Hiring outlook at 8-year high in Q3 FY22

The uptick in job creation is likely to happen as companies seek to quicken the post-pandemic recovery phase

June 14, 2022

In a survey conducted for 3,080 employers, 63% of them said that they will employ more individuals in the coming quarter

Hiring sentiment has grown by 46 percentage points compared to the third-quarter, FY21

Compared to last quarter, hiring sentiment has improved by 13 percentage points

The IT-ITeS sector is taking the lead in job market growth

Job creation across India is expected to reach an eight-year high in the third quarter (July-September) of FY22, according to media reports, as companies seek to quicken the post-pandemic recovery phase.

In a survey conducted for 3,080 employers, 63% of them said that they will employ more individuals in the coming quarter. When compared with the same period last year, hiring sentiment has grown by 46%, and compared to last quarter, it has improved by 13%. 

As per the reports, the difference between organisations wanting to employ and those expecting a decrease in staff/hiring numbers is 51%.

Headwinds

India’s hiring markets are ranked first in the South Asian region and third worldwide. The country’s year-over-year gain was the best in the world, outperforming the 40-country average by 28 points since the third quarter of 2021.

Experts said that the IT-ITeS sector is taking the lead in job market growth, as digitisation and automation are driving the need for IT specialists across companies.

Sector-wise outlooks

As per the report, 11 industry sectors in the coming quarter will have a salary increase. Companies in the IT, technology, telecom and media sectors report the strongest hiring outlook of 68%, followed by 60% in the real estate, banking, finance, and insurance sectors.

The net-employment outlook over primary production is 25%, and 35% for non-profit sectors.

Employers from the country’s four regions expect a 53% salary hike in jobs across the North, West, and South, and 41% in the East.