India Inc on gradual recovery path, most sectors intend to ramp up hiring: Report
Easing of lockdown restrictions and the resultant opening up of economy is having a positive impact on employment as the overall 'Intent to Hire' metric of companies is set to witness a noticeable 3 percent increase in the current quarter, says a report.
According to the TeamLease Employment Outlook Report for Q3, while large and medium-size businesses continue to lead in the overall intent to hire, it is the small size businesses (SMEs) that have recorded a significant growth in the current quarter (October-December 2020).The survey covered 137 small, medium and large companies across 21 sectors across India.
Moreover, a comprehensive study analysing hiring intent across different sectors, cities, and hierarchies noted that the overall intent to hire seems to be moving in upward direction. The intent to hire has registered a three percent jump, it said."India Inc is on a gradual recovery path. Though we are yet to reach the pre-COVID levels, the economy is rebounding and this cautious optimism is reflecting in the hiring scenario as well," said TeamLease Services Co-founder and Executive Vice President Rituparna Chakraborty.
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"Most of the sectors intend to ramp up their hiring. While signs are encouraging, still too early to predict how Q4 shall pan out given traditionally it is a tepid hiring quarter," Chakraborty added.
As per the report, metros and Tier I cities are likely to benefit significantly from the unlock initiatives, with a 5 percent increase in intent to hire.The intent to hire by small business as well as educational services sector has improved by 6 percent and 7 percent from April-September 2020, respectively, it said.
All the 21 sectors which were reviewed indicated a positive hiring intent of varying magnitudes, indicating a recovery in employment scenario.
Some of the sectors that are leading in terms of intent to hire are healthcare and pharmaceuticals, educational services, ecommerce and technology startups, and Knowledge Process Outsourcing (KPOs), the report said.
The intent to hire across hierarchies is also on a positive growth trajectory. More than 30 percent of respondents indicated intent to hire talent at senior levels.
Respondents are also keen on ramping up their mid-level (20 percent) and junior-level (18 percent) talent.
The biggest growth in hiring intent has been in the entry level. Though only 14 percent of the respondents have indicated intent to hire entry-level talent, the section has registered an 8 percent growth from April-September 2020 period, it said.
Edited by Megha ReddyPress Trust of India