The intent to hire rose 7% for the second quarter of FY23 compared to 54% in the previous quarter, the latest Employment Outlook report by TeamLease shows. Overall, the trends indicate an increase in hiring intent is imminent, and the next few quarters are expected to see the intent to hire cross the 70% mark.
"India’s GDP for FY 2021-22 touched 8.7% after contracting by 6.6% during the previous fiscal. This, and a slew of public investments in the PLI schemes in solar cell manufacturing and in bulk drugs for instance is likely to provide a fillip to job creation in the coming quarter," the report adds.
The optimism on hiring prospectus comes on the back of a ₹2.65 lakh crore stimulus package by the Centre to generate job opportunities and provide liquidity support to tourism, aviation, construction and housing this year. These sectors were the most hit due to the Covid pandemic disruptions and the government stimulus is aimed at getting them back to their pre-pandemic levels of revenue and job creation.
The sectors with high intent to hire include IT (98%), followed by education services (91%), e-commerce & allied start-ups (89%), health & pharma (88%), telecommunication (84%), retail (75%), FMCG (75%), knowledge process outsourcing (70%), logistics (70%) and financial services (68%).
Agriculture and agrochemicals (64%), electrical vehicle & infra sector (57%) and manufacturing, engineering & infra (55%) are the sectors with moderate intent to hire in the second quarter of the fiscal year.
Cities, where the intent to hire is the most, are Bengaluru (95%), Chennai (87%), Mumbai (83%), Delhi (78%) and Hyderabad (75%). Ahmedabad, Kolkata, and Pune show moderate intent to hire at 53%, 45% and 66%, respectively.
The trend is higher across metros and tier-1 cities than in tier 2 and tier 3 cities. On the company level, large companies have the highest intent to hire at 69%, followed by small (47%) and medium (40%). Most jobs are at the junior level, followed by entry-level, mid-level and senior level. "The hiring intent for Junior level roles sees a sharp rise to 61%; an increase of 10% from the last quarter," says the report.
Sales roles (90%) and IT (83%) talent continue to be the highest in demand followed by the demand for engineering and marketing roles. It also found that there's significant double-digit attrition in the IT (22.03%), educational services (13.11%) and healthcare and pharmaceutical sectors (12.25%).
This report carries “Intent to Hire” statistics for Q-2, 2022-23 (Jul. 2022 – Sept. 2022) on the basis of the survey and analysis carried out during April and May 2022. TeamLease says its intent to hire metric is well-suited to capture the small and big changes in hiring sentiment. The metric captures the mood during a specific quarter, it says. The survey covers 865 small, medium and large companies across the 23 sectors across India.
