In FY22, two software giants, Infosys and TCS, combined hired about 190,000 freshers, and both have provided healthy recruiting forecasts for this fiscal, indicating that the IT sector will remain a top recruiter this fiscal year as well.
But it’s not just IT; a slew of other industries, including telecommunications, e-commerce, education, engineering, retail, and logistics, are expanding and looking to hire more people this year.
After a prolonged halt owing to the epidemic and ensuing economic sluggishness, data collected from staffing firms and job sites revealed that things are looking up in most sectors.
The employment trend is trending upward
According to data analysis by staffing and human resource provider Team lease Services, India Inc’s recruiting intent jumped from 27% in Q4 FY20 to 54% in the April-June (current) quarter. “On the back of income growth estimates and excellent export performance throughout the approaching fiscal year, hiring intent is expected to rise significantly in the coming quarter.”
Job boards such as monster.com and Naukri.com have also shown a good rise across industries. While Naukri claims that employers’ return to normalcy is fueling a robust recruiting sentiment.
According to the job platform monster, the banking, financial and insurance sector has emerged from the Covid-19 phase, and the trend is expected to continue. According to a monster analysis, India’s BFSI industry has grown at a rate of 27 percent annually, at least through the end of February, the most recent data accessible.
This year’s white-collar job market appears to be in a good place
“This is being driven by the post-pandemic economic recovery and pent-up demand,” said Ankit Agarwala, managing director (India) of Page Group, which owns Michael Page, a recruiting and executive search agency.
However, the situation is far from over. Recruiters believe it will take a few more months for industries like consulting, advertising, non-essential retail (such as luxury items, home furnishings, and travel accessories), and sections of the hospitality sector to emerge from the shadows.