National: TeamLease Services, India’s leading human resource company / India’ leading people supply Chain Company today launched the latest edition of its comprehensive hiring outlook report called ‘Employment Outlook Report’ for the period January- March 2022. A detailed research the report provides insights about the hiring trends and factors that drives job creation across 21 sectors and 14 cities. As per the research, the k-shaped recovery is having a positive impact on the hiring sentiments. In fact, if harsh restrictions are not imposed on the business operations the intent to hire can rise upto 9% point in the current quarter (January- March, 2022), the highest ever growth to be registered in the intent to hire since the outbreak of COVID. What more, out of the 21 sector reviewed around 7 can record a growth of more than 10% point in their intent to hire making the current quarter a good time for talent. Still, the outlook needs to be read in the context of looming risk from a resurgent Omicron variant.
Dwelling deep into the sectors, with 89% of the corporates (+20% point over Oct-Dec, 2021) expressing interest to hire Information Technology is leading the pack. This is the 4th consecutive quarter wherein Information Technology has been retaining the pole position in intent to hire. The other sectors who will be on a hiring spree during the January- March, 2022 quarter are Educational Services (80% of the employers), Healthcare & Pharmaceuticals (71% of the employers) and Ecommerce & Technology Start-ups (69% of the employers). From a city perspective, Bangalore is at the pole position. 88% of the employers in the city are keen on ramping up their talent pool. It is not only in overall intent to hire even in terms of hiring intent growth Bangalore is topping with a 21% rise in intent to hire over last quarter. Another interesting highlight from the research is that with 3 out of the top 5 cities coming from the region, South India is fast emerging as a leading job creator.
Commenting on the findings, Ms. Rituparna Chakraborty, Co-Founder & Executive Vice President, TeamLease Services, said, “The current economic indicators like the K shaped recovery of the economy, improved capacity utilization to counter the supply disruptions that was caused by the pandemic, increase in private investments and the rising exports all have the potential to fast track hiring momentum. Though IT function and technology-linked firms will continue to dominate the job creation eco-system, if further lockdowns are not imposed other roles and sectors will not be far behind. In fact, out of the 21 sectors 17 have indicated a growth rate of more than 5% - 11 more sectors compared to the previous quarter – indicating the employment scenario is on recovery mode across sectors.”
A comprehensive report covering the intent to hire across hierarchies as per the report, the focus on hiring freshers seems to have tampered off, instead junior level talent or talent with 2-5 years of experience is the most sought after profile in the current quarter. More than 46% of the employers (+12% growth over previous quarter) are looking to hire junior talent. Further, from a function point of view, Sales (71%) and IT (61%) continue to rule the functions who are in demand.
A detailed drill down on the dynamics that govern the job market, the report also gives peek into the attrition trends. As per the report there is sharp increase in attrition across all sectors compared to previous quarters. 4 sectors with 8%+ attrition rates include Information Technology, Educational Services, Healthcare & Pharmaceuticals and Knowledge Process Outsourcing. All sectors appear to have higher attrition rates than in the previous quarter, indicating that a shift in employee perspective and work dynamics could be potential causes for the same.
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 21 sectors in India. The survey covers 829 small, medium and large companies across the 21 sectors across India. The coverage is spread across 4 geographical areas [Metros, Tier-1, Tier-2/3 and Rural], 4 hierarchical levels [Entry, Junior, Mid and Senior Levels] and 7 functional areas [Sales, Marketing, Information Technology, Engineering, Office Services, Human Resources, Blue Collar].
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