New Delhi, March 11, 2021: As India Inc. is set to mark the first anniversary of the COVID-19 induced lockdown in Mar’21, talent demand seems to be stabilising in the sunrise sectors. The talent demand index gained 7 points in M-o-M analysis (105 in Jan’21 to 112 in Feb’21) and 14 points in Y-o-Y analysis (98 in Feb’20 to 112 in Feb’21), says TimesJobs RecruiteX.
These trends were highlighted by TimesJobs RecruiteX – a monthly recruitment index that records the demand and supply of talent at India Inc.
The Y-o-Y talent demand trend is largely led by IT/Telecom (44%), BFSI (11%), Petrochemicals/Oil & Gas (10%), Projects/Infrastructure (10%) and ITeS/BPO (7%) sectors. Interestingly, talent demand in Healthcare/ Pharmaceuticals sector remained stable and Automobiles sector recorded 2% growth.
The M-o-M talent trend painted a rosy growth story backed by Healthcare/Pharmaceuticals sector which recorded 28% growth in Feb’21 after witnessing a 40 points drop in the demand index in Jan’21 (90) over Dec’20 (130).
In Feb’21, all top 10 industries except Retail and Consumer Durables/FMCG sectors reported single to double-digit growth. In fact, the IT/Telecom sector demand index touched its all-time high of 157 points since 2010. Talent demand in the Automobiles sector also rebounded after a quarter of decline (Nov’20 to Jan’21).
In location-wise analysis, IT hubs Bengaluru and Hyderabad recorded double-digit growth in Feb’21. Interestingly, both locations reported drop in talent demand in Jan’21. Chennai and Delhi-NCR reported 12% and 4% growth in talent demand, respectively. Ahmedabad emerged as the highest gainer with 25% growth in Feb’21 over 22% drop in Jan’21.
All major functional areas except Quality/Process Control and Supply Chain Management/Procurement reported growth in talent demand in Feb’21. Customer Service/Tele Calling, Front/Office Administration and HR professionals witnessed double-digit growth in talent demand.
Demand for senior professionals with 20+ years of experience and 10-20 years of experience rose by over 30% and 16%, respectively. Both work experience brackets had a steep double-digit decline in Jan’21. Middle-level professionals saw a slow growth in demand after a high traction in Jan’21. Demand for freshers reported a 4% decline in the said period.
Elaborating on the findings of RecruiteX Feb’21 edition, Sanjay Goyal, Business Head TimesJobs and TechGig said, “As per the data trends, it’s becoming clearer that India Inc. has learnt to sustain and grow in the COVID-19 era. Post the budget announcement, a positive sentiment has been noticed in the development-related sectors such as Projects/Infrastructure, Construction/Cement, Oil & Gas, and Manufacturing & Engineering. The Y-o-Y talent demand trend has shown that the COVID-19 year has not pushed India Inc. backward, rather its marching on a growth trajectory”.
Sector-wise M-o-M talent demand analysis:
· Healthcare/ Biotechnology/ Pharmaceuticals: 28%
· Projects/Infrastructure/Power/Energy: 22%
· Petrochemicals/ Oil and Gas/ Power: 19%
· Construction/Cement/Metal/Steel/Iron: 18%
· Automobiles/Auto Component/Auto Ancillary: 15%
City-wise M-o-M talent demand analysis:
· Ahmedabad: 25%
· Hyderabad/Secunderabad: 16%
· Bengaluru / Bangalore: 13%
· Chennai: 12%
Functional area-wise M-o-M talent demand analysis:
· Customer Services/BPO/Tele Calling: 17%
· Front Office/ Administration: 11%
· HR/PM/IR/Training/ T&D:11%
· Accounting & Finance: 7%
· IT/Telecom: 6%
Work experience-wise M-o-M talent demand analysis:
· Over 20 years of work experience: 43%
· 10-20 years of work experience: 16%
· 2-5 years of work experience: 7%
· 5-10 years of work experience: 2%
RecruiteX is the recruitment index for India. It is an analysis identifying the hiring activity and trends in India Inc. Based on tactful extraction and examination of jobs posted and applied for in a month at TimesJobs, it details ‘recruitment’ as a process backed by hiring sentiments of a recruiter and aspirations of the job seekers alike.