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Hiring Will Rise In Q4 If No Harsh Restrictions Imposed: Report

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 up to 9% point in the current quarter (January- March 2022)

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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 up to 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's more, out of the 21 sectors reviewed around 7 can record 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 that 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.

Key findings 
Trend in India- A stable, although slightly lower GDP forecast (8.5%) for 2022 has spread considerable optimism across sectors. The increased hiring intent comes on the back of a k-shaped recovery (different sectors recovering at significantly different rates) and the formal economy delivering on increased demand An unprecedented churn in the technology sector (particularly in the IT and Knowledge Services sector, and to some extent in Ecommerce & Technology Start-ups) even while global demand for technology services from India surges sends hiring intent soaring for these sectors. Continued health of high frequency indicators, and the credit growth turning positive in case of large businesses rising exports also contribute to the growth in overall hiring intent.  Trend by Sector •    Sectors with High Intent to Hire: Information Technology (+89%), Educational Services Sectors (+80%), Healthcare & Pharmaceuticals (+71%), Ecommerce & Technology Start-ups (+69%) •    Sectors with Moderate Intent to Hire: Logistics (+54%), Manufacturing, Engineering & Infrastructure (+46%) Financial Services (+46%) 
Trend by city •    Cities with High intent to hire: Bangalore (+88%), Chennai (+71%), Delhi (+65%) •    Cities with Moderate intent to hire: Ahmedabad (+48%), Chandigarh (+46%), Gurgaon (+43%) 
Trend by geography: Metro (+73%) TIER-1 (+73%) TIER-2 (+48%) TIER-3 (+30%) 
Trend by Business Size: Large (+62%), Small (+35%), Medium (+32%) 
Trend by Function: Sales (+71%), Information Technology (+61%), Blue Collar (+46%), Marketing (+45%), Engineering (+47%), Office Services (+25%) Human Resources (+19%) 
Attrition Trend: •    Double digit attrition rates: Information Technology (+17.81%), Retail [Essential] (+5.11%), FMCG (+ 4.17%) Retail [Non-Essential] (+3.71%) Manufacturing, Engineering & Infrastructure (+3.11%) •    Sectors with the highest increase in attrition rates: Knowledge Process Outsourcing (+8.97%), E-Commerce & Technology Start-ups ( +8.11%)

  



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