Hiring intentions of India Inc have improved sequentially, with more than 54% of corporates looking to hire in the June quarter versus the previous one. This indicates a rise of four percentage points in hiring sentiments, according to the latest TeamLease Employment Outlook Report.
Of the 21 sectors reviewed, 16 have indicated keenness to hire talent. The information and technology sector saw 95% of employers expressing keenness to hire. This was followed by educational services with 86% of the employers expressing intention to hire. E-commerce and technology start-ups and healthcare and pharmaceuticals were the other frontrunners.
Sectors showing a low hiring momentum include agriculture & agrochemicals, BPO/ ITeS, fast-moving consumer durables and non-essential retail. In terms of geographies, the hiring intent is high in metro and tier-1 cities, growing from 73% in the previous quarter to 83% in the current quarter. Tier-2 cities are not far behind, and will see a rise from 48% to 55% — a seven-percentage-point change — during April to June 2022.
Among cities, 91% employers from Bengaluru are keen on hiring and 78% in Chennai. However, in terms of growth, Mumbai has recorded the highest with a 17 percentage point growth over last quarter.
Demand for entry level talent is the highest, having seen a growth of 10 percentage points. From a function point of view, sales and IT functions are in demand.
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 report also gives a detailed view on attrition trends as it plays an important role in business growth. Though not as significant as what was witnessed during January-March 2021-22, attrition still seems to be a on a rise across most sectors compared to the previous quarter. TeamLease survey covers 796 small, medium and large companies across 21 sectors in India.