Jul 21 2020
The sanction to open business operations though in a phased manner seems to be having a positive impact on the hiring sentiment across sector and geographies states TeamLease Employment Outlook Report HY-1(April - September, 2020-21). According to the report, the hiring sentiment which had taken a beating and had sunk by 86% points from the previous half year is showing signs of gradual improvement since unlock 1.0. Until unlock 1.0 the hiring sentiment for the current half year (H1-April-Sept’20) was as low as 11%, however, it has improved to 18%.
According to the report, out of the 21 sectors analyzed barring for travel and hospitality all the other sectors, though in varying degrees are positive about hiring. Some of the sectors who are leading in hiring intent are Healthcare & Pharmaceuticals (21% increase since unlock 1.0), KPO (20% increase since unlock 1.0), Ecommerce & Tech Start-ups (19% increase since unlock 1.0), Educational Services (17% increase since unlock 1.0), Telecommunications (15% increase since unlock 1.0), Information Technology (15% increase since unlock 1.0), Retail (Essential) (14% increase since unlock 1.0), Agriculture & Agrochemicals (13% increase since unlock 1.0), FMCG (12% increase since unlock 1.0) and Power & Energy (10% increase since unlock 1.0). The biggest gainer of this marginal positivity is the blue collar profile. The hiring sentiment for blue-collar profiles has witnessed a 10% growth post re-opening of businesses. Further, as more and more companies are looking for talent who can steer ships out of troubled waters, the demand for senior level is also witnessing a growth in sentiment.
KEY FINDINGS OF THE STUDY
Commenting on the report, Ms. Rituparna Chakraborty, Co-Founder & Executive Vice President, TeamLease Services, said, “Though it’s or more than 4 months since the pandemic hit us, India Inc. is still struggling to come to terms with the new normal, the COVID world. In fact, the pandemic has actually made corporates to re-look, re-structure and re-align their businesses and it is taking a hit on the hiring sentiments. Today, organizations are increasingly becoming conscious of the fixed costs and that is one of the major reasons for the slow uptick in the employment sentiment by the mid and small businesses. Though it may take a quarter or more, these businesses will also definitely pick up bringing about a marginal improvement in the overall employment scenario. Further, we will also see more and more companies adopting newer models of manpower management like temp staffing and gig workforce bringing the optimism back into the job market.”
A detailed drill down on the employment eco-system, as per the report the revival of the sentiment is largely driven by large businesses in metro cities rather than mid and small size business. According to the report, Bangalore with a 13% increase in intent, post the opening of the businesses, seems to be leading in terms of sentiments. The other cities which are positive about hiring are Delhi, Hyderabad, Chandigarh, Mumbai, Kolkata and Pune. However, Kochi and Coimbatore have not been able to recover. Further, a detailed analysis of the on the various aspects governing the manpower management as per the study, 17 out of the 21 sectors reviewed saw a significant drop in their attrition levels.
TeamLease Employment Outlook is a bi- annual report from TeamLease Services. The report analyses functional and environmental aspects across 21 sectors and 14 geographies to provide an in-depth insight into the hiring sentiments. It has surveyed 807 enterprises of various sizes (small, medium and large) in India and 82 employers across the globe to evaluate employment outlook trends.
4Psnews.com is a unique trade media platform that covers the entire marketing landscape across India. It envisions to become an amalgam of knowledge for the entire marketing fraternity.