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Hiring intent still unruffled by Omicron threat

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The Economic Times
05th January, 2022 06:25 IST

Hiring intent of India Inc may not be dented in the New Year despite an exponential rise in cases of the highly infectious Omicron variant of the coronavirus since the past one week, company executives and job market experts have said.

The latest Teamlease Employment Outlook Report, shared exclusively with ET, shows that recruitment plans of companies in India is at a seven-quarter high in January-March, the highest since the start of the pandemic, as companies are "bullish" about the next financial year on the back of rising vaccination coverage, robust economic indicators, and a strong belief about a better ability to combat new Covid-19 waves.

ET spoke to economists, job market experts and top officials of companies across sectors including Tata Consultancy Services (TCS), Lupin, Motilal Oswal Financial Services, Mahindra & Mahindra, and Deloitte, who all said hiring is likely to remain unaffected by the Omicron variant.

"The looming threat of the Omicron variant needs to be considered as a risk factor, but our research indicates that the impact would be controllable," said Rituparna Chakraborty, executive vice president at Teamlease Services. "For most organisations, it's going to be business as usual," she said.

High Demand for Tech Talent
"The continued health of high-frequency indicators and positive credit growth of large businesses indicate a promising surge in hiring," Chakraborty said. "Improved capacity utilisation is likely to fuel private investments and further boost job creation."

As per the Teamlease survey, 50% companies showed an intent to hire this quarter against 27% companies a year ago. The number had nosedived to the lowest in 2020 when only about 18% companies showed an intent to hire during the June and September quarters. The survey covered about 850 small, medium and large companies across 21 sectors and 14 cities.

TCS, the country's largest IT employer, plans to hire talent across technologies with special focus on digital skills. "The demand for technical talent that we are witnessing is unlike any time we have seen before," said Girish Nandimath, global head, talent acquisition, at TCS. "Across geographies, industries, and sectors, we are seeing clear evidence of customers wanting to accelerate their adoption of the digital business model."

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