The latest "Employment Outlook Report" by staffing firm TeamLease reveals that companies in India's services sector have a resolute hiring sentiment, even amidst global macroeconomic challenges and concerns about recession in advanced economies. The analysis
of hiring trends across industries, functions, and regions indicates that India is leading with the highest hiring intent, with about 77% of the employers surveyed keen to increase their resource pool in the services sector. Compared to 73% in Q3, the plan
to hire has risen by 27% compared to Q4 2021.
For candidates looking for job opportunities in the services segment, some critical sectors leading the hiring spree are e-commerce, telecommunications, educational services, financial services, retail, and logistics. The report contains feedback from 573 businesses
of various sizes across 14 service industries in India.
Across services and manufacturing sectors, an average of 68% of employers have expressed robust hiring sentiment, up from 65% in Q3. Q4 is projecting a solid outlook, especially for fresh graduates and entry-level employees, with 79% of employers willing to
hire from this cohort. Opportunities for mid-level (50%) and senior-level (32%) employees are also balanced. Regarding business size, large enterprises (82%), followed by small (61%) and medium (50%), indicate robust employment progression.
The services sector in Metro and Tier-1 cities has a strong % hiring intent at 99%, with telecom and financial services industries thriving in cities such as Bangalore, Chennai, Delhi, Hyderabad, and Mumbai. Tier-3 towns have also increased slightly from 47%
to 49%, while rural areas have experienced a slight decline of 1% to 25%.
After looking at the attrition trend, the services sector sees a significantly low talent retention rate despite advancements in information technology, educational services, e-commerce & allied start-ups, knowledge process outsourcing, and telecommunications.
However, with the 5G rollout, employers are already upskilling their current workforce for the upcoming 5G services. According to Ajoy Thomas, Vice President and Business Head (Retail, E-Commerce, Logistics, and Transportation) of TeamLease Services, this
is a massive step towards lowering the current attrition trend.