Mumbai, 03rd November, 2022: TeamLease Services, a conglomerate revolutionizing employment, employability and ease of doing business in India, has today launched their “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%), Ecommerce & 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.
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Sharing his views about the industry and the report’s findings, Mr Mayur Taday, Chief 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, 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 services 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 to accurately record the environment during a certain quarter and contrast it with the environment from the preceding quarter.
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