Companies bullish on their hiring plans this quarter, says report
Companies are bullish on their hiring plans this quarter on the back of easing of the pandemic-related restrictions and consequent e-commerce and retail sector performance, according to a report.
According to TeamLease Services’ Q3 hiring intent trends based on its platform data, the hiring intent for the October-December 2021 quarter stood at 41 per cent, a 3 percentage point gain over the July-September 2021 quarter.
Although the corporate workforce demand has not 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 report said.
“The workforce number is expected to expand by 430 million approximately by December 2021,” the report noted.
Even the salaries of professionals are overshooting, with average salary growth being 8.55 per cent for IT profiles, 9.82 per cent for sales profiles, and 10 per cent for BFSI (banking, financial services and insurance) and healthcare profiles.
“The hiring momentum is expected to sustain itself moving into the next quarter (Q4) and calendar year 2022,” the report 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,” Ajoy Thomas, vice-president and business head (retail, e-commerce, logistics and transportation) at TeamLease, said.
Associated sectors like e-commerce and technology start-ups, FMCG, retail and logistics have shown an uptick as compared to last quarter, the report said adding that blue-collar hiring intent has seen an upsurge of 40 per cent to meet sales delivery and warehousing management expectations.
Due to businesses re-pivoting and refocusing their strategies to better meet customer and market wants, the workforce requirement is slated to increase with Bengaluru, Delhi and Hyderabad leading the charts, the report said.
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 per cent intent growth, tier-3 saw a growth of 26 per cent. The indications for talent acquisition intent for companies in metro cities stand at 56 per cent (higher than the national average of 41 per cent) and even rural areas numbers are showing a 16 per cent intent to hire,” the report said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
