Hiring sentiment for services sector stands strong for Q4: Report

The TeamLease Employment Outlook Report for services sector is based on survey of 573 small, medium and large companies across the 14 service industries across India.

Hiring sentiment for the services sector in India stands strong for the fourth quarter of this financial year as 77 percent of the employers interviewed said they are keen to hire, according to a report.

This compares with 73 percent in the previous quarter who said they were keen to increase their resource pool in the services segment, according to TeamLease Services 'Employment Outlook Report' for Q4 (January to March 2023) for the services sector.

However, in comparison to the fourth quarter of 2021, intent to hire has gone up by 27 percent, the report stated.

Overall, across services and manufacturing sectors, an average of 68 percent of employers (65 percent in the third quarter) have expressed a strong hiring sentiment. According to the report findings, the fourth quarter is projecting a strong outlook, especially for fresh graduates and entry-level employees, with 79 percent of employers (74 percent in Q3) willing to hire from this cohort. From a business size perspective, large enterprises (82 percent), followed by small (61 percent) and medium (50 percent) 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 e-commerce (98 percent), telecommunications (94 percent), educational services (93 percent), financial services (88 percent), retail (85 percent) and logistics (81 percent), it stated.

''The ongoing global turmoil with mass layoffs and a hiring freeze has significantly affected the services sector globally, especially the IT industry. However, the sentiment in India continues to be on an upward trajectory, with 77 percent of employers indicating a higher hiring outlook,'' TeamLease Services Chief Business Officer Mayur Today said.

The government's push towards increasing monetization ability, introducing FDI reforms, and liberalizing conventional satellite communication and remote sensing businesses to increase private sector participation has contributed to the employment growth, he stated.

''At this rate, India has already paved the way to become a global leader in the services sector,'' he added. The TeamLease Employment Outlook Report for the services sector is based on a survey of 573 small, medium, and large companies across the 14 service industries across India.