Business

FY23 kicks start on a high note; more than 54% of India Inc is keen on hiring in this quarter; TeamLease Employment Outlook Report

Mumbai, 5th April 2022: TeamLease Services, India’s leading human resource company / India’s leading people supply Chain Company today launched the latest edition of its quarterly comprehensive hiring outlook analysis called ‘Employment Outlook Report’ for the period April- June 2022. Detailed research, provides insights into the hiring trends and factors that drive job creation across 21 sectors and 14 cities. According to the report hiring sentiments are on a growth trajectory in the current quarter (April- June 22). More than 54% of the employers, 4% point higher than the previous quarter (Jan- March’22) surveyed have expressed their intent to hire.

What’s more, out of the 21 sectors reviewed 16 have indicated a keenness to hire. Incidentally, Information and Technology (95% of the employers keen to hire) followed by Educational Services (86% of the employers), E-commerce and technology start-ups (81% of the employers), and Healthcare and Pharmaceuticals (78% of the employers) are front runners in the hiring intent.

From a sector point of view, the laggards are Agriculture & Agrochemicals, BPO / ITeS, Fast Moving Consumer Durables, and Retail [Non-Essential]. Though not at the same rate, dwelling deep into the geographies seems to be spread across geographies. While the hiring intent in the Metro and Tier 1 cities has grown from 73% in the previous quarter, to 83% in the current quarter, Tier-2 cities are not far behind. The hiring intent in Tier-2 cities will see a rise from 48% to 55% – a 7% change in April to June 22. Further, among cities, Bangalore (91% of the employers keen on hiring) and Chennai (78% 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% growth over the last quarter in the hiring intent.

A comprehensive report covering the intent to hire across business sizes and hierarchies, as per the report, while last quarter saw a spike in hiring by large businesses, the current quarter seems to have a stabilized 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% Q-on-Q growth in hiring intent. Further, from a function point of view, Sales (82%) and IT (75%) continue to rule the functions that are in demand.

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% 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 TeamLease report also gives a detailed view of the attrition trends as it plays an important role in business growth. As per the report, though not as significant as what was witnessed during Jan – Mar 2021-22, attrition still seems to be on a rise across most sectors compared to the previous quarter.
The TeamLease Employment Outlook Report is a forward-looking tool for human resource professionals, policy and decision-makers and reflects the dynamic governing hiring. The survey covers 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].
About TeamLease Services Pvt. Ltd
TeamLease Services is one of India’s leading human resource companies offering a range of solutions to 3500+ employers for their hiring, productivity and scale challenges. A Fortune India 500 company listed on the NSE & BSE, TeamLease has hired 17 lakh people over the last 17 years and has 2 lakh+ open jobs every day. One of India’s fastest-growing employers, TeamLease also operates India’s first Vocational University and fastest-growing PPP National Apprenticeship Program. The company offers solutions to large, medium and small clients across the 3Es of Employment (1.5 lakh+ employees), Employability (2 lakh+ students) and E-Workforce (1000+ employers).

This article was shared with Prittle Prattle News as a Press Release.

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