Bengaluru, Mumbai, and Chennai have emerged as the cities with the highest hiring sentiment in the services and manufacturing sectors.
According to a report released by TeamLease for Q4, close to 97 per cent of employers across Bengaluru and Mumbai have expressed higher hiring intent for their corresponding sectors. For the services sector, Chennai (94 per cent), Delhi (90 per cent), Hyderabad (86 per cent), and Mumbai (85 per cent), and for manufacturing, Bengaluru (94 per cent), Chennai (89 per cent), Delhi (84 per cent) and Pune (73 per cent) have emerged as the top cities.
Bengaluru, Mumbai, and Chennai have emerged as sweet spots from a holistic perspective across sectors.
Tier 1 cities are leading in terms of hiring intent, but Tier 2 cities are not far behind, with close to 75 per cent of employers across both sectors indicating positive sentiment. At the same time, Tier 3 (46 per cent) and rural geographies (24 per cent) are lagging considerably.
In the manufacturing sector, the intent to hire is more significant in metros and Tier 1 cities (94 per cent) as compared to Tier 2 cities (73 per cent), Tier 3 (43 per cent), and the rural sector (23 per cent). On the other hand, for services, in metros & Tier 1 cities, the hiring intent is at an exceptionally high level (99 per cent), followed by Tier 2 (77 per cent), Tier 3 (49 per cent) and rural (25 per cent).
Kartik Narayan, CEO of Staffing, TeamLease Services, said, “Surplus public investment in PLI schemes, the Indian Government’s asset monetisation program, increased private participation in key sectors, and the revisions in FDI laws in the defence and telecom sectors has fueled growth in companies across sectors, especially in Tier 1 and Tier 2 locations.”
He added that companies are shoring up their talent pool to meet increasing requirements. As a result, the positive hiring outlook will also likely continue in the next quarter.
While the global sentiment in the IT sector is not very positive, the Indian economy stands solid and will continue to show resilience even in the IT industry, the report stated.
“India’s GDP vision and multiple domestic-focused initiatives have provided the much-needed impetus to the industry post the pandemic. This has given a fillip to employment generation, improving the intent to hire across sectors, locations and industries. 60% employers in manufacturing and 77 per cent in services,” added Mayur Taday, Chief Business Officer, TeamLease Services.