Companies bullish on their hiring plans this quarter: Report

Companies are bullish on their hiring plans this quarter on the back of easing of the pandemic-related restrictions and consequent ecommerce and retail sector performance, according to a report.

According to TeamLease Services' Q3 hiring intent trends based on its platform data, the hiring intent for the October-December 2021 quarter stood at 41 percent, a 3 percentage point gain over the July-September 2021 quarter.

Although the corporate workforce demand has not touched the pre-pandemic mark, the continuous quarter-on-quarter increase in hiring intent, as mapped by TeamLease Services, points to significant business realignment to adjust to digital transformation needs, the report said.

"The workforce number is expected to expand by 430 million approximately by December 2021," the report noted.

Even the salaries of professionals are overshooting, with average salary growth being 8.55 percent for IT profiles, 9.82 percent for sales profiles, and 10 percent for BFSI (banking, financial services and insurance) and healthcare profiles.

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"The hiring momentum is expected to sustain itself moving into the next quarter (Q4) and calendar year 2022," the report said.

"Overturning the past quarters' economic downturn and reverse migration of labour force, companies are bullish on hiring this quarter, which is a positive trend for the industry," Ajoy Thomas, vice-president and business head (retail, e-commerce, logistics and transportation) at TeamLease, said.

Associated sectors like ecommerce and technology startups, FMCG, retail and logistics have shown an uptick as compared to last quarter, the report said adding that blue-collar hiring intent has seen an upsurge of 40 percent to meet sales delivery and warehousing management expectations.

Due to businesses re-pivoting and refocusing their strategies to better meet customer and market wants, the workforce requirement is slated to increase with Bengaluru, Delhi and Hyderabad leading the charts, the report said.

The hiring intent of non-metro cities, Tier II and III cities and rural areas viz-a-viz Tier I cities (metro cities) has also seen marked improvement from last quarters.

"While Tier II cities witnessed a 40 percent intent growth, Tier III saw a growth of 26 percent. The indications for talent acquisition intent for companies in metro cities stand at 56 percent (higher than the national average of 41 percent) and even rural areas numbers are showing a 16 percent intent to hire," the report said.