Hiring Intent For Non-White Collar Jobs Surges: TeamLease
More opportunities await for entry-level and mid-level employees, as per TeamLease Services.
Despite the ongoing global turmoil, hiring intent in India has steadily increased over the past year, according to a report by TeamLease Services.
"Hiring intentions in the first quarter of FY23-24 are 10% higher than the same quarter of the previous year," TeamLease said in its "Employment Outlook Report" on the services and manufacturing sectors.
The first quarter is projecting a strong outlook, especially for entry-level and junior-level employees, in both the service (73% and 71%) and manufacturing (49% and 55%) sectors, the report said.
The demand for skilled workers in services and manufacturing has increased to 3% and 2% in Q1 of FY 2023–24, respectively, it said.
Key Industries Within Services And Manufacturing
Some of the key industries leading the hiring spree in services are telecommunications (96%), financial services (93%), e-commerce and allied startups (89%), retail (87%) and education services (83%).
Whereas, in the manufacturing sector, some of the prominent industries are healthcare and pharmaceuticals (91%), FMCG (89%), as well as electric vehicles and infrastructure (73%).
In the metro and tier-1 cities, the hiring intent for services is at 91%, and for the manufacturing sector, it is at 85%.
Financial services, telecommunications, information technology and manufacturing, engineering and infrastructure, FMCG, healthcare and pharmaceutical are some key sectors with vigorous hiring under manufacturing.
On the other hand, rural hiring intentions are the lowest across all geographies and sectors, as per the findings of the report.
Retention Rate:
The services industry is seeing a low talent retention rate of 11% in growth businesses and 15% in mature businesses.
Whereas the manufacturing industry is observing a positive increment across segments like textile (2.23%), power and energy (6.47%), and manufacturing, engineering and infrastructure (8.14%), according to the report.