A report from TeamLease on the employment outlook suggests that in six quarters, the intent to hire has more than doubled to 54 percent from 27 percent. To understand the on-ground picture, CNBC-TV18 spoke to Hitesh Oberoi, Chief Executive Officer and Managing Director, Info Edge.

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Oberoi said that the report is bang on and the job market continues to be on fire. He highlighted that because of digitisation, hiring in IT continues to be red hot. Oberoi said that digitisation has opened the door in terms of massive opportunities for the people with the right skills, which in turn has also led to higher attrition as well as wage inflation.

He said, “The IT market continues to be on fire – thanks to digitisation. I am very fond of saying nowadays that every company now is a digital company and every digital company in the future will be a data company.”

“Every company now wants to go digital, they want to hire digital talent and this is creating a massive increase in opportunities in the market for people with the right skills and this is resulting in higher attrition and massive wage inflation as well,” said Oberoi.

Many reports suggest the ‘Great Resignation’, a pandemic-era labour trend also known as the Great Reshuffle, is continuing globally.

As COVID cases saw a decline globally and international flights were allowed to operate normally, the tourism industry rebounded significantly. As a result, hiring in the sector has seen a spike too. Oberoi highlighted that the March JobSpeak index shows that hiring in the tourism industry is up 82 percent on a year-on-year (YoY) basis.

On Naukri, he said that the pricing for it is significantly up YoY. He also explained that competitive intensity is normal in the recruitment industry.

“The competitive intensity in the recruitment space, fortunately, has not changed much over the last 2-3 years. We continue to be a dominant player in the segment and we realized that pricing has moved up significantly over the last one year,” said Oberoi.

Even though Zomato is currently facing the wrath of CCI, Oberoi remains bullish on its prospects over the medium-term. He mentioned that Info Edge has invested in Zomato and the board will make a decision on it once the lock-in period gets over.

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He said, “We are investors in Zomato because we are bullish on the prospects of the company in the medium-term. Of course, we are also locked in for some time and once the lock-in gets over, our board will decide on whether we want to continue to retain our shareholding or pare it down.”

Watch the video for the full interview.

(Edited by : Dipikka Ghosh)

First Published:Apr 6, 2022 4:59 PM IST