From a macro perspective, the overall intent to hire, across manufacturing and services sectors combined, has increased from 61% in Q2 to 65% in Q3 and is projected to cross 70% in the next few quarters, revealed Employment Outlook Report for Q3 (October to December, 2022) of TeamLease Services. Furthermore, 57% employers have expressed the intent to hire and expand their resource pool.
The report further highlighted that tier 1 cities (91%) have indicated a higher intent to hire than tier – 2 cities (69%), tier – 3 (39%) and rural locations (21%). Mumbai (93%), followed by Bangalore (90%), Chennai (83%), Delhi (79%), Pune (67%), Hyderabad (61%), and Ahmedabad (61%) are the top cities for employment opportunities in the manufacturing segment.
The top sectors across the top cities constitute Fast Moving Consumer Goods in Bengaluru; Manufacturing, Engineering and Infrastructure in Mumbai; and Agricultural and Agrochemicals in Chennai.
The report further revealed that junior level talent (57%) commands the best demand, hierarchically, and is closely followed by entry level talent (51%), mid-level (29%) and senior-level (21%). From a job function perspective, manufacturing companies are focusing more on operations and the profiles which are projected to have a higher hiring inclination are sales (95%), marketing (79%), information and technology (77%), engineering and blue collar (67%)
Further, according to the report, the manufacturing industry has fared comparatively better when it comes to talent retention. Apart from Healthcare and Pharmaceuticals (14.71%), all the other sectors sit with low single digit attrition rates.