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A significant percentage of companies in <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> believe the advent of 5G will herald a transformative era in the world of work, unlocking a wealth of opportunities for India's tech talent pool, says a report. According to the report by staffing company <keyword id="6381892" type="General" weightage="80" keywordseo="teamlease-services" source="Orion">TeamLease Services</keyword>, over 80 per cent of respondents believe that IT and banking and <keyword id="6354241" type="General" weightage="50" keywordseo="financial-services" source="Orion">Financial Services</keyword> will benefit from the 5G technology in terms of job creation and upskilling. The report titled "India's 5G rollout: Revolutionising the People Supply Chain" is based on responses of over 247 companies on the impact of 5G on the ecosystem and employment generation. "With substantial investments, such as the PLI scheme allocating Rs 12,000 crore to the telecom sector, with approximately 25 per cent dedicated to creating new jobs, we are poised for a positive outlook on job creation and upskilling," TeamLease Services CEO - Staffing, Kartik <keyword id="6386349" type="General" weightage="80" keywordseo="narayan" source="Orion">Narayan</keyword> said. This will boost confidence to harness the potential of 5G, creating unprecedented job opportunities, driving innovation and shaping a transformative future, he added. The adoption of 5G will have significant impact on industries such as <keyword id="6356925" type="General" weightage="50" keywordseo="bfsi" source="Orion">BFSI</keyword> (60 per cent), education (48 per cent), gaming (48 per cent) and retail and e-commerce (46 per cent), the report said. On a year-on-year basis, 46 per cent of participants anticipate job creation ranging from 61 per cent to 80 per cent within the first year of 5G implementation. "Telecommunications companies embracing 5G solutions present a promising growth opportunity. As telcos leverage the potential of 5G in network upgradation, migration, IoT/IIoT, mobility, network infrastructure, and network security, we anticipate increased hiring for specialised roles," Narayan said. This advancement creates new opportunities and drives demand for roles such as technical content writers, networking engineers, AI/ML professionals, UX designers, cloud computing engineers, cybersecurity specialists, data science and analytical experts and more, he added. The report, however, noted that the telecom industry is facing a considerable demand-supply gap of 28 per cent, which emphasises the urgent need for comprehensive upskilling and reskilling initiatives. Encouragingly, 88 per cent of employees expressed a preference for upskilling, indicating a strong desire to enhance their existing skill sets, the report said. Additionally, 11.2 per cent of employees showed a preference for reskilling, presenting significant opportunities in the job market for fresh talent, it added. The report also highlighted the impact of 5G on job creation over the next few years, with 41 per cent of respondents expecting an impact of more than 80 per cent on job creation over the next three years of 5G rollout. According to Narayan the impending 5G rollout is expected to lead to an 80 per cent increase in tech-related jobs. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/ev-stocks-on-the-radar-these-five-rode-the-electric-vehicle-rally-in-the-last-year/slidelist/101011986.cms">EV stocks on the radar – These five rode the electric vehicle rally in the last year</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/google-bard-cool-things-you-can-do-with-the-ai-chatbot/articleshow/101012445.cms">Google Bard: Cool things you can do with the AI chatbot</a>

5G adoption to unlock wealth of opportunities for India's tech talent pool: TeamLease

<ul><li>41% of all profiles have less than a 5% pay difference between compensation structures for permanent and temporary roles. </li><li>In FY23, salaries grew by a minimum of 3.20% and a maximum of 10.19% across industries.</li><li><keyword id="6354525" type="General" weightage="80" keywordseo="healthcare" source="Orion">Healthcare</keyword> and allied industries experienced a growth rate of 20.46% in average salary in the last 5 years.</li></ul>Average salary growth dipped in FY23 as tougher economic conditions took its toll. But the year also saw the emergence of a host of well-paying ‘hot jobs’ across several industries, as per the Jobs and Salary Primer Report for FY23, by human resource services provider <keyword id="6381892" type="General" weightage="80" keywordseo="teamlease-services" source="Orion">TeamLease Services</keyword>. Salaries grew by an average of 9% in FY23, a tad lower than the 10% seen a year earlier, the report says. Wages grew by a minimum of 3.2% and a maximum of 10.19% across industries in India last fiscal. Interestingly, the report found that 41% of all profiles have less than a 5% pay difference between compensation structures for permanent and temporary roles, indicating the growing parity of temporary employment. The demand for sales and IT roles remained consistently high as organisations persistently prioritise growth and digital transformation. <cmsannotation type="cmsannotation" annotationid="BFSI sees a notable decline in average salaries" comment="subhead" text="BFSI sees a notable decline in average salaries"><keyword id="6356925" type="General" weightage="80" keywordseo="bfsi" source="Orion">BFSI</keyword> sees a notable decline in average salaries</cmsannotation> In terms of average salary growth, Bengaluru stands out with an impressive growth rate of 7.79% compared to the