● Despite the downturn, sales and IT roles increase in average salary growth every quarter (average salary growth for IT profiles: 8.55% and for sales profiles: 9.82%)
● Projected intent to hire at 41%, workforce likely to expand to 430 million by Dec
● Blue-collar hiring in huge demand to meet increased sales and delivery expectations and warehousing for streamlined supply chain management for eCommerce and retail
● Hyderabad, Pune, and Chandigarh are top non-metro cities to hire in Q3. Tier-2 cities show 41% intent to hire followed by Tier-3 cities at 26%
New Delhi, 30th Nov 2021: Riding high on the wave of pandemic-restrictions lifting off and consequent eCommerce and retail sectors performance, hiring intent has touched its zenith mark in quarter 3 of 2021 (Oct-Dec) with 41%, a 3% gain over Jul-Sep quarter (Q2).
The findings from the TeamLease Services platform reflect the positive economic sentiment and consumer confidence while also corroborating India Inc’s pent-up talent acquisition requirements. Although the corporate workforce demand hasn’t touched the pre-pandemic mark, the continuous quarter-on-quarter increase in hiring intent, as mapped by TeamLease Services, points to significant business realignment to adjust to digital transformation needs. The workforce number is expected to expand by 430 million approximately by Dec 2021.
Increasing customer convenience with digital means and consequent acceleration of eCommerce and social commerce to override lockdown-related social distancing protocols has pushed the need for startups in the space as well as the blue-collar workers. Associated sectors like eCommerce and technology startups (57%), FMCG (59%), retail (51%), and logistics (47%) have shown an uptick as compared to last quarter with the intent being at 53%, 51%, 48%, and 44% respectively. Blue-collar hiring intent has seen an upsurge of 40% to meet sales delivery and warehousing management expectations. The IT sector has seen the maximum intent amongst business leaders to hire in with 69% of companies confirming it; this is despite the current widely recognized attrition level in the IT sector (8.67%). Other sectors with high intent to acquire fresh talent are educational services (64%), healthcare and pharma (61%), and manufacturing, engineering, and infrastructure (39%).
The pre-COVID-19 hiring intent (H2 19) for various sectors with their respective hiring intent shown by companies were retail (96%), KPO (96%), healthcare and pharma (95%), IT (94%), BFSI (92%), and eCommerce and technology startups (90%).
Speaking on the new recruitment trends, Ajoy Thomas, VP & Business Head, Retail, E-Commerce, Logistics & Transportation (RELT) vertical at TeamLease said, “Overturning the past quarters’ economic downturn and reverse migration of labour force, companies are bullish on hiring this quarter, which is a positive trend for the industry. India is growing at an 8% GDP rate owing to the rapid inoculation rate. Not to mention, precedents like fewer supply chain disruptions and festive season-led eCommerce sector growth are crucial reasons behind corporate recruitment appetite.”
Due to businesses repivoting and refocusing their strategies to better meet customer and market wants, the workforce requirement is slated to increase with Bangalore (67%), Delhi (59%), and Hyderabad (53%) leading the charts as opposed to 60%, 51%, and 41% companies intending to hire last quarter respectively. Other non-metro cities like Pune and Chandigarh are also expecting huge talent demand with hiring intent uptick by 46% and 43% respectively.
The hiring intent of non-metro cities, Tier 2 and 3 cities and rural areas viz-a-viz Tier 1 cities (Metro cities) has also seen marked improvement from last quarters. While Tier 2 cities witnessed a 40% intent growth, Tier 3 saw a growth of 26%. The indications for talent acquisition intent for companies in metro cities stand at 56% (higher than the national average of 41%) and even rural areas numbers are showing a 16% intent to hire.
The findings from TeamLease Services also highlight the roles that will be popular with the Indian corporate world with hiring intent for different profiles being- sales (58%), IT (43%), marketing (40%), and engineering (37%). Even the salaries of professionals are overshooting with average salary growth being 8.55% for IT profiles, 9.82% for sales profiles, and 10% for BFSI and healthcare profiles. The hiring momentum is expected to sustain itself moving into the next quarter (Q4) and calendar year 2022.
About TeamLease Services
TeamLease Services is one of India’s leading human resource companies offering a range of solutions to 3500+ employers for their hiring, productivity and scale challenges. A Fortune India 500 company listed on the NSE & BSE, Teamlease has hired more than 18 lac people over the last 2 decades and has 2 lac+ open jobs every day.