Hiring plans of India Inc at a two-year high in Q1: Report

Hiring plans of India Inc at a two-year high in Q1: Report

Mumbai: Companies in India continue to firm up their hiring plans even while they keep a close watch on the developments surrounding the Russia-Ukraine war and its impact on inflation and rising input costs. The latest Teamlease Employment Outlook Report, shared exclusively with ET, shows that recruitment plans of companies in India is at a two-year high in April-June, the highest since the start of pandemic.
The survey, which covered over 800 small, medium and large companies across 21 sectors and 14 cities, shows that 54% of companies showed intent to hire for white-collar and blue-collar roles in the April-June quarter, up from 18% during the June and September quarters of 2020 and 34% in Q1 of 2021.

Sectors showing the highest growth in hiring intent include information technology (95% companies planning to hire), educational services (86%), startups and ecommerce (81%), healthcare and pharmaceutical (78%), telecom (75%), FMCG (68%), essential retail (67%), financial services (59%), manufacturing (50%) and power and energy (49%).

“There is a sign of optimism everywhere with people coming back to offices, businesses back on track, increase in consumption and life getting back to normal. Most companies have strong confidence in their ability to deal with future waves of the pandemic. This sentiment reflects in the increase in intent to hire,” said Rituparna Chakraborty, executive vice-president, Teamlease Services.
The data shows a significant increase in hiring plans of companies in metro and tier-1 cities with 83% of the companies surveyed planning to hire in Q1 amid removal of restrictions and opening up of services and other business activities.

Bangalore and Chennai are among the top cities with 91% and 78% companies, respectively, in these cities looking to hire in Q1, followed by Mumbai and Delhi.

The hiring optimization comes at a time when the overall unemployment rate in India fell to 7.6% in March from 8.1% in February, according to data from Center for Monitoring Indian Economy (CMIE). Though the jobless number still remains high, the decrease in the rate of overall unemployment is an indicator that the economy is on the path to recovery.

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