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61% firms plan to hire more in the current quarter, up from 54% in April-June: TeamLease study

Business Today logo Business Today 06-07-2022 Vidya S
61% firms plan to hire more in the current quarter, up from 54% in April-June: TeamLease study © Provided by Business Today 61% firms plan to hire more in the current quarter, up from 54% in April-June: TeamLease study

A good 61 per cent of the companies in the country intend to hire more in the current July-September quarter of 2022, which shows a rise of seven percentage points over the April-June quarter, according to an employment outlook report by human resources company TeamLease Services released on Wednesday. 

The hiring intent figure, which reflects the sentiment across 14 cities and 23 sectors in India, stood at 54 per cent in the previous quarter. 

The jump indicates a buoyancy in the jobs market as companies emerging from the Covid slump have been scouting for talent. Opportunities have opened up in a big way especially in areas with a high degree of digital and technological quotient.  

The findings come in the wake of the Naukri JobSpeak Index, a measure of job postings on the site, for June 2022 inching up to 2,878. It was at 2,863 in April and May 2022, hovering around a life-time high. 

According to the TeamLease report, engineering and marketing roles showed the highest increases in the intent to hire during July-September. For engineering, it was a 13 per cent increase to 70 per cent. The hiring intent rise for marketing roles is by a substantial 10 per cent to 63 per cent, the report said.  

Sales and Information Technology (IT) have also seen an increase in hiring intents by 8 per cent a piece to touch 90 per cent and 83 per cent, respectively. Blue collar job roles have also shown a significant 7 per cent rise from 50 per cent during the previous term, to 57 per cent 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 roles, the report noted. 

City-wise, Bangalore (97 per cent), Mumbai (81 per cent) and Delhi (68 per cent) led the pack for hiring intent for the services sector. Delhi (72 per cent) followed by Mumbai (59 per cent) and Chennai (55 per cent) emerged the most promising cities in the manufacturing sector. 

Metro & Tier-1 geographies top the intent to hire, witnessing an increase of 6 per cent for the forthcoming quarter (rising to 89 per cent) compared to the previous quarter. Tier-2 cities, on the other hand, witnessed an even higher increase (7 per cent) in the intent to hire and rises to 62 per cent for the forthcoming quarter.  

“Overall, the ecosystem is taking a progressive turn, with more organisations projecting the intent to increase their hiring. This optimism is largely influenced by increased public investment in PLI schemes, an advanced Rs 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 per cent mark as well,” said TeamLease Executive Director & Co-founder Rituparna Chakraborty.

She added that while a few organisations 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.  

The survey covers 865 small, medium and large companies across the 23 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].

 

Also Read: Delhi-NCR's inventory overhang reduces to 27 months in Q2 FY22: ANAROCK

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