After months of a virtual freeze🚫 on new hirings across the Indian corporate sector, there are signs of a turnaround.
The hiring sentiment, which hit the rock bottom due to the COVID 19 pandemic😷 and the resultant lockdown🔒, is now gaining strength.
This trend has emerged from the leading HR company, Team Lease’s Employment Outlook Report📃 for April – Sept. 2020-21.
The Details
As per Team Lease data, the hiring sentiment🤔 for the current half-year (H1-April-September) has now climbed to 18% from a lowly 11% at the start of Unlock 1.0.
Since businesses are presently in the process of restructuring🔄 and re-alignment, their operations are poised to pick up↗️ only in the forthcoming quarter.
It will then bring a marginal improvement🙂 in the overall employment scenario.
However, most companies are likely to adopt ☝️cost-cutting measures such as hiring temporary staff and employing gig workforce.
Sending positive vibes
Out of the 21 sectors analysed🧐 in Team Lease’s report, all sectors except travel and hospitality are becoming more confident over their hiring intent.
They include Healthcare & Pharmaceuticals (21%), Knowledge Process Outsourcing👨🏻💻 (20%), E-commerce & Tech Startups (19%), Educational Services (17%), Telecom📶 (15%), IT (15%) etc.
Notably, 17 out of the 21 sectors have also seen a significant drop⤵️ in their attrition levels of late.
Region-wise Scenario
The revival of the hiring sentiment is largely driven by large businesses in metro cities🏙️ compared to Tier 2 and Tier 3 cities.
Bangalore [21%], leads this list followed by Delhi [19%], Hyderabad [15%] and Chandigarh [14%].