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Media Coverage
High attrition keeps private banks on their toes

High attrition keeps private banks on their toes

“Private Banks face an elevated risk of attrition, especially with the entry of new players like Jio Financial Services, aggressively expanding their workforce to meet strategic goals."

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High staff churn in India’s financial sector to persist in FY24

High staff churn in India’s financial sector to persist in FY24

"The demand for salespeople (selling personal, home, agriculture, and other loans) is huge."

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Tech Integration And Partnerships Trim PSU Banks’ Employee Headcount

Tech Integration And Partnerships Trim PSU Banks’ Employee Headcount

“These partners are now directly working with banks and catering to the requirements. So, the need for main banks to hire is going down, and going to a third party also helps them in many ways.”

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Banking & financial companies go all out to retain staff

Banking & financial companies go all out to retain staff

The annual attrition in frontline roles could be as high as 120% where the entire workforce is getting churned on a rolling 12-month basis.

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Media Release
Technological Advancements and Workforce Transformation in India

Technological Advancements and Workforce Transformation in India

India's  rapid technological transformation is evident in the electronics fabrication sector and the growing 5G infrastructure. These advancements enhance industry capabilities and create substantial employment opportunities for the youth. This underscores the critical need for skill development to keep pace with technological demands and prepare the youth for future job markets. Electronics Fabrication: A Modern Manufacturing Era India's electronics fabrication sector is undergoing significant transformation, incorporating advanced materials and processes like organic electronics and 3D printing. This evolution demands a workforce proficient in these sophisticated technologies. The semiconductor industry is projected to grow to $100 billion by 2030 and create approximately 1 million jobs globally between 2025 and 2026. In India, 250,000-300,000 skilled professionals will be needed by 2027 in R&D, design, manufacturing, and packaging. Enhancing industry-academia collaboration is crucial to meet this demand, fostering training programs that align with market needs. Telecom Industry: The 5G Revolution The introduction of 5G technology in India is revolutionising industries and creating numerous job opportunities. The telecom sector is expected to employ 67.9 lakh workers by FY25, with a focus on roles related to 5G. Emerging job profiles include 5G technology developers, cybersecurity experts, AI/ML developers, and RF systems architects. Essential skills include knowledge of devices, open-source architecture, IoT, and niche sector-specific expertise. Soft skills such as adaptability and problem-solving are also vital. Airfibre: Expanding Connectivity and Employment Airfibre technology is enhancing high-speed internet access without wires, generating jobs for telecom engineers, project managers, and FTTH planners. Telecom companies are rolling out 5G services. This has led to a higher need for professionals who can design and manage fiber optic services. Additionally, customer service roles are expanding to meet the rising demand. Customer service roles are also growing to keep up with the increased demand. Electric Vehicles (EV): Driving Job Growth The electric vehicle industry in India is growing rapidly. Employers expect job openings to increase by 40-45% in 2023 compared to the previous year. By 2030, the sector could create 10 million direct jobs and 50 million indirect jobs. The industry, valued at USD 5.48 billion in 2023, is expected to grow at a CAGR of 34.7% between 2024 and 2032. Emerging job profiles include battery engineers, electric powertrain engineers, data scientists, and regulatory compliance experts. Skills in demand encompass battery technology, powertrain development, data analytics, AI, and regulatory knowledge. Industry 4.0: Revolutionising Manufacturing Industry 4.0 is significantly impacting India's manufacturing sector, creating new job opportunities and requiring a new skill set. Using these technologies is leading companies to hire more workers. 74% of employers anticipate growth in the second half of FY24. Key recruitment hubs include Chennai, Bangalore, Hyderabad, and Coimbatore. New job profiles include data architects, blockchain developers, AI developers, and sustainability advisors. Skills in demand cover technical expertise in PLC programming, micrometers, blueprints, and soft skills like adaptability and global awareness. Renewable Energy: Powering Future Jobs India's renewable energy sector is experiencing significant job growth, particularly in tier II and III cities. In FY24, job demand increased by 23.7%. Emerging job profiles include solar PV technicians, wind turbine technicians, energy storage operators, and waste management specialists. Key skills needed include technical proficiency in renewable energy systems, project management, data analysis, and sustainability practices. Embracing New Skills As India advances technologically, the job market is evolving, demanding continuous learning and skill development from the youth. By embracing these changes and upskilling, young professionals can look forward to promising careers in various dynamic fields. TeamLease can help you meet your staffing needs with skilled professionals in various sectors, we have the expertise to connect you with the right talent. Contact us today to learn how we can support your workforce development.