previous year. Conversely, the banking, financial services, and insurance or BFSI sector experienced a notable decline in average salaries this year, following two years of steady growth. Nonetheless, the BFSI industry continues to generate a diverse array of in-demand job roles and is actively implementing strategies to optimise salary structures. Although there has been a decrease in average salaries within the telecom industry, the report emphasises a 10.19% wage increase for the relationship manager role, positioning it as the highest-paying job in the Bengaluru market. Similarly, the game developer role in the media and entertainment sector closely follows with a substantial hike of 9.3%, also in Bengaluru. Says <keyword id="1167128" type="General" weightage="80" keywordseo="kartik-narayan" source="Orion">Kartik Narayan</keyword>, CEO of staffing at TeamLease Services, "Due to socioeconomic factors like global layoffs and funding winter, median salary growth has been slightly lower than last year, yet as the Indian job market continues to evolve, we are seeing an influx of new job roles that have gained momentum from a salary perspective.” Over the past five years, there has been a double-digit growth in the average salary of five out of eight industries in the manufacturing sector and three out of nine in the servicing sector, the report says. Notably, healthcare and allied Industries experienced a growth rate of 20.46%, while education witnessed an impressive growth rate of 51.83%. However, industries such as hospitality, automobile and allied industries, e-commerce and tech startups, and media and entertainment have encountered a decline in average salaries. <cmsannotation type="cmsannotation" annotationid="‘Hot jobs’ on the rise" comment="subhead" text="‘Hot jobs’ on the rise">‘Hot jobs’ on the rise</cmsannotation> The job landscape has seen significant transformations with the emergence of new and exciting roles across industries. A significant number of industries surveyed have reported the emergence of highly sought-after ‘hot jobs’ that come with attractive salaries. Nearly half of these industries are also focusing on creating innovative positions that align with future needs. Out of the 17 industries surveyed, 11 have introduced new "hot jobs," while seven industries have introduced upcoming positions. These profiles include previously unheard-of roles such as Sr. Golang developer in the telecom industry, Sr. biostatistician in healthcare and pharmaceuticals, lead magento developer in e-commerce and tech startups, and robotics instructor in educational services. On the blue-collar side, popular profiles for 2023 include sales executive, electrician, AC technician and forklift operator. Moreover, there are several emerging job roles such as data science consultant in BFSI, media operations executive in <keyword id="34523" type="General" weightage="50" keywordseo="fmcg" source="Orion">FMCG</keyword>, DevOps engineer in IT and knowledge services, content specialist-game in media and entertainment, and <keyword id="5946911" type="General" weightage="50" keywordseo="emobility" source="Orion">eMobility</keyword> charging executive in automobile and allied industries, among others. These evolving job roles reflect the dynamic nature of the job market and the industry's response to technological advancements and changing needs.

Average salary growth dipped in FY23 but new hot jobs are emerging

<ul><li>Companies are positioned to implement <keyword id="588391" type="General" weightage="20" keywordseo="salary-increments" source="Orion">salary increments</keyword> ranging from 8% to 10% for their broader employee base.</li><li>While salary increases may not reach the initially anticipated levels, a complete freeze is unlikely. </li><li>Sectors still recovering from the pandemic's impact, such as tourism and hospitality, may witness more subdued hike levels. </li></ul>2024 is likely to be a tricky year for jobseekers. Companies are mindful of economic headwinds and may exercise cost control measures, potentially impacting bonuses or promotions. “Recognising this landscape, companies are positioned to implement salary increments ranging from 8% to 10% for their broader employee base. Moreover, certain pivotal roles or exceptional contributors may warrant special consideration, leading to a disproportionate <keyword id="6355281" type="General" weightage="20" keywordseo="salary-hike" source="Orion">salary hike</keyword>,” says Kartik Narayan, CEO of TeamLease Services. This could be attributed to extraordinary individual performance or the heightened demand for specific roles crucial to organisational objectives. Expected salary hikes in 2024 <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;background-color:#ffffff;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;"> Sector </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;background-color:#ffffff;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;"> Salary Hike Estimate </td></tr><tr><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;background-color:#ffffff;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Technology (IT/Software) </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;background-color:#ffffff;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">9.8% - 10% </td></tr><tr><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;background-color:#ffffff;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Financial Services (BFSI) </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;background-color:#ffffff;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">10% </td></tr><tr><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;background-color:#ffffff;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Manufacturing </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;background-color:#ffffff;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">10% </td></tr><tr><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;background-color:#ffffff;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Retail </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;background-color:#ffffff;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">10% </td></tr><tr><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;background-color:#ffffff;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Pharmaceuticals &amp; Life Sciences </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;background-color:#ffffff;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">10% </td></tr><tr><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;background-color:#ffffff;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">FMCG &amp; Consumer Durables </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;background-color:#ffffff;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">8.5% - 9.5% </td></tr><tr><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;background-color:#ffffff;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infrastructure &amp; Construction </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;background-color:#ffffff;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">8.0% - 9.0% </td></tr><tr><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;background-color:#ffffff;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hospitality &amp; Tourism </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;background-color:#ffffff;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.0% - 8.0% </td></tr></tbody><tbody></tbody></table> Note: These figures are base salary increases and may not include bonuses, variable pay, or other benefits. The salary hike range within each sector may vary depending on factors like employee experience, skill set, and company performance. Source: Adecco India Salary hikes may remain muted Initial projections for India's 2024 salary hikes suggested moderate to double-digit increases, sparking optimism across various sectors. “However, a closer examination of the global economic landscape reveals potential challenges. Concerns about a possible recession, inflationary pressures, and geopolitical uncertainties could restrict companies' ability to offer significant salary increases, tempering initial expectations,” says Manu Saigal, Director, General Staffing, Adecco India. Notably, sectors still recovering from the pandemic's impact, such as tourism and hospitality, may witness more subdued hike levels. Likewise fields like technology and finance that bear the brunt of global economic headwinds will also lead to below average hike trends. Despite these concerns, the demand for skilled talent remains robust, particularly in flourishing sectors. To retain existing talent and attract new recruits, companies may still need to offer competitive compensation packages. “While salary increases may not reach the initially anticipated levels, a complete freeze is unlikely. The actual scenario will depend on the interplay between global economic anxieties and India's persistent need for skilled professionals across various industries,” says Saigal. What employees can consider In the rapidly evolving landscape of modern business, it is imperative for the workforce to invest in upskilling initiatives to maintain a competitive edge strategically. “Employees should proactively identify and cultivate the essential skills necessary for both current and future demands, thereby enhancing their professional trajectory. Additionally, fortifying domain expertise and industry knowledge is a pivotal catalyst for individual success within their roles,” says Narayan. Employees can expect a tough year ahead, so it helps to be prepared. Saigal stresses on the importance of developing competencies like communication, problem-solving, and critical thinking that can be applied across different roles and industries. Also, one needs to be comfortable with data analysis, automation tools, and relevant technologies in their field. While the economic climate may be uncertain, it is important to focus on your personal growth and stay positive.

From IT to manufacturing to hospitality – How much salary hike can you expect in 2024?

Superstar <keyword id="2823" type="PERSON" weightage="20" keywordseo="Akshay-Kumar">Akshay Kumar</keyword> on Sunday said he has tested <keyword id="6439681" type="UNKNOWN" weightage="20" keywordseo="positive">positive</keyword> for the novel coronavirus and is under <keyword id="58995" type="PERSON" weightage="20" keywordseo="Home-quarantine">home quarantine</keyword>. The 53-year-old actor took to Twitter to share his diagnosis and said he is following all the necessary protocols. "I wish to inform everyone that, earlier this morning, I have tested positive for <keyword id="8763838" type="UNKNOWN" weightage="20" keywordseo="covid-19">COVID-19</keyword>. Following all the protocols I have immediately isolated myself. I am under home quarantine and have sought necessary medical care," he wrote. The star, who was shooting for "Ram Setu" in the city, urged all those who came in contact with him to get themselves tested. "I would sincerely request all those that have come in contact with me get themselves tested and take care. Back in action soon!" he said. Kumar is the latest Bollywood celebrity to have tested positive for COVID-19 after Ranbir Kapoor, Alia Bhatt, Aditya Narayan, Rupali Ganguly, Kartik Aaryan and Aamir Khan among others. On Saturday, <keyword