Lifestyle and Grocery retailers added 490,000 employees in FY22, says TeamLease study

1 Aug 2022 , 12:37 PM

As per TeamLease’s latest hiring outlook study, Lifestyle and grocery retailers seem to be reversing the trend witnessed in FY21, where most brands preferred layoffs or froze hiring owing to declining sales and lockdowns. In a recent update, about eight lifestyle and grocery retailers added 1,80,000 employees during the last fiscal.

It includes top retailers like Shoppers Stop, Bata, Reliance Retail, Raymond, Titan, Trent, Page Industries, and Avenue Supermarts. As per their latest annual reports, above-stated companies added nearly 4,90,000 employees, witnessing a 57% surge in their combined workforce.

The surge in staff count was mainly seen across permanent and contractual employees as companies restored operations and made aggressive expansions in their store network last year.

Retail is one of the top six sectors with a positive hiring intent during the current quarter. It further outlined that as significant investments are taking place in the retail sector, companies seek to use this fresh capital to ramp up hiring across multiple verticals, while few startups are eyeing to add more physical stores.

The largest jump was in the Retail sector, adding nearly 1,61,000 talent-heads to its workforce. Factually, the momentum in employment technology continued within the final quarter. 

The retail sector, particularly apparel, was severely impacted by the pandemic and was the least stable to recover in the durable goods space. However, most retailers managed to recover revenues to 90-100% of pre-Covid levels in FY22, driven by robust revenue growth in the second half due to pent-up demand and improved vaccination coverage.