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78% of Employers are Optimistic About Gig Workers: TeamLease EdTech Report

78% of Employers are Optimistic About Gig Workers: TeamLease EdTech Report

  • 75.90% of employers identify technical skills as crucial for gig workers
  • 68.67% stress the importance of communication skills
  • Over 90% emphasize the need for digital proficiency
  • On-the-job training (76.19%) and online courses (73.81%) are the top methods for skill enhancement
India, 19th July 2024: Celebrating World Youth Skills Day, TeamLease EdTech, a leader in learning and employability solutions in India, unveiled its in-depth report titled "Gig Economy Skills: Equipping Youth for Freelance and Flexible Work." This report, based on data from 837 employers across various industries, delves into the critical skills and competencies necessary for thriving in the burgeoning gig economy. The report reveals a positive outlook for gig workers, with 78.57% of employers stating that gig workers meet or exceed job expectations. Technical proficiency stands out as the most critical skill, with 75.90% of employers highlighting its importance, reflecting the growing reliance on technology in today's job market. Close behind, 68.67% of respondents underline the need for strong communication skills, essential for remote collaboration and client management. Employers show a clear preference for gig workers with 1-5 years of experience, as indicated by 67.86% of the respondents. This preference suggests a balance between fresh perspectives and practical experience. Furthermore, digital literacy is deemed indispensable, with over 90% of employers emphasizing its necessity in the digital-dominated gig economy. When it comes to skill enhancement, on-the-job training (76.19%) and online courses (73.81%) are the preferred methods, providing practical and flexible learning opportunities. The report also identifies key skill gaps in new gig workers, notably industry-specific knowledge (42.86%) and soft skills (28.57%). Employers seek a blend of domain knowledge, technical expertise, and strong soft skills for effective client handling. Looking ahead, the study highlights that AI and automation skills (53.57%) will be pivotal for gig workers over the next five years, followed by advanced technical skills (21.43%) and sustainability practices (14.29%). Shantanu Rooj, Founder and CEO of TeamLease EdTech, commented on the report’s findings: “The gig economy is not just a glimpse into the future of work but a significant part of our present. With 78.57% of gig workers meeting or exceeding expectations, we see tremendous potential. The focus on both technical and soft skills underscores the intricate demands of this new work paradigm. Continuous upskilling, particularly in AI and automation, is not just beneficial—it’s essential.” Jaideep Kewalramani, COO and Head of Employability Business, emphasized the need for ongoing skill development: “Our study provides a clear roadmap for gig worker development. The strong preference for on-the-job training and online courses reflects the demand for flexible, practical learning solutions. Addressing the 42.86% gap in industry-specific knowledge presents a significant opportunity. By targeting industry-aligned programs, we can ensure gig workers are not just meeting today’s demands but are well-prepared for future challenges.” Download the full report: Gig Economy Skills: Equipping Youth for Freelance and Flexible Work

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H1 FY25 Employment Outlook: India Expects 6% Workforce Expansion

H1 FY25 Employment Outlook: India Expects 6% Workforce Expansion

  • The Indian workforce is expected to grow by 6.33%
  • Top New Locations: Coimbatore, Visakhapatnam, Jaipur
Bengaluru, July 15, 2024: TeamLease Services' Employment Outlook Report paints a promising picture for India's job market in the first half of fiscal year 2025. With a projected incremental workforce expansion of over 6%, supported by robust economic conditions and a near 7% GDP growth forecast, India is poised as the fastest-growing G-20 economy. Kartik Narayan, CEO of TeamLease Staffing, emphasised, "With India forecasted to be the fastest-growing G-20 economy in 2024, coupled with strong investment demand and easing inflation, the job market remains resilient in the face of global headwinds. Nearly two out of five organisations are prioritising skills development, equipping their workforce for the technological advancements that lie ahead.” The findings of our report shed light on the dynamic and optimistic hiring landscape. The survey also reveals that the healthcare, pharma, automotive, manufacturing, engineering, and infrastructure sectors have the highest number of employers planning to increase their workforce. Leading industries in workforce size growth include construction and real estate, travel and hospitality, and electric vehicles (EV) and EV infrastructure. Delhi, Bengaluru, and Hyderabad are leading cities for employment opportunities, while Coimbatore, Visakhapatnam, and Jaipur are notable emerging job markets. Employers are actively seeking candidates with strong communication skills, attention to detail, technical proficiency, and organisational abilities for both current and new roles. Furthermore, 35% of talent acquisition strategies are anticipated to be significantly influenced by generative AI, indicating a shift in hiring practices driven by technological advancements. India's job market is set for significant growth across various industries, supported by robust economic conditions and strategic investments in technology and skills development. Employers' focus on skill prioritisation and generative AI highlights a progressive hiring landscape. With ample opportunities in both established and emerging cities, the future of India's employment sector looks exceptionally promising. Download the full report: Employment Outlook Report H1 FY25

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Growth in Consumer Durables & Electronics: TeamLease Report Highlights 57% Attrition

Growth in Consumer Durables & Electronics: TeamLease Report Highlights 57% Attrition

