In Q4, close to 77% employers are keen to increase their resource pool in the services sector, revealed the Employment Outlook Report for Q4 (January to March, 2023). According to it, in comparison to Q4 2021, intent to hire has risen by 27%. Overall, across services and manufacturing sectors, an average of 68% employers (65% in Q3) have expressed a strong hiring sentiment, it added.
Furthermore, the study showed that Q4 is projecting a strong outlook, especially for fresh graduates and entry-level employees, with 79% employers willing to hire from this cohort. Opportunities for mid-level is 50% and senior level is 32%, which are also performing balanced. From a business size perspective, large enterprises (82%), followed by small (61%) and medium (50%) are all indicating robust employment progression.
Interestingly, for candidates who are looking to secure job opportunities in the services segment, some of the key sectors leading the hiring spree are e-commerce- 98%, telecommunications 94%, educational services- 93%, financial services- 88%, retail- 85% , and logistics- 81%.
“The sentiment in India continues to be on an upward trajectory, with 77% employers indicating a higher hiring outlook,” Mayur Taday, chief business officer, TeamLease Services, said.
In addition, the report revealed that in metro and tier-1 cities, the hiring intent for the services sector is at an exceptionally high level (99%). Tier-1 cities such as Bangalore (97%), Chennai (94%), Delhi (90%), Hyderabad (86%) and Mumbai (85%) are thriving mainly across telecom and financial services industries. Tier-3 cities show an increase of 2%, rising from 47% to 49%. The rural geography, otherwise, shows a nominal decline of 1% to 25%, it showed.
Looking at the attrition trend, the services sector is seeing a significantly low talent retention rate despite the advancements in Information Technology (27.19%), Educational Services (18.02%), Ecommerce & Allied Start-ups (15.13%), Knowledge Process Outsourcing (13.79%) and Telecommunications (12.05%).