Hiring activity expected to increase 20-30% in FY23

According to the latest TeamLease Employment Outlook Report, 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.

The hiring activity will be largely focused on BFSI, telecom/ISP and manufacturing sectors along with progressive hiring in IT/ITeS, healthcare, retail, automotive and real estate industries, he said.
The hiring activity will be largely focused on BFSI, telecom/ISP and manufacturing sectors along with progressive hiring in IT/ITeS, healthcare, retail, automotive and real estate industries, he said.

Hiring momentum in the coming months will remain buoyant across sectors and is expected to increase 20-30% over the last financial year, with jobs available across banking and financial services, manufacturing, IT/ITeS, retail, healthcare, telecom, automotive and real estate.

Sekhar Garisa, CEO, Monster India told FE that the job demand looks promising and will remain strong for the upcoming months, with demand for fresher and junior management employees remaining high in the next few months. “We are expected to see a 20-30% increase in jobs in FY23 as compared to FY22. The hiring activity will be largely focused on BFSI, telecom/ISP and manufacturing sectors along with progressive hiring in IT/ITeS, healthcare, retail, automotive and real estate industries,” he said.

According to the latest TeamLease Employment Outlook Report, 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.

The information and technology sector saw 95% of employers expressing keenness to hire. This was followed closely 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 front runners in the hiring intent.

According to consultants, demand for entry level talent is the highest, which has seen a 10 percentage points growth in hiring intent. Further, from a function point of view, sales and IT functions will remain in demand.

To be sure, the year 2022 started on a weak note due to the Omicron wave that hit in January, however, February onwards hiring numbers have remained strong. With strong growth in hiring numbers in February and March, the overall hiring numbers for the fourth quarter were higher.

LinkedIn India’s Labour Market Update for the quarter found that hiring rate was 101% higher year-on-year compared to pre-Covid levels. Remote working options, according to the findings have also added to the rising trend. There is a larger proportion of paid job postings that offer remote work options compared to one year ago — which reflects that companies are becoming more open to provide workers with flexible work options. In India, 20% of postings offer remote options, which is up by 3.3x compared to March 2021.

The higher momentum continues into April too, as India has registered an overall growth of 15% year-on-year and 4% month-on-month in hiring demand as a result of increased positive business sentiment, according to the latest Monster Employment Index.

The good news is that the growth is becoming more secular with sectors such as production & manufacturing, travel & tourism, import and export, showing marked improvement with the first double-digit annual growth in two years. BFSI continues to remain the fastest job recovering sector with a 54% annual growth rate, while retail sector has shown good recovery with double digit growth — a first since the pandemic retraction. Hiring in retail grew 47% followed by production and manufacturing industry at 35%.

In April, while leadership roles with experience of more than 16 years exhibited steepest growth of 29% amongst all experience levels, inter-mediate and mid senior level roles showed growth of 24% and 22%, respectively. Fresher roles or entry level roles too showed stable high teen growth.

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