India Inc hiring rises by 7%: TeamLease Report
After the two years long disruption and layoffs, hiring is on the rise again. According to a report published by TeamLease, hiring sentiment across 14 cities and 23 sectors in India has seen a boost. The overall intent to hire witnesses a 7% increase from 54% to 61%.
The survey titled TeamLease Employment Outlook Report has been segregated on the basis of geography, company scale, functionality and experience level.
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%).
With regards to intent to hire as per the business size, 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.
Experience level index
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%).
Deeping diving into the hiring sentiment basis functionality, 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.
Commenting on the findings, Rituparna Chakraborty, Executive Director & Co-Founder, TeamLease, said, “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”.