id="13126" type="COMPANY" weightage="20" keywordseo="Maharashtra">Maharashtra</keyword> reported 49,447 fresh COVID-19 cases, the highest rise in a day so far, taking the tally to 29,53,523. On the work front, Kumar is awaiting the release of Rohit Shetty's "Sooryavanshi". He also has Aanand L Rai's "Atrangi Re", Farhad Samji-directed "Bachchan Pandey", Ranjit Tiwari's "Bell Bottom" and Yash Raj Films project "Prithviraj" in the pipeline. SEE ALSO: <a href="https://www.businessinsider.in/science/space/news/nasa-estimates-pandemic-could-cost-it-around-3-billion-quick-look-at-projects-to-take-the-biggest-hit/slidelist/81869940.cms">NASA estimates the pandemic ballooned costs by $3 billion — here are the projects to take the biggest hit</a> <a href="https://www.businessinsider.in/business/startups/news/a-5-5-billion-british-fintech-start-up-may-have-200-jobs-to-offer-in-india/articleshow/81867620.cms">A $5.5 billion British fintech start up may have 200 jobs to offer in India</a> <a href="https://www.businessinsider.in/business/startups/news/for-revolut-india-is-just-the-first-in-a-series-of-countries-it-plans-to-enter-in-the-next-18-months/articleshow/81883114.cms">For Revolut, India is just the first in a series of countries it plans to enter in the next 18 months</a>

Bollywood superstar Akshay Kumar tests positive for COVID-19, under home quarantine

<ul><li><keyword id="6354321" type="General" weightage="100" keywordseo="bengaluru" source="Orion">Bengaluru</keyword> tops the list with the highest hiring sentiment in the services sector, <keyword id="6358070" type="General" weightage="80" keywordseo="mumbai" source="Orion">Mumbai</keyword> tops the list in the manufacturing sector. </li><li>The recovery from Covid-19 pandemic and government initiatives is believed to have fueled growth in companies across sectors.</li><li>Tier-1 cities have the highest hiring intent but Tier-2 cities are not far behind.</li></ul>Bengaluru and Mumbai emerged as sunshine locations for hiring in India in the fourth quarter of FY23. This has reportedly been fueled by the recovery from the Covid-19 pandemic and initiatives by the government, says a <keyword id="133742" type="General" weightage="20" keywordseo="teamlease" source="Orion">Teamlease</keyword> report. According to the TeamLease Employment Outlook Report for Q4, Bengaluru and Mumbai have emerged as the cities with the highest hiring sentiment in the services and manufacturing sectors respectively. “Surplus public investment in PLI schemes, the Indian Government's asset monetization programme, increased private participation in key sectors, and the revisions in FDI laws in the defence and telecom sectors has fueled growth in companies across sectors, especially in Tier 1 and Tier 2 locations. Companies are therefore shoring up their talent pool to meet their increasing requirements,” said Kartik Narayan, chief executive officer, TeamLease Services. TeamLease Services is one of the country’s leading human resource companies and offers its services to over 3,500 employers. In the services sector, Bengaluru tops the list with 97% of employers expressing a higher hiring interest, followed by Chennai with 94%, Delhi with 90%, Hyderabad with 86% and Mumbai with 85%. When it comes to the manufacturing sector, Mumbai tops the list with 97% of employers expressing a higher hiring sentiment, followed by Bengaluru with 94%, Chennai with 89%, Delhi with 84% and Pune with 73%. Bengaluru has shown the highest hiring intent, emerging as one of the top-two cities in both the sectors. Bengaluru and Mumbai have emerged as ‘sweet spots’ from a holistic perspective across sectors. Experts are also optimistic about the hiring outlook for the next quarter. “The positive hiring outlook will likely continue in the next quarter as well,” Narayan added. <cmsannotation type="cmsannotation" annotationid="Tier-1 cities express highest hiring intent" comment="subhead" text="Tier-1 cities express highest hiring intent">Tier-1 cities express highest hiring intent</cmsannotation> The report has stated that while Tier-1 cities have emerged on top with the highest hiring intent across both sectors, Tier-2 cities are not far behind with nearly 75% of employers indicating a positive sentiment. However, Tier-3 cities and rural areas are lagging behind with just 46% and 24% of employers expressing a hiring intent, respectively. In the services sector, e-commerce and allied startups have the highest hiring intent at 98%, followed by telecommunications at 94% and educational services at 93%. On the other hand, healthcare and pharmaceuticals dominate the list in the manufacturing sector with a 98% hiring intent, followed by FMCG at 86% and electric vehicle (EV) and infrastructure industry at 71%. "India’s GDP vision and multiple domestic focused initiatives has provided the much-needed impetus to the industry post the pandemic. This in turn has given a fillip to employment generation; improving the intent to hire across sectors, locations and industries. 60% employers in manufacturing and 77% in services, inclining to hire more, is a testament to the growing opportunities in the ecosystem,” said Mayur Taday, chief business officer, TeamLease Services. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/ola-s1-pro-move-os-3-review-proximity-unlock-calling-support-hypercharging-support-and-more/articleshow/97806031.cms">Ola S1 Pro Move OS 3 review – proximity unlock, calling support, hypercharging support, and more</a> <a href="https://www.businessinsider.in/tech/mobile/news/xiaomi-13-pro-with-leica-powered-camera-to-launch-in-india-on-february-26-heres-how-its-camera-was-made/articleshow/97765165.cms">Xiaomi 13 Pro with Leica-powered camera to launch in India on February 26 — here’s how its camera was made</a> <a href="https://www.businessinsider.in/tech/news/twitter-blue-launched-in-india-pricing-what-it-offers-and-should-you-subscribe/articleshow/97756303.cms">Twitter Blue launched in India – pricing, what it offers, and should you subscribe?</a>

