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The HR services company projects a record-breaking high in the level of hiring across sectors in the upcoming quarter, July-September 2022
Spectrum Talent Management, a one-stop solution for global and local human talent management foresees July -September quarter hiring taking a huge leap in numbers, probably the highest ever recorded in the last 8 years. For the incoming quarter, overall growth of 50% in hiring is expected. Altogether there is a positive trend in employment from the beginning of the year with an increased rate of job creation across sectors but mainly led by BFSI and IT sectors.
The hiring trends have shown a great spike over the last two quarters and are expected to maintain the trend over the next few months as well. Sectors like IT, Telecom, BFSI, FMCG and Healthcare saw a significant QoQ (quarter on quarter) and YoY (year on year) increase ranging at a 25% increase up to 90% increase with respect to their domains. Some other sectors like Manufacturing, Automotive and EPC have been watchful during the last year due to apparent constraints but now the hiring scenario is expected to change in this year.
Sharing his insights on this hiring trend, Sidharth Agarwal, Director, Spectrum Talent Management said, “The surge in hiring was expected from the beginning of the year post-two-year hiatus of the pandemic. When compared to the same period last year, there is already a 45% improvement in hiring sentiments this year, especially in entry level jobs. Apart from the accelerated rate of digitisation and automation, the hiring is led primarily by two sectors - BFSI & IT services. Though hiring numbers are at an all-time high, companies are also focusing on full-stack retention strategies due to the talent crunch in the market. This situation works in favour of high performers (current employees) and individuals who are potentially looking out for a change in the coming few months.”
Despite the challenges faced by the industries post the initial Covid wave, there is an apparent increase in hiring as a result of subsequent recovery due to the stabilisation of the market. Further, the need for digitisation has resulted in every company ramping up their workforce in order to stay ahead / at par with their competition.
While the year started with a high number of job openings, the availability of talent still does not match the numbers. Many companies believe that staff retention is critical now, but it does not reflect in the organisations’ ecosystem. Similarly, with the surge in hiring plans, many candidates are at an advantage of choosing the best offer amongst the rest, leaving several companies in a difficult position.
Source: BW Online Bureau, Article was originally published on bwpeople.businessworld.in featuring Spectrum Talent Management.