  • Temporary roles in high demand include in-store promoters, service technicians, supervisors, sales trainers, channel sales executives, customer support executives, warehouse managers, tele-support executives, and electronics engineers.
  • The opportunity cost of lost revenue due to vacant positions and reduced productivity amounts to ₹118.6 crore for the in-store promoter role alone for a mid sized company 
TeamLease Services, India's leading staffing conglomerate transforming employment, employability, and ease of doing business, has released its 'Consumer Durables & Electronics: A Staffing Perspective Report,' providing comprehensive insights into the country's growth in the consumer durables and electronics sector. With India reinforcing its status as the world's fastest-growing major economy, the report predicts that the country will emerge as the third-largest consumer market by 2027.The workforce employed in this sector will be crucial in enhancing its capacity to effectively serve its intended beneficiaries and attain sustainable growth. The report highlights the critical role of this workforce in meeting the sector's demand for diverse talent swiftly and efficiently. In the report, TeamLease Services highlighted high-demand temporary roles such as in-store promoters, service technicians, supervisors, sales trainers, channel sales executives, customer support executives, warehouse in-charge, tele-support executives, and electronics engineers, as pivotal to the growth in the consumer durables and electronics industries. Detailed market segmentation and size analysis cover a range of consumer durables—from small appliances like kitchen appliances, LED lights, and electric fans to large appliances such as ACs, refrigerators, and washing machines—and consumer electronics, including TVs, mobile phones, computing devices, and digital cameras. Notably, the AC market is projected to reach ₹5.8 billion by 2028 with a CAGR of 15%, while the mobile phones market is estimated to reach ₹61.2 billion by 2028, growing at a CAGR of 6.7%. A demographic profile of the temporary workforce reveals it is predominantly male (94%), with an average age of 31 years and a tenure of 2.8 years. More than half of this workforce has education levels below the 12th standard, and hence, appropriate training is required to develop certain skill sets to ensure productivity. TeamLease Service's report also provides an in-depth geographic analysis, revealing that the temporary workforce is concentrated primarily in the South region. Tamil Nadu, Karnataka, Maharashtra, Uttar Pradesh, and Telangana are leading in temporary job growth. At the city level, Bengaluru, Hyderabad, Chennai, Kolkata, and Mumbai are the main drivers of this growth. The report also examines compensation trends, noting variations in average annual CTCs and incentives across regions and city tiers, with the highest annual CTCs in metro cities and the highest average monthly incentives in tier 2 cities. Attrition remains a significant challenge, with the report differentiating between regrettable attrition (22% of high-performing employees exiting) and non-regrettable attrition (31% of employees who have not earned incentives). The cost of attrition to the organization with 1000 employees is approximately ₹3.64 crore. The opportunity cost due to attrition specific to the in-shop promoter role is approximately ₹118.6 Crore for an organization of 1000 employees. Balasubramanian A, Senior Vice President at TeamLease Services, said, “Attrition is a persistent obstacle that can substantially impact an organization's bottom line and growth prospects. Our report reveals over ₹100 crore opportunity cost pertaining to lost revenue for a midsized firm, highlighting the urgent need for businesses to address this issue proactively. Tackling attrition is not just a cost-saving measure but an investment in the sustained growth and competitiveness of our manufacturing and retail powerhouses. We must reimagine talent management strategies to attract, nurture, and retain a temporary workforce.”  Kartik Narayan, CEO of Staffing, TeamLease Services Limited, said, "Understanding the specific needs and dynamics of the temporary workforce is crucial for driving sustainable growth in the consumer durables and electronics sector. As India establishes itself as the world's third-largest consumer market, we have a generational opportunity to reimagine workforce solutions. Our report provides actionable insights to help businesses optimize staffing strategies and enhance operational efficiency." The report also reveals TeamLease Services's successful case studies, showcasing their expertise in implementing tailored solutions to address clients' workforce challenges. It includes restructuring salary frameworks, providing customized training programs, and implementing end-to-end workforce management solutions. These initiatives have resulted in substantial cost savings, reduced attrition rates, and improved employee engagement and productivity.

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Media Mention
Stock Market Closing Bell on Budget 2024

A dedicated ₹2 trillion allocation for skilling and job creation over the next five years will enhance job security and cultivate a more robust and inclusive workforce..."

Kartik Narayan

  • CEO - Staffing

ET Now, July 23, 2024
Nasscom, India Inc flay Karnataka’s jobs-for-locals plan

“In a free market, jobs always find skills, and by restricting skilled workers it will get more difficult to attract investments...”

Balasubramanian A

  • Senior VP & Business Head

Economic Times, July 22, 2024
Rising EPFO and NPS subscribers signal surge in formal jobs

“The number of contributing members to PF has been growing at a CAGR of over 20 percent since 2018, whereas the overall workforce has grown at about 2 percent in the same period...”

Balasubramanian A

  • Senior VP & Business Head

CXO Today, July 10, 2024
Staffing Challenges in Consumer Durables & Electronics: 57% Attrition Sparks Urgency

“Attrition is a persistent obstacle that can substantially impact an organization’s bottom line and growth prospects."

Balasubramanian A

  • VP & Business Head

Business News, July 05, 2024
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