With most of the sectors and establishments getting back on their feet, the intent to hire also seems to regaining its lost ground states TeamLease Employment Outlook Report- January – March 2021. According to the report, junior level talent is likely to be the most sought after resource this quarter.
While the hiring intent for entry, mid and senior has risen by 2% point, 4% point and 2% point respectively, the intent to hire junior talent has increased by 7% point indicating ache din for talent with a work experience of 2 to 5 years.
In fact, the positivity is not constrained to hierarchy rather it is visible across industries, cities and even job roles, however it will be cautious optimism. As per the report, the intent to hire has registered a 6% point increase in the period January to March 2021 compared to the previous quarter. The positivity in the job market is attributed to business recovery, strong FDI inflows as well as the thrust from the government towards creating a positive regulatory eco-system.
From sector point of view, out of the 21 sectors that have been reviewed Healthcare & Pharmaceuticals, Educational Services, E-commerce and Technology Startups, Information Technology Fast Moving Consumer Goods, Knowledge Process Outsourcing and Telecommunications seems to be taking the lead in terms of intent to augment manpower.
Similarly, in geographies the optimism is much more evident in the Metros and Tier-1 cities. Dwelling deep into the geography, Bangalore and Delhi with a 10% point increase each are the leaders in terms of cities.
KEY FINDINGS OF THE STUDY
· Global trends– Factors such as apprehensions about a second COVID wave, labour exit from the workforce and continued stringency of lockdowns are likely to depress global labour markets during Q4, 2020-21.
o Gain in intent to hire:
§ APAC – [16%]
o Drop in intent to hire:
§ Middle East – [9%]
§ Africa & Europe – [8%]
§ Americas – [7%]
· India Trends –Indian employers display healthy hiring intent of 27% – up 6% from the previous quarter -a balance tempering optimism with caution. And the various sectors respond with measured positivity.
· Sector Trends –
o High intent to hire Sectors
Healthcare & Pharmaceuticals – 47%
Educational Services- 43%
Ecommerce & Technology Start-ups- 41%
Information Technology- 39%
Fast Moving Consumer Goods- 37%
Knowledge Process Outsourcing- 37%
Logistics-29% Retail [Essential]- 28%
Power & Energy- 28% Agriculture & Agrochemicals- 31%
o Moderate intent to hire Sectors:
o Financial Services- 26%
o Fast Moving Consumer Durables- 26%
o BPO / ITeS- 24%
· City Trends –
o High intent to hire Cities:
High intent to hire Cities:
o Moderate intent to hire Cities:
· Geographical Trends –
o Intent to Hire
Metros and Tier-1 [32%]
· Hierarchical Trends –
o Intent to Hire:
· Business Size Trends
o Intent to Hire:
· Functional Area Trends –
o Intent to Hire:
Information Technology [24%]
Office Services [19%]
Human Resources [11%]
Blue Collar [40%]
· Attrition Trends
o Biggest gainers of the downward trend
Financial Services [2.24%]
Manufacturing, Engineering & Infrastructure [1.17%]
Retail [Essential] [2.50%] Retail [Non-essential] [2.29%]
Construction & Real Estate [1.46%]
Travel & Hospitality [1.26%]
Commenting on the report, Ms. Rituparna Chakraborty, Co-Founder & Executive Vice President, TeamLease Services, said, “The resilience of India Inc coupled with movement in the discovery of the vaccine seems to be having a positive impact on the intent to hire. In fact, majority of the sectors have indicated an intent to invest in manpower acquisition indicating buoyancy back. While signs are encouraging, still too early to predict how much more time will it take to return to the pre-covid levels.”
Further, an in-depth report covering even job roles as per the report, the Sales Function seems to be coming up to speed during Q4. In fact, it is giving a run to blue collar profiles who were leading since the onset of the pandemic and even previously.
While the hiring intent of blue collar profile has registered a 5% point increase the intent to hire talent in Sales Function has clocked a 9% point rise compared to the previous quarter.
The TeamLease Employment Outlook Report is a forward looking study reflecting the hiring sentiment across 14 cities and 21 sectors like Educational Services, Information Technology, Healthcare & Pharmaceuticals, Ecommerce & Technology Start-ups, Financial Services, Manufacturing, Engineering & Infrastructure, Knowledge Process Outsourcing, BPO / ITeS, Telecommunications, Fast Moving Consumer Goods, Retail (essential), Logistics, Agriculture & Agrochemicals, Power & Energy, Construction & Real Estate, Retail [Non-Essential], Consulting, Marketing & Advertising, Fast Moving Consumer Durables, Media & Entertainment.