Hiring intent can rise 9 percentage points in Q4FY22 if no curbs: TeamLease

If harsh restrictions are not imposed on the business operations the intent to hire can rise upto 9 percentage points in the current quarter (January-March, 2022), the highest ever growth to be registered in the intent to hire since the outbreak of COVID, said the latest ‘Employment Outlook Report’ for the period January- March 2022 from TeamLease.

Moreover, out of the 21 sectors reviewed, around 7 can record a growth of more than 10 percentage points 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, said the report.

Dwelling deep into the sectors, with 89 per cent of the corporates (+20 per cent point over Oct-Dec, 2021) expressing interest to hire, Information Technology is leading the pack. This is the fourth 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 per cent of the employers), Healthcare & Pharmaceuticals (71 per cent of the employers) and Ecommerce & Technology Start-ups (69 per cent of the employers). From a city perspective, Bangalore is at the pole position. 88 per cent 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 per cent 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.

“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 per cent - 11 more sectors compared to the previous quarter – indicating the employment scenario is on recovery mode across sectors,” said Rituparna Chakraborty, co-founder & executive vice president, TeamLease Services.

According to the findings of the report, the focus on hiring freshers seems to have tapered 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 per cent of the employers (+12 per cent growth over previous quarter) are looking to hire junior talent. Further, from a function point of view, Sales (71 per cent) and IT (61 per cent) continue to rule the functions which are in demand.

According to the report there is a sharp rise in attrition across all sectors compared to previous quarters. Four sectors with 8 per cent+ 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.