New Hiring Report by Teamlease about the hiring outlook in India, companies are optimistic about their employment plans this quarter as a result of the lifting of pandemic-related limitations and the resulting performance of the internet and retail sectors.
The hiring goal for the October-December 2021 quarter, according to TeamLease Services‘ Q3 recruiting trends based on its platform data, was 41%, up 3 percentage points from the July-September 2021 quarter.
The constant quarter-on-quarter growth in recruiting intent, as mapped by TeamLease Services, indicates to significant company realignment to adapt to digital transformation needs, according to the report.
“By December 2021, the workforce is likely to grow by over 430 million,” the report stated.
Professional salaries are also overshooting, with average compensation increases of 8.55 percent for IT jobs, 9.82 percent for sales jobs, and 10% for BFSI jobs (banking, financial services and insurance)
Professional incomes are also outpacing inflation, with average compensation increases of 8.55 percent for IT jobs, 9.82 percent for sales jobs, and 10% for BFSI (banking, financial services, and insurance) and healthcare jobs.
Hiring momentum is likely to continue into the fourth quarter (Q4) and calendar year 2022,” according to the research.
“Companies are bullish on hiring this quarter, reversing the previous quarter’s economic slowdown and reverse migration of labour force, which is a favourable trend for the industry,” said Ajoy Thomas, vice-president and business head (retail, e-commerce, logistics, and transportation) at TeamLease.
Associated sectors such as ecommerce and technology startups, FMCG, retail, and logistics have experienced an increase in hiring intent compared to the previous quarter, according to the research, with blue-collar employment intent up by 40% to satisfy sales delivery and warehousing management requirements.
Non-metro cities, Tier II and III cities, and rural communities have higher hiring intentions than metro cities. Tier I cities (metro cities) have also improved significantly from previous quarters.
“Tier II cities showed a 40% increase in intent, while Tier III cities had a 26% increase. Companies in metro centres have a 56 percent intent to hire (greater than the national average of 41 percent), and even rural areas have a 16 percent willingness to hire, according to the data “According to the survey,
