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Hire Red Hot In It;  Digitization Leading to Greater Attrition and Wage Inflation: Info Edge

A TeamLease job outlook report suggests that in six quarters, intent to hire has more than doubled, from 27% to 54%. To understand the picture on the ground, CNBC-TV18 spoke with Hitesh Oberoi, CEO and Managing Director of Info Edge.

Oberoi said the report is booming and the labor market continues to be on fire. He pointed out that due to digitalization, IT hiring continues to be hot. Oberoi said digitalization has opened the door in terms of massive opportunities for people with the right skills, which has also led to increased attrition as well as wage inflation.

He said, “The IT market continues to be on fire, thanks to digitalization. I really like to say today that every business now is a digital business and every digital business in the future will be a data business. »

“Every business now wants to go digital, they want to hire digital talent and that’s creating a massive increase in market opportunities for people with the right skills, which is also leading to increased attrition and massive wage inflation. “, said Oberoi. .

Multiple reports suggest the “Great Resignation,” a pandemic-era labor trend also known as the Great Reshuffle, is continuing globally.

As COVID cases have seen a decline globally and international flights have been allowed to operate as normal, the tourism industry has rebounded significantly. As a result, hiring in the sector has also spiked. Oberoi pointed out that the JobSpeak index for March shows that hiring in the tourism industry is up 82% on an annual basis.

On Naukri, he said the price was significantly up year-on-year. He also explained that intense competition is normal in the recruiting industry.

“The competitive intensity in the recruiting field, fortunately, has not changed much over the past 2-3 years. We continue to be a dominant player in the segment and have realized that prices have increased significantly over the past 2-3 years. over the past year,” Oberoi said.

Even though Zomato is currently facing the wrath of CCI, Oberoi remains optimistic about its medium-term prospects. He mentioned that the board will make a decision on Zomato’s actions once the lockdown ends.

He said, “We are investors in Zomato because we are optimistic about the company’s medium-term prospects. Of course, we are also locked in for a period of time and once the lockdown is over, our board will decide whether we want to continue to keep our shareholding or reduce it.

Watch the video for the full interview.

(Edited by : Dipikka Ghosh)

First post: STI

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