India’s hiring intent rises in Q4 led by positive sentiment in ecommerce, telecom and educational services industries
- India Inc.’s hiring intent has seen an increase heading into the new year, rising to 68% in Q4 from 65% in Q3.
- The ecommerce industry has emerged on top in terms of hiring intent at 98%, followed by IT, telecom and educational services.
- Metro cities have the highest hiring intent, led by Bengaluru at 97%, while rural areas have the lowest hiring intent at 25%.
AdvertisementIndia Inc.’s hiring intent has seen an increase heading into the new year, with industries like ecommerce, telecom and educational services leading the demand for increasing their employee base, according to the “Employment Outlook Report” for Q4 FY23 by staffing firm TeamLease.
Intent to hire refers to the percentage of employers who are likely to hire employees during the quarter.
Overall, across services and manufacturing sectors, an average of 68% employers have expressed a strong hiring sentiment going into Q4, up from 65% in Q3.
Leading the charge is the services sector, though, with 77% of the employers in this sector stating that they want to increase their workforce in Q4, up from 73% in the previous quarter. In comparison to Q4 FY21, the hiring intent in this sector has increased by 27%.
“The ongoing global turmoil with mass layoffs, hiring freeze, and impending recession has significantly affected the services sector globally, especially the IT industry. However, the sentiment in India continues to be on an upward trajectory, with 77% employers indicating a higher hiring outlook,” said Mayur Taday, chief business officer, TeamLease Services.
Ecommerce, IT, telecom and educational services companies have the highest hiring intent
The 5G rollout has also led to a 65% increase in demand for 5G technology-based roles in this quarter, according to the staffing firm. The hiring intent for these jobs has increased to 94% in Q4, from 90% in Q3.
“The rollout of the 5G services is expected to bring a boost in the employment of the country. It is expected to create jobs in this quarter and an overall ₹3 lakh crore in investments,” the report said.
It’s not just the 5G-specific jobs which are seeing an increase in opportunities – companies upskilling their employees for 5G services has also resulted in an increase in demand for educational, financial and knowledge outsourcing services. Firms engaged in these services, in turn, want to hire more employees to fulfil the increase in demand.
|Industry||Hiring intent in Q4 FY23|
Source: TeamLease Services
The IT sector continues to be amongst the top when it comes to demand for employees, even as the attrition rates in the sector remain the highest in India at 27.19% in Q3.
In terms of business sizes, large businesses have the highest hiring intent at 82%, followed by small businesses at 61% and medium businesses at 50%.
Entry-level and fresher jobs have the most hiring opportunities, at 79%, with the hiring intent declining as the seniority increases. However, even for mid-level and senior-level roles, the intent is stable at 50% and 32% respectively.
Metro cities dominate in hiring intent, Bengaluru on top
Unsurprisingly, metro cities dominate in terms of hiring intent, with Bengaluru, India’s IT hub, at the top of the pile at 97%.
Chennai comes in next at 94%, Delhi at 90%, Hyderabad at 86%, and Mumbai at 85%. Overall, Metro and Tier-I cities have an average hiring intent of 99%, according to the report, while rural areas have the lowest intent at 25%.
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