Bengaluru, Mumbai sunshine locations for hiring in Q4: Teamlease report

<ul><li>Close to 64% of employers in the service and manufacturing industries expressed a positive outlook on <keyword id="6357342" type="General" weightage="100" keywordseo="hiring" source="Orion">hiring</keyword> for non-white-collar job roles. </li><li>Large-sized companies in services (86%) and manufacturing (73%) have a higher intention to hire than in the previous quarter. </li><li>The intention to hire is consistently higher in the services sector compared to the manufacturing sector across all regions.</li></ul>Despite the ongoing global turmoil, hiring intent for blue-collar job roles in India has steadily increased over the past year. In comparison to the same quarter in the previous year (April-June FY23), hiring intentions in Q1 (Apr-Jun FY24) is 10% higher. Close to 64% of employers are keen to increase their resource pool across industries. However, compared to Q4 FY23, the hiring outlook has witnessed a 4% dip. The findings are based on an analysis of hiring trends across industries, functions, and regions for non-white-collar job roles by TeamLease Services, a staffing firm. The report’s findings also reveal a strong hiring outlook, especially for entry and junior-level employees, in both service (73% and 71%, respectively) and manufacturing (49% and 55%, respectively) sectors. The outlook for mid-level employees is also balanced in both sectors, with 54% in services and 32% in manufacturing. Large-sized companies in services (86%) and manufacturing (73%) have coped well with the economic downturn and have a higher intention to hire than in the previous quarter. Says Kartik Narayan, CEO–staffing, TeamLease Services, “Industries around the world, including those in India, have been severely affected by the current global unrest, which has resulted in large-scale layoffs, a hiring freeze, and an imminent economic downturn. Despite this, hiring prospects in India have continued to improve over the past year, with 64% of employers in the service and manufacturing industries expressing a positive outlook on hiring. The main reason for this is the changing global investment dynamics and the precautionary measures that businesses are taking.” <cmsannotation type="cmsannotation" annotationid="Key industries" comment="subhead2" text="Key industries">Key industries</cmsannotation> For individuals seeking job opportunities in the services sector, some of the primary industries likely to see significant hiring activity are telecommunications (96%), financial services (93%), e-commerce &amp; allied start-ups (89%), retail (87%), and education services (83%). On the other hand, for those interested in pursuing a career in the manufacturing sector, some of the notable industries with high hiring intent are healthcare and pharmaceuticals (91%), fast-moving consumer goods (FMCG) (89%), and electric vehicles (EV) and infrastructure (73%). <cmsannotation type="cmsannotation" annotationid="Hiring intent across regions" comment="subhead2" text="Hiring intent across regions">Hiring intent across regions</cmsannotation> The intention to hire is consistently higher in the services sector compared to the manufacturing sector across all regions. Despite a correction, the intent to hire in Metro and Tier-1 cities is the highest for both sectors (91% and 85%, respectively). In Tier-2 and Tier-3 cities, the intention to hire is slightly impacted by factors related to the global slowdown. However, the manufacturing sector's intention to hire is higher in these areas. The intention to hire in rural areas is the lowest across all sectors and regions – nevertheless, the intent in the services sector has shown a slight growth of 1% to 26%. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/vending-machine-for-biryani-bvk-restaurant-launched-a-manless-takeaway-for-biryani-in-chennai/articleshow/99058891.cms">India now has a vending machine for Biryani. Here’s everything to know about it</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/personal-finance/news/reits-and-invits-become-attractive-after-major-taxation-overhang-removed/articleshow/99058405.cms">REITs and InvITs become attractive after major taxation overhang removed</a>

Amid layoff doom, hiring outlook remains strong for blue-collar jobs in manufacturing and services: TeamLease

<ul><li>Finance Minister Nirmala Sitharaman presented the Union Budget for 2022-23 in Parliament on Tuesday.</li><li>This year's budget is indexed towards startups, MSMEs, infrastructure projects, rural revival, digital payment apps, telecom growth and affordable housing.</li><li>We reached out to digital, media and creative agencies to understand how the increased focus on digitalisation, sustainability, blockchain and push to MSME can impact the ad and marketing industry.