As per the report, around 57 percent of industries are projected to witness an increase in their net employment outlook
India is expected to add 11.5 lakh jobs in the April to September period next year, according to a report by staffing firm TeamLease Services.
As per the report, around 57 percent of industries are projected to witness an increase in their net employment outlook. Travel and hospitality and BPO/ITeS, with a four percent rise, are the leading industries that will lead this optimism.
The positive outlook in the job market is attributed to increase in capex investments, revised foreign direct investment (FDI) regulations and new governance policies across sectors.
The report analyses functional and environmental aspects across 19 sectors and 14 geographies to provide an in-depth insight into hiring sentiment. It surveyed 775 enterprises in India and 85 employers across the globe to evaluate employment outlook trends. About 11 out of the 19 sectors surveyed project an increase in net employment outlook, while eight sectors anticipate a decrease in outlook.
A key contributor to the positive employment outlook has been Tier-2 geographies, which apprehend a monumental five percent increase in hiring sentiment, followed by Tier-3 towns and rural areas, where hiring in projected to increase by two percent each.
The outlook for mid-levels employees is set to grow by four percent and that for entry and junior levels by three percent each.
Analysing hiring sentiment across business sizes, the report estimates a five percent jump in hiring across medium-sized businesses. Large and small enterprises are also expected to report a growth of two percent and a percent, respectively.
City-wise, the net employment outlook is mixed, with seven out of the 14 cities covered in the audit indicating negative sentiment. While employment remains buoyant in Pune, Coimbatore and Indore, Kochi, Gurugram and Hyderabad are seeing a slowdown in the growth momentum.
Rituparna Chakraborty, Co-Founder & Executive Vice President, TeamLease Services, said, “The positive business outlook created by the stock market rally and increased investments by companies seems to be having a corresponding impact on the employment outlook. It has revived the net employment outlook, which saw a two percent dip in H2 FY19 and then a three percent rise in H1 FY20."
She added that retail, logistic, educational services, FMCG and durables alone will add around 1.66 lakh, 1.49 lakh, 1.17 lakh and 1.10 lakh jobs, respectively. Chakraborty added that while talent from across all levels stands to gain from this optimism, the biggest gainer will be freshers.
Source: TeamLease Services
The report also analysed attrition trends. Of the 19 sectors surveyed, attrition has significantly dropped in five sectors (construction and real estate, IT, KPO, telecommunication and travel/hospitality) in the April-September period as compared to the October-March period last fiscal. Attrition in some sectors remained stagnant, but increased in five sectors: agriculture and agrochemicals, educational services, FMCG, financial services and retail.
