Bengaluru, Mumbai and Chennai have emerged as the cities with the highest hiring sentiment in the services and manufacturing sectors respectively with a rate of 97%, according to the TeamLease Employment Outlook Reports for Q4 (January to March, 2023). Furthermore, at an individual level, in the service sector, Chennai scored 94%, followed by Delhi with 90% and Hyderabad with 86%, while in the manufacturing sector Bengaluru topped with 94%, followed by Chennai with 89%, and Delhi 84%, the report showed. “The intent to hire has risen for the current quarter (Jan-Mar 2022-23) compared to the previous quarter (Oct-Dec, 2022-23),” it noted.
Interestingly, in the fourth quarter of FY23, companies have hired more from tier-2 cities with close to 75% employers in both sectors. However, tier 3 and rural geographies have recorded a lagging with 46% and 24% hiring rate. Respectively, the report stated. “The Government of India’s Rs six lakh crore asset monetisation strategy over the four years till 2025, followed by revisions in FDI laws in the defense and telecom sectors, would have a greater influence on employment for the current quarter,” it further read.
Furthermore, in the manufacturing sector, the intent to hire is greater in metro and tier 1 cities with 94% as compared to tier 2 cities which is 73%. Besides, for services, in metro and tier-1 cities, the hiring intent is at an exceptionally high level with 99% rate, followed by tier 2 with 77%, tier 3 with 49% and rural with 25% hiring records.
In addition, the report further revealed ecommerce and allied startups showed the highest hiring tendency with 98%, followed by telecommunications- 94%, and educational services with 93%. “While the global sentiment in the IT sector is not very positive, the Indian economy stands solid and will continue to show resilience even in the IT industry,” it stated. On a functional perspective, within the services sector, sales showed the highest division of hiring with 91%, followed by engineering- 80%, and marketing 60%.
As per the company, the survey was conducted on nine manufacturing industries, 14 services sectors industries with a total surveying of 874 small, medium and large companies.