</li></ul>Be it the introduction of a Digital University to make education accessible across the country or the proposed launch of a Digital currency by the Reserve Bank of India to the government’s focus on promoting digital payments and fintech, Finance Minister Nirmala Sitharaman made it is clear that digital is the way forward. The Union Budget 2022-23 aims to boost the country's digital infrastructure and enable a cashless economy. The government also announced that it will set up an Animation, Visual Effects, Gaming and Comics (AVGC) promotion task force to give a push to the animation and gaming industry. To facilitate the roll-out of 5G mobile services in India, FM Sitharaman said that Spectrum auctions will be conducted in 2022. This, in turn, will give impetus to Voice, Augmented Reality and Virtual Reality and pave the way for the Metaverse. The Digital Rupee using blockchain will help Indians accept virtual currency and accelerate cryptocurrency exchange in India. Overall, the budget also shows a promise for Electric Vehicle brands, digital payment apps, MSMEs, gaming industry and start-ups. We reached out to digital, media and creative agencies to understand how the increased focus on digitalisation, sustainability and blockchain can impact the advertising and marketing industry. Here’s what they said: Anupriya Acharya, South Asia CEO, Publicis Groupe: The Budget is positive, growth-oriented and with reforms in the right direction. The advent of 5G is sure to transform communications – for our industry it will help creation of better AV, voice and AR/VR experiences. It will also fuel digital payments, streaming entertainment, gaming, e-commerce, tele-medicine etc which in turn will aid more Unicorns! It is also heartening to note that a special Task Force is being set up for AVGC (Animation, Visual Effects, Gaming and Comic) as this will help us build the much needed capacity both for domestic as well as global markets. And then there have been no changes in income-tax slabs for people, which many consumer segments were worried about. This in turn boosts consumer sentiment. From e-passports, to battery swapping for electric vehicles, setting up of optic fiber in the remotest of villages, setting up of a digital university and skilling through an e-portal, the big push is for technology, digital infrastructure and empowerment. Narayan Devanathan, Chief Client Officer, dentsu India: Having gone through the 38-page document of the Finance Minister’s budget speech, I decided to do a search for a couple of words that I thought kept repeating throughout her speech. The words “will be” occurred 110 times in the entire speech. When I narrowed my search to the single word “will,” the number rose to 362. To me, those two words sum up the essence of what this year’s budget is and is not. What it is, is a future-focused budget, aiming at the distant vision of India@100, with a 25-year Amrit Kaal lead-up. What it is not, and what I felt was sorely needed this year of all years, is a present-focused budget. A punishing 2021 for the aam aadmi with more-than-usual expenditure on health and sustenance meant the general populace was looking for immediate relief that would place more cash in their household budgets. That did not happen. Nor was there any extraordinary investment in relieving the healthcare expenditure burden. For all the importance of farmers in upcoming poll-bound states, there was neither major sop nor stimulus given to back the importance of agriculture as a spine if not engine of the economy. Even the MSME sectors were only handed a slightly longer lease of life with the extension of the ECLGS, but there was no real move to stimulate consumption by placing more cash at consumers’ disposal, for example, extending LTA claims to restaurants (and not just accommodation). There is perhaps plenty for the industry to cheer about since it can afford to think about the future and a slightly longer term than just the here and now of survival. The stock market did cheer up even before the FM’s speech, but that only served to underscore the dichotomy between the real health of the population and the Minority of Haves. When the general population probably can’t afford to wait for the benefits of trickle-down economics to reach them in yet another trying year, the dreams and wheels of a consumer-driven economy might move slower than the industry might like, despite the many future-facing and progressive policies announced. Virat Tandon, Group CEO, MullenLowe Lintas Group: The union budget can be termed as consistent with the government's vision to reach the 5 trillion GDP mark by 2025-26. Hence, the strong focus on capex to boost infrastructure that connects and streamlines middle India and provides the engines of entrepreneurship across the length and breadth of the country. It also shows India's commitment to bring a digital first economy with the 5G rollout planned for next financial year, clarity on India's policy for cryptocurrency, data centres, EVs and our very own digital Rupee. Start-up culture will continue to flourish with the right policy framework. These investments and policies will generate jobs and go a long way in inclusive and sustainable growth for Bharat. Anurag Bansal, COO &amp; CFO, DDB Mudra Group: This Union Budget looks neutral, with no major changes in taxation. The launch of digital Rupee based on blockchain technology is a big move to bring in official cryptocurrency in India. New e-passports with embedded chips would definitely ease overseas travel. Managing the Fiscal deficit while pushing for growth and investments is a great balancing act taken on by the government. It will give a boost to capital investments and infrastructure development. Kartik Sharma - Group Chief Executive Officer – India, Omnicom Media Group: With an impetus on holistic growth, developing infrastructure and job creation across sectors, the 2022 union budget shows promise with a focus on the big picture. Reviving economic growth in the post-pandemic environment has been a focus for this government and this progressive, digital-first, and development-oriented budget reflects that. Not only does it provide a boost to the MSME, agriculture and healthcare verticals, but also signals that investing in infrastructure today will connect India better tomorrow. With