HYDERABAD: Hiring processes across various industries of Hyderabad have reduced by a staggering 84 per cent as compared to the previous year due to the economic slowdown caused by Covid-19, revealed a report.
The Employment Outlook Report, released by TeamLease on Tuesday, showed that while ‘intent to hire’ among industries in the city — quantified through a survey of companies — was at 98 per cent in 2019, it has now come down to 15 per cent.
It is important to note that since the lockdown, companies’ intent to hire new employees have improved countrywide from 11 per cent to 18 per cent amid the pandemic, with several industries resuming work.
Though Hyderabad seems to have improved its numbers when compared to that, it is still below the national average.
Other metros like Bengaluru and Delhi fared slightly better than the city when it came to intent to hire.
The report further broke down the industries into sectors and highlighted the condition each of them were in.
For instance, companies under Hyderabad’s IT sector showed a 16 per cent intent to hire during the period between October 2019 and March 2020.
However, in June, only 3 per cent of the companies showed interest in hiring new employees.
The same goes for healthcare and pharma industry in the city. While the intent to hire among companies in this sector during the same period was at 24 per cent, in June, it slumped to 4 per cent.
The report also showed that the pandemic has stripped Hyderabad of its tag of being among the top cities in India when it came to employment generation.
In 2019, Mumbai and Hyderabad were considered the most attractive cities when it came to generating work. Now, it is now Bengaluru and Delhi.
Co-founder of TeamLease Services Rituparna Chakraborty said, “India Inc. is struggling to come to terms with the new normal. In fact, the pandemic has made corporates realign their businesses and it is affecting hiring sentiments.”
Drastic drop
City’s IT sector showed a 16% intent to hire during the period between Oct 2019 and March 2020. However, in June, only 3% of the firms showed interest in hiring.