TeamLease approves Rs 100 crore share buyback; stock up 5%
In Q3FY23, TeamLease Services reported net revenue of Rs 2,018 crore as against Rs 1,767 crore recorded in Q3FY22, representing a YoY growth of 14%. The company reported an EBITDA of Rs 32 crore in the third quarter of 2023 as against Rs 38 crore recorded in the same quarter of 2021, representing a YoY decline of 16%
TeamLease zooms on Rs 100-crore buyback announcement
The share purchase will be through the tender offer route and the offer price represents a premium of 25 percent over the closing price of January 24 when the board meeting for the buyback was announced
Yet to get any hint of hiring in IT, expect improvement in H2: Ramani Dathi, Teamlease
“The other business which is a surprise to us is a degree apprenticeship business. On January 3, we received a notification that the government is withdrawing the NEEM Programme under which we have 26,000 trainees. We may have to release these apprentices in the coming quarters. As of December, we already released 20,000 trainees and so that has also impacted our quarterly performance both in terms of growth as well as profitability.”
In mid and senior level, IT cos seeing lower cost replacement hiring: Ramani Dathi, Teamlease Services
“As far as the Indian IT services and the product and capital companies are concerned, we have not started seeing any massive layoffs as of now but having said that, will this kind of trajectory continue into the future for the next few quarters as well? At this point in time, we have no visibility because the attrition levels are still high, especially at mid and senior level.”
Techies can expect lower hikes, hiring freeze in mid and senior level: Ramani Dathi
So accordingly, we are reducing our head counts and costs. For the next foreseeable future, we are not factoring in any increase in our core headcount and whatever revenue growth that we have, ideally should flow down into the bottom. So for the next few quarters we are projecting a consistent margin expansion on a QoQ basis.
Demand for offline meetings fuels post-pandemic growth in non-holiday travel segment
Industry conferences and company retreats are now scheduled more regularly with COVID-induced restrictions removed, and organisations have started their corporate travel schedules in full flow, say travel firms and hoteliers
There is no Diet Coke employment; you can’t have security of permanent employment & moonlight too: Manish Sabharwal, Teamlease
“The moonlighting debate has been around for decades. It will be around for a few more decades and people and organisations will choose the side that works best for them. Just make your choices and live with them. People in the middle of the road get hit by trucks from both sides.”
More apprenticeships critical in bridging skill gap, says Teamlease study
An increasing number of employers are focusing on hiring candidates who have some prior work experience and apprenticeships is playing a crucial role in bridging this gap, according to a study by TeamLease Degree Apprenticeship and JustJobs Network. The study states that doubling the number of apprentices from 500,000 to 10,00,000 per year, and setting an initial target of 10 million apprentices in ten years, is a crucial step in bridging the skill gap.
Businesses have a hard time finding skilled manpower
Businesses across sectors in India, including manufacturing, construction, real estate, infrastructure, logistics, retail, automobile and auto component, restaurants, and facility management, among others, are facing an average 15-30% dearth of skilled manpower, said top company executives, staffing firms and industry experts. Company executives said this could have a direct impact on meeting business goals. At the same time, there is an increase in cost of talent acquisition, as companies are forced to line up extra incentives and one-time payments to attract manpower.
IT-BPM industry to hire 3 lakh employees this fiscal year on rapid adoption of emerging tech: Report
The IT-BPM workforce is set to grow 7% in this fiscal year ending March 31, with the overall headcount increasing to 5.45 million from 5.1 million, TeamLease Digital, the specialised staffing division of TeamLease Services, said in a report titled Digital Employment Outlook Report for H1-2023.
Most of the companies have communicated the pay hikes to employees. While some have already given out the higher salaries, others are expected to implement them effective July, the staffing firms said.
Not only IT, the Intent to hire is at a 27-month high across most sectors: Ramani Dathi
“Other than IT, FMCG, education, telecom, ecommerce, retail essentials, healthcare, banking and financial services all are hiring. Across all industries, we are seeing a very strong intent to hire. To some extent, that is because the attrition levels were very high, especially in the last quarter. So, high attrition coupled with very strong demand is translating into a lot of new jobs especially in formal industries, largely in the metro cities. We are seeing a very strong trend.“
Sharp increase in commute leads to severe shortage of taxis and drivers
Apart from cab aggregators such as Uber and Ola, who are looking at regaining lost market share, and ecommerce firms that continue to hire drivers in large numbers, there is demand for drivers in the used-car sales market as well, fuelled by startups like Spinny, Cars24 and Droom which provide vehicle pickup and drop-off services.
Small companies step up hiring of women amid labour crisis
An increasing number of Indian micro, medium and small enterprises (MSMEs) have stepped up their hiring of women talent to meet the labour shortage prevalent in the market, said MSME owners and staffing companies ET spoke with. The post-pandemic migrant labour crisis-when many workers moved back to their hometowns and several of them did not return--has prompted MSMEs to increasingly rely on the female talent pool by hiring from local areas.
Telecom Sector may see job openings doubling to 38k in FY23 as 5G Looms
The current scale and pace in the telecom industry is driven by "the rapid evolution of new technologies like AI, the Internet of Things (IoT), 5G, advanced data analytics and Edge computing," said Deval Singh, business head - telecom, IT& ITeS, media and government, TeamLease Services. This has led to a shift in skill requirements in the sector with a demand for candidates who are equipped with new-age skills.