Eye on pre-Covid levels, Q2 hiring intent up 7 ppt, says report

Bangalore leads among the cities with the highest intent to hire at 95 per cent followed by Chennai (87 per cent), Mumbai (83 per cent).

The data was collected by the TeamLease’s latest ‘Employment Outlook Report’. (Representational/File)

The ‘intent to hire’ of companies increased by 7 percentage points in July-September from the previous quarter, helped by government stimulus measures, as per TeamLease’s latest ‘Employment Outlook Report’.

“A Rs 2.65 lakh crore stimulus package by the Government of India to generate job opportunities and provide liquidity support to Tourism, Aviation, Construction and Housing is aimed at getting these sectors back to their pre-pandemic levels of revenue and job creation. On the back of these developments the Intent to Hire showed a substantial increase of 7% for the forthcoming quarter from the previous quarter – an increase from 54% to 61%. Overall the trends indicate that an increase in hiring intent is imminent and the next few quarters could very well see the Intent to Hire cross the 70% mark,” it said.

The recovery in India’s GDP growth for FY 2021-22 to 8.7 per cent after contraction of 6.6 per cent during the previous fiscal along with a slew of public investments in the PLI schemes in solar cell manufacturing and in bulk drugs for instance is likely to provide a fillip to job creation in the coming quarter, it said.

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IT, education services, e-commerce, healthcare & pharmaceuticals and telecommunications are the top sectors with high intent to hire. Metro and Tier-1 cities lead the hiring spree with the highest Intent to hire of 89 per cent, an increase of 6 per cent from the last quarter, it said.

Bangalore leads among the cities with the highest intent to hire at 95 per cent followed by Chennai (87 per cent), Mumbai (83 per cent). The hiring intent for Junior level roles saw a sharp rise to 61 per cent, an increase of 10 per cent from the last quarter, with notable double-digit attrition in the IT, educational services and healthcare and pharmaceutical sectors.