India’s services sector is on a hiring spree, 73 percent of employers are open to expanding their wo
TeamLease Services, a conglomerate revolutionizing employment, employability, and ease of doing business in India, has today launched its “Employment Outlook Report” for Q3 (October to December 2022) for the services sector. According to the report findings, the optimism in the services sector continues as 73% of employers are ardent to increase their resource pool in this quarter.
For candidates, aspiring to secure opportunities in the services segment, the key sectors expressing a higher intent to hire are Information Technology (96%), Educational Services (95%), E-commerce & Allied Start-ups (92%), Telecommunications (90%), Retail [Essential] (79%), Financial Services (78%), and Logistics (75%). As the demand for services has increased post the pandemic; large firms (79%), medium-sized firms (45%), and small firms (57%) have all mustered a strong hiring intent.
Organizations are largely hiring for IT, Sales, and Engineering roles. Sharing his views about the industry and the report’s findings, Mr. Mayur Taday, Chief of Business Officer, TeamLease Services, said, “The resurgence in the services sector post-COVID has been strong. Companies have shown a lot of optimism to increase their workforce. The festive quarter has brought positive tidings, especially for freshers and entry-level talent. Close to 74% of employers are enthusiastic to hire young talent, and 69% to hire junior talent. For mid and senior-level talent, hiring intent stood at a moderate 48% and 34% respectively”.
“The positive synergy across these sectors is primarily driven by the ongoing festive season (eCommerce, retail, and logistics), roll out of 5G technology (telecom and IT), and the shift to digital learning (start-ups and educational services)”, added Mr. Ajoy Thomas, Vice President, and Business Head (Retail, E-Commerce, Logistics, and Transportation), TeamLease Services. From a location perspective; Metro & Tier-1 cities (95%) followed by Tier II (75%) lead in hiring intent. However, Tier III and rural geographies still stand low on hiring intent indicating the trickle-down effect of post-pandemic services job creation is yet to gain significant traction. The locations for services-focused job roles are Bangalore (97%), Chennai (90%), Delhi (86%), Hyderabad (82%), Mumbai (79%), Pune (69%), and Kolkata (55%). For the IT industry, the top location continues to be Bangalore, and Mumbai for Financial Services and Telecommunication in Delhi.
Further, according to the report, attrition stayed under control in the sector. In the previous Q2 quarter, IT faced the highest level of attrition (25.23%), followed by Educational Services (15.24%) and Ecommerce & Allied Start-ups (14.02%).
The TeamLease Employment Outlook Report is a forward-looking tool, which has surveyed 579 service companies across 14 cities in India. The Intent to Hire indicator is particularly adapted to capture both moderate and significant changes in hiring sentiment as companies. The metric enables us to accurately record the environment during a certain quarter and contrast it with the environment from the preceding quarter.
About TeamLease Services Pvt. Ltd.
TeamLease Services is one of India’s leading people supply chain 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 20 lakhs+ people over the last 20 years. One of India’s fastest-growing employers, TeamLease also operates India’s first NAAC Accredited Skill University and India’s fastest-growing PPP Degree Apprenticeship Program. The Company offers solutions to large, medium, and small clients across the 3Es of Employment (over 2.9 lakhs associates/trainees), Employability (over 5 lakhs students), and Ease-of-doing Business (over 1000 employers). In FY2015, TeamLease rolled out DA (Degree Apprenticeship) to provide on-the-job training to apprentices.