BPO and IT Sectors Lead Talent Demand Recovery with Double-Digit M-o-M Growth: RecruiteX

* BPO (15%), IT (10%) and BFSI (7%) emerged as the top three sectors with maximum M-o-M growth in talent demand in July 2020   

* BFSI – had shed most talent demand in June 2020 - picked up the pace and gained 7% growth in talent demand in July 2020 M-o-M study

* Customer Services/Tele Calling, Front Office/Administration and IT/Telecom were the most sought after job profiles in July 2020

* Vadodara (over 30% growth) and Hyderabad/Secunderabad (16%) were the top gainers for talent demand in July 2020 study

* Professionals with 5-10 years of experience were most in-demand in the review month

With ‘recovery’ as the key focus in ‘Unlock3’, talent demand is already picking pace as BPO and IT/Telecom sectors noted a double-digit growth in July 2020 analysis. TimesJobs RecruiteX noted that BPO (15%), IT (10%) and BFSI (7%) emerged as the top three sectors with maximum M-o-M growth in talent demand in July 2020.      

TimesJobs RecruiteX is a monthly recruitment index that records the demand and supply of talent at India Inc.

Overall, talent demand in July 2020 grew by 2% M-o-M, pushed largely by growth in high volume sectors like BPO, IT and BFSI.

Talking about the details of RecruiteX July 2020 edition, Sanjay Goyal, Business Head, TimesJobs and TechGig said, “The talent demand trends for July 2020 are heartening. Though the overall growth in July 2020 is only 2% since it’s based largely on high volume sectors as BPO, IT and BFSI, I’m very confident that this trend will continue in the coming months. I foresee the talent demand to pick up from here on as India Inc has actively started working towards the road to recovery. Smart companies are, now, focussing on constructive learnings from this difficult situation which would help them to grow in future. ”

Industry-wise (MoM growth):

Following its growth pattern of June 2020, the BPO sector saw an impressive 15% M-o-M increment in talent demand in July 2020 too. The IT/Telecom and BFSI sectors had witnessed (-6%) and (-2%) de-growth respectively in June 2020 but bounced back in July 2020. Here are the top three sectors for talent demand in July 2020:

·         BPO: 15%

·         IT/Telecom: 10%

·         BFSI: 7%

Functional areas:

Customer Services/Tele Calling job profile jumped from 4% growth in talent demand in June 2020 to 18% growth in July 2020. On the other hand, Front Office/Administration profile had clocked 21% growth in June 2020, but could only register 11% growth in July 2020 analysis of talent demand. Here are the top three job profiles as per talent demand in July 2020:

·         Customer Services/ Tele Calling: 18%

·         Front Office/ Administration: 11%

·         IT/Telecom: 8%

Location-wise:

Most talent demand in July 2020 was posted in Tier-II cities, with Vadodara recording a growth of over 30%. Among the metropolitan cities, Chennai saw the most growth with 10% increment. Mumbai and Delhi noted 8% and 1% growth in July 2020. Bengaluru noted de-growth of (-7%) in July 2020.  Here are the top three cities as per talent demand in July 2020:

·         Vadodara: over 30% growth

·         Hyderabad/Secunderabad: 16%

·         Ahmedabad: 11%

Work experience-wise:

Professionals with 5-10 years of work experience were most in demand, and this category noted 11% M-o-M growth in talent demand. Here are the categories of work professionals as per talent demand in July 2020:

·         5-10 years of work experience:11%

·         2-5years of work experience: 8%

2.5 lakh may lose jobs in BPO sector

Business Process Outsourcing firms are likely to see 2.5 lakh job losses by the first quarter of 2009 in the wake of downturn in the US and other developed economies, BPO industry association said.

Though the industry is likely to see thousands of job losses, the silver lining is that the recession would compel more companies in the US and Europe to look at outsourcing as a way to cut costs and improve efficiencies, the Business Process Industry Association of India (BPIAI) President Samir Chopra said.

Praveen Sengar, Head-Software, Services & Industry (Vertical Reserach), IDC India Ltd saidthe slowdown is likely to impact expansion plans of the industry, as the time taken for signing up new clients is taking longer time.

"It will also result in greater consolidation and promote diversification into areas hitherto considered as non-core activities," Sengar said.

Chopra said that urgent government measures are required to boost the industry, specially for the medium and small enterprises.

Both fiscal and administrative measures like extending tax relief for another 5-10 years and export promotion steps, including market development fund is need of the hour, Chopra said.

He further said the terrorist attacks in Mumbai has led to the widespread cancellations of visits and forthcoming international events.

Source: Times of India