an increased focus on digitization, some of the standouts for me were that the budget recognized the current gaps and opportunities within the education sector, and is advancing towards uplifting India with the creation of a digital ecosystem - one that is focused on upskilling and creating more employment; aligned with the dynamic needs of today. It also aims to further strengthen communications in the rural sector and build upon the overall financialization of India. Furthermore, while the rollout of a 5G ecosystem will improve the quality of services, the launch of digital money, supported by blockchain, signals an increasing focus on transparency. With consistency in strategic direction and focus on propelling the MSME and start-up ecosystem, this is a welcoming budget for new-age businesses and a hopeful one that will ultimately lead to a boost in the A&amp;M industry as well. We're at the cusp of the next stage of India's digital revolution and although certain factors like data privacy still remain an area to be delved deeper into, as infrastructure and banking penetrate further into rural India, we’re looking hopeful and strong to transform into a forward-leaning digital economy of tomorrow.” Deepak Mittal, CEO and Co-Founder, TO THE NEW: The government's unprecedented commitment to technology innovation and adoption in this union budget is highly encouraging. Breakthrough developments and futuristic technology such as the introduction of digital currency, the rollout of 5G within FY22-23, and e-passports using embedded chips are exciting for the country's future. Among the measures announced, the budget highlights special incentives to startups and the launch of a progressive, new portal encouraging a digital ecosystem for skilling and upskilling. These initiatives will serve as a successful catalyst for the country's economic growth. Atul Shrivastava, Group CEO &amp; Executive Director at Laqshya Media Group: The union Budget underlined the government’s focus on long-term growth. As India’s economic growth is estimated to be 9.2% in the upcoming financial year so it would be good for all the industry and with overall growth, we are sure advertising &amp; media will also show remarkable growth which was low due to the pandemic in the last couple of years. As announced the National Highways to be expanded by 25,000 km under PM Gati Shakti mission. Highways are adding a new dimension to the growth of the OOH Industry as advertising on the Highways is emerging as very strong choice for brand building for many categories. Prasad Shejale, Founder and CEO, Logicserve Digital: The FM has announced a very progressive budget with an intention to widen India's horizons and outlook in the next five years, leveraging emerging technologies. The Government has addressed some urgent priorities underpinning the digital sector, including the launch of digital currency, API-based skill credentials, digital learning channels, digitization of manual processes, etc. On the digital connectivity front, the 5G spectrum auctions will finally make the dream of a tech-savvy India a reality, further boosting the country's digital infrastructure. Additionally, the launch of a design-led manufacturing scheme for the 5G ecosystem as part of the PLI scheme will ensure affordable broadband and mobile communication even in far-flung areas. The availability of high-speed internet connectivity in urban as well as rural areas will encourage marketers to experiment with blockchain, AR, VR. On the skilling front, initiatives like establishing a digital university will provide an opportunity for youth to learn new skills from the comfort of their homes. The creation of a new task force to build domestic capacity in the Animation, Visual Effects, Gaming and Comic (AVGC) sector is commendable. The overall budget is future tech-enabled and balanced. Ahmed Aftab Naqvi, Global CEO &amp; Co-founder, GOZOOP Group: While there will always be hope for more and better, the continued push towards digital, fintech and the boost for start-up ecosystem with the extension of tax benefits till March 2023 along with capping the surcharge at 15% irrespective of the amount of long term capital gains, will fuel the fire of entrepreneurship in our nation. Varun Duggirala, Entrepreneur, Co-founder of The Glitch, Author, Content Creator and a Podcaster: The twin announcements of the digital rupee and the taxation on ‘virtual digital assets’ is clearly a focused drive from the government to regulate the crypto space. What needs to be seen is how this plays out because regulating a decentralized space is a paradox in itself. Another point that stood out for me was the national mental health program. More than anything else it signifies the normalizing of mental health as a legitimate area of focus for us as a nation. Shrenik Gandhi, CEO and Co-founder, White Rivers Media: In my opinion, it is a fairly balanced budget. There is sufficient emphasis being laid on up-skilling, and making right investments in tech which is the need of the hour. The previous budget was more inclined towards setting up a strong foundation in the digital space, and this one is essentially focused on making further advancements. Besides, Digital Rupee being introduced is indeed, a great news across sectors and it will be exciting to finally watch it become a reality. It can prove to be a game-changer in India's future as transactions will become even more instantaneous. Speaking of the expected benefits, let’s not forget that this is India’s #Budget and not a Big Bazaar scheme announcement. So, the immediate benefit may not be seen right now but considering the long-term narrative, it is a fairly established budget. Sahil