

From a sector point of view the laggards are Agriculture & Agrochemicals, BPO / ITeS, Fast Moving Consumer Durables and Retail [Non-Essential]. Dwelling deep into the geographies, though not at the same rate jobs seems to be spread across geographies.

Metros, Tier-1 cities lead in hiring

While the hiring intent in the Metro and Tier-1 cities has grown from 73 percent in the previous quarter, to 83 percent in the current quarter, Tier-2 cities are not far behind. The hiring intent in Tier-2 cities has will see a rise from 48 percent to 55 percent– a 7 percent change in the period April to June’ 22.

Mumbai leads hiring among metros

Smongst cities, Bangalore (91 percent of the employers keen on hiring) and Chennai (78 percent of the employers keen on hiring) are continuing their bull run. But when it comes to growth, it is Mumbai. Mumbai has recorded a 17 percent growth over last quarter in the hiring intent.

Demand for entry-level talent

While last quarter saw a spike in hiring by large businesses, the current quarter seems to have a stabilised approach. In fact all types of businesses are planning to hire at a steady pace. But when it comes to hierarchies, entry level talent seems to have got their mojo back. The category has been seeing a 10 percent Q-on-Q growth in hiring intent. Further, from a function point of view, Sales (82 percent) and IT (75 percent) continue to rule the functions who are in demand.

Attrition on rise

The report also gives a detailed view on the attrition trends as it plays an important role in the business growth. As per the report, though not as significant as what was witnessed during Jan – Mar 2021-22, attrition still seems to be a on a rise across most sectors compared to the previous quarter.

Commenting on the findings, Ms. Rituparna Chakraborty, Co-Founder & Executive Vice President, TeamLease Services, said “The back-to-office culture and normalcy coupled with income growth projections as well as the superior export performance is fuelling a growth in demand for talent across all the sectors. While the overall growth in intent may be moderate, more than 14 percent of the sectors have indicated a double digit growth indicating that the modest approach will soon taper off and the appetite to scale up manpower will grow significantly.”

The survey covered 796 small, medium and large companies across the 21 sectors across India. The coverage is spread across 4 geographical areas [Metros, Tier-1, Tier-2/3 and Rural], 4 hierarchical levels [Entry, Junior, Mid and Senior Levels] and 7 functional areas [Sales, Marketing, Information Technology, Engineering, Office Services, Human Resources, Blue Collar].