July 8 2022: TeamLease Services, India’s leading human resource company has launched the latest edition of its “Employment Outlook Report” for the period of July – September, 2022.
The Employment Outlook Report is the only one of its kind seeking to deliver high impact hiring decision support to its stakeholders. It reflects hiring sentiment across 14 cities and 23 sectors in India. According to the report findings, the overall intent to hire witnesses a 7% increase from 54% to 61%.
Metro & Tier-1 geographies top the intent to hire, witnessing an increase of 6% for the forthcoming quarter (rising to 89%) compared to the previous quarter. Tier-2 cities on the other hand, witness an even higher increase (7%) in the intent to hire and rises to 62% for the forthcoming quarter. Tier-3 cities show an increase of 3%, rising from 34% to 37%. The rural geography, likewise, shows a nominal rise of 2%. From a city perspective, Delhi (72%) followed by Mumbai (59%) and Chennai (55%) are the most promising cities in the manufacturing sector. From a services sector perspective, the top cities are Bangalore (97%), Mumbai (81%), and Delhi (68%).
Says Rituparna Chakraborty, Executive Director & Co-Founder, TeamLease:“Overall the ecosystem is taking a progressive turn, with more organizations projecting the intent to increase their hiring. This optimism is largely influenced by increased public investment in PLI schemes, an advanced INR 2.65 lakh crore stimulus package by the government to generate job opportunities and provide liquidity to sectors like tourism, aviation and housing. With these factors, increase in hiring sentiment is not only imminent but over the next few quarters, it is likely to cross the 70% mark as well”.
“On the other hand, while few organizations may occasionally stall hiring due to the rise in COVID cases or possible restrictions due to COVID, there will not be any major recalibration in the overall hiring strategy.”
Small companies witness the highest increase in hiring intent i.e. 41% to 47% (an increase of 6%), as compared to medium and large sized businesses (69% - Highest Intent to Hire) i.e. an increase of 4% for the quarter. To sum it up, large companies are projecting the highest intent to hire, and small businesses are exhibiting the highest growth in the intent to hire vs last quarter.
The forthcoming quarter brings good tidings for Junior-level roles. The hiring intent for these roles sees a sharp rise to 61% (an increase of 10% from the last quarter). On the other hand, entry level roles are set to gain as well, with a 6% increase in hiring intent from last quarter (59% in this quarter). This is indicative of a spurt in job prospects across these two levels, for potential seekers. The mid-level fares rather modestly as it shows an increase of 4% in hiring intent (currently 37%), and senior levels show a meagre growth in intent to hire (2%).
The report highlights that Engineering, and Marketing roles show dramatic increase in the hiring intent for the forthcoming quarter. The hiring intent for Engineering roles sees a staggering 13% increase to 70%. Additionally, hiring intent rises by a substantial 10% for Marketing roles, to 63%. Sales and Information Technology (IT) see an increase in hiring intent by 8% apiece, to touch 90% and 83%. Blue Collar job roles show a significant 7% rise, from 50% during the previous term, to 57% for the forthcoming quarter. IT and Sales remain the most in-demand job functions, but with employers stepping up their plans to hire for the other functions, the forthcoming quarter is set to see increased levels of hiring for Engineering, Marketing and Blue Collar.
The TeamLease Employment Outlook Report is a forward looking tool for human resource professionals, policy and decision makers, and reflecting hiring sentiment across 14 cities and 23 sectors in India. This report carries “Intent to Hire” statistics for Q-2, 2022-23 [Jul, 2022 – Sep, 2022] on the basis of the survey and analysis carried out during April and May, 2022.