Chopra, Founder &amp; CEO- iCubesWire: While the general trend of the <keyword id="12134566" type="General" weightage="20" keywordseo="union-budget-2022" source="Orion">union budget 2022</keyword> has its emphasis on ease of doing business, I strongly believe, data and digital occupied the centerpiece of the budget. The plans to focus and promote the fintech and digital economy are a very strong positive move. New age technologies, keeping data and digital at heart of it will allow the tech enablers to transform multiple industries. For MSMEs, the government has plans to outlay Rs 2 trillion which is again a welcoming move that will help in enhancing startups as well as entrepreneurial opportunities for all. Besides, extension on tax exemption to startups and promotion of startups to facilitate ‘Drone Shakti’ through varied applications and drones as a service is also encouraging. The ambitious optical fibre to the villages under PPP in 2022-23 shall get the next 100M in the Digital Universe soon. To sum up, it’s a positive budget for the digital sector which has always vouched for a strong digital infrastructure in the country." Chetan Asher, Founder and CEO, Tonic Worldwide: The budget clearly will help the country march towards digital adoption and transformation in many sectors. With 5G rollout on the cards we will see an acceleration across the board. The digital rupee will put India right up on the map of advanced digital economies. Clarity on Digital assets and crypto will give it new impetus. All of these initiatives will help us emerge as leaders in adoption and growth of blockchain technology Ambika Sharma, Founder &amp; MD, Pulp Strategy: The Budget is interesting as the Government has focused on all sectors. The financial support for the digital payments ecosystem is a welcome move and further reaffirms the Government of India's digital banking push. This push on digitization will make way for more inclusion in the ecosystem. The focus on 'Ease of doing business is a great step, as it will further promote entrepreneurship in the economy” . The 2022-23 budget finely balanced fiscal retreat with supporting economic recovery. The budget focused on a familiar strategy of driving capital expenditure to drive growth, to crowd in private investment through higher public spending. Although markets could be disappointed with a higher fiscal deficit of 6.4% of GDP for FY23 than expected, it is perhaps prudent to not undertake aggressive fiscal consolidation at this nascent stage of recovery. While elevated market borrowings are likely to pressurize bond yields, the inclusion of green bonds in the borrowing plan is an interesting innovation. In terms of specific policy announcements, the move towards self-reliance through protection for domestic manufacturers (change in custom and import duties) aligns with the long-term goal of Atmanirbhar Bharat. The government has extended the startup tax holiday and concessional tax for manufacturing startups by a year. While that was on the cards, it doesn’t address the core need of startups to be given a longer tax holiday of 5 years as required. One of the most encouraging aspects of the budget has been the announcement to set up an AVGC (animation, visual effects, gaming, and comics) promotion task force to plan and build domestic capacity for serving domestic as well as global markets. Loss from the transfer of virtual digital assets cannot be set off against any other income. The creation of a unified logistics platform and the developments of 100 new cargo terminals in the next three years are significant steps in improving the supply chain ecosystem in the country. Infrastructure status given to Data Centers will provide a huge boost to the fast-evolving digital environment of the country. The fiscal outcome is broadly in line with our expectations with the government having continued its focus on infrastructure and rural demand. Himanshu Arya, Founder and CEO, Grapes: The Union Budget for the financial year 2022-23 has set the stage with an invigorated focus on ramping up the process of the digital revolution. The government’s focus on the digital ecosystem is a progressive move to render an inclusive landscape for job openings and entrepreneurial opportunities. The extension of tax incentives for startups for one more year will give a slight relief to the industry. I hope that the cash flow improves in the market. The Union Budget has various encouraging initiatives and is directed towards a more viable and flexible business ecosystem that completely aligns with the ideologies of Make in India. Siddharth Devnani, Co-Founder &amp; Director, SoCheers: Digital and digitization stood out as a strong overall trend in the Union Budget 2022. The budget put a great focus on long-term growth and given how intricately ‘digital’ was integrated into several measures, it can be seen as an integral part of that growth. Implementation of the Central Bank digital currency will definitively aid the growth of digital economy and finance in the country, opening doors for digital acceleration across sectors. The announcement about the new digital university and the renewed focus on digital learning, further presents an opportunity, especially to the fast-evolving Educational Technology sector. However, a definite plan on how this will pan out for all corners of India remains to be seen. Moreover, digital will also be leveraged in the set-up and operation of tele-mental health centres, providing the necessary focus and access to mental health services to the Indian masses. This comes as one of the most welcome move as it’ll contribute infinitely to the nation’s long-term growth.

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