India Inc hiring plans at two-year high in Q1: report

Mumbai: Businesses in India continue to consolidate their hiring plans even if they keep a close eye on developments around them Russia-Ukraine War and its effect on inflation and rising input costs. The latest Teamlease Employment Outlook Report, shared exclusively with ET, shows that companies’ hiring plans in India are at a two-year high from April to June, the highest since the pandemic began.

The survey, which included over 800 small, medium and large companies in 21 industries and 14 cities, shows that 54% of companies showed intention to hire white-collar and manual workers in the April-June quarter, up from 18% in the quarterly quarter June and September 2020 and 34% in the first quarter of 2021.

Sectors with the strongest growth in hiring intent include information technology (95% of companies plan to hire), education services (86%), startups and e-commerce (81%), healthcare and pharmaceuticals (78%), telecoms (75th %) and FMCG (68%), retail (67%), financial services (59%), manufacturing (50%) and power & energy (49%).

'India Inc Hiring Plans at Two-Year High in Q1'

“There is a sign of optimism everywhere as people return to the office, businesses are back on track, consumption is picking up and life is returning to normal. Most companies have strong confidence in their ability to deal with future waves of the pandemic. This sentiment is reflected in the increase in hiring intent,” said Rituparna Chakraborty, executive vice president, Teamlease Services.

The data shows a significant increase in hiring plans by companies in major cities and Tier 1 cities, with 83% of surveyed companies planning to hire in the first quarter as restrictions are lifted and services and other business activities open up.

Bangalore and Chennai are among the top cities with 91% and 78% respectively of companies in those cities hiring in the first quarter, followed by Mumbai and Delhi.

The hiring bullishness comes as India’s headline unemployment rate fell to 7.6% in March from 8.1% in February, according to data from the Center for Monitoring Indian Economy (CMIE). Although the number of unemployed remains high, the decline in the overall unemployment rate is an indicator that the economy is on the way to recovery. India Inc hiring plans at two-year high in Q1: report

Dais Johnston

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