A comprehensive analysis of the hiring trends across industries, functions, and regions, the report indicates that India is leading with the highest hiring intent despite the ongoing global inflation. Close to 77% of employers (as compared to 73% in Q3) are keen to increase their resource pool in the services sector. However, in comparison to Q4 2021, intent to hire has risen by 27%. Overall, across services and manufacturing sectors, an average of 68% of employers (65% in Q3) have expressed a strong hiring sentiment.
According to the report findings, Q4 is projecting a strong outlook, especially for fresh graduates and entry-level employees, with 79% of employers (74% in Q3) willing to hire from this cohort. Opportunities for mid-level (50%) and senior level (32%) are also performing balanced. From a business size perspective, large enterprises (82%), followed by small (61%) and medium (50%) are all indicating robust employment progression.
For candidates who are looking to secure job opportunities in the services segment, some of the key sectors leading the hiring spree are Ecommerce (98%), Telecommunications (94%), Educational services (93%), Financial Services (88%), Retail (85%) and Logistics (81%).
The 8.7% GDP in FY 2021-22, and a surplus of public investment schemes, are projected to further stimulate employment growth. In addition, the Government of India’s INR 6 lakh crore asset monetization strategy over the four years till 2025, followed by revisions in FDI laws in the defense and telecom sectors, would have a greater influence on employment for the fourth quarter.
Looking at the attrition trend, the services sector is seeing a significantly low talent retention rate despite the advancements in Information Technology (27.19%), Educational Services (18.02%), E-commerce & Allied Start-ups (15.13%), Knowledge Process Outsourcing (13.79%) and Telecommunications (12.05%).
“With the 5G rollout, employers are already upskilling their current workforce for the upcoming 5G services. The upside of this activity has positively impacted educational, financial, and knowledge outsourcing services. This is a huge step towards lowering the current attrition trend