Mumbai. TeamLease Services, the country’s leading staffing company, has released its ‘Consumer Durables and Electronics – Staffing Perspective Report’. This report gives information about the rapidly growing consumer durables and electronics sector. The report estimates that by 2027, India will become the third largest consumer market in the world. The role of employees working in this sector will be very important. They will provide their services to the consumers and help in the sustainable growth of the sector.
This report highlights the important role of this workforce in meeting the demand for different types of talent in this sector quickly and efficiently. TeamLease Services is a leading staffing group bringing a big change in employment and ease of doing business.
In this report, TeamLease Services has identified the temporary jobs that are in the highest demand. These include in-store promoters, service technicians, supervisors, sales trainers, channel sales executives, customer support executives, warehouse in-charges, tele-support executives and electronics engineers. All of them play an important role in the growth of the consumer durables and electronics industry. The report explains the market by dividing it into different segments.
It includes small kitchen appliances (such as LED lights and electric fans) to large appliances (such as ACs, refrigerators and washing machines) and consumer electronics such as TVs, mobile phones, computer devices and digital cameras. The report also states that the AC market will grow at a CAGR rate of 15% to reach $5.8 billion by 2028. At the same time, the mobile phone market is estimated to grow at a CAGR rate of 6.7% to reach $61.2 billion by 2028.
Temporary workers in the sector are mostly men (94%), with an average age of 31 years and an average working life of 2.8 years. More than half of them have not even passed Class 12. Therefore, proper training to teach them specific skills is essential to increase their productivity.
The TeamLease Services report has done an in-depth analysis of different locations. These analyses have revealed that the highest number of temporary workers is in South India. Tamil Nadu, Karnataka, Maharashtra, Uttar Pradesh and Telangana are the five states where the number of temporary jobs has increased the most. On a city-wise basis, Bengaluru, Hyderabad, Chennai, Kolkata and Mumbai have the highest number of temporary workers. The report also examines salary trends. It notes the difference in average annual salary (CTC) and incentives by region and city. According to the report, metro cities have the highest annual salary and tier 2 cities have the highest monthly incentives.
The report highlights attrition as a significant challenge. It mentions two types of layoffs: Regrettable Attrition and Non-Regretful Attrition. Regrettable attrition includes 22% of employees whose performance has been excellent, while non-regrettable attrition includes 31% of employees whose performance has not been good or who have not received any incentives. In a company with 1000 employees, the cost of attrition is approximately Rs 3.64 crore. In such companies, the revenue has fallen by approximately Rs 118.6 crore due to the vacancy of the in-shop promoter position.
Balasubramanian A, Senior Vice President, TeamLease Services said, “The rising attrition rate is a major problem. It can adversely impact a company’s profitability and growth. Our report shows that a medium-sized company can incur losses of over Rs 100 crore. This clearly shows that companies need to act immediately. Tackling the problem of attrition is not just a way to save costs but also an investment in the growth and competitiveness of the manufacturing and retail sectors. We must develop new strategies to attract, upskill and retain temporary workers.”
Karthik Narayan, CEO, Staffing, TeamLease Services Ltd said, “Understanding the needs of temporary workers is vital for the growth of the consumer durables and electronics sector. With India moving ahead to become the third largest consumer market in the world, we have a great opportunity to find solutions to workforce related problems. Our report helps businesses improve their staffing strategies and increase efficiency in operations, paving the way for a better future.”
