Non-tech sector main driver of white-collar hiring in last 4 months
Economists and job market experts said the positivity in the non-tech cohort is mostly driven by positive economic indicators such as rise in GST collections and private sector capital expenditure, and an expected revival in rural consumption
Source | economictimes.indiatimes.com | Rica Bhattacharyya, ET Bureau
Manufacturing, services, automotive, consumer, telecom, oil & energy, hospitality & tourism, and infrastructure continue to power India’s white-collar job market over the last four months at a time when the overall hiring action has been on a decline amid macroeconomic headwinds and high inflation.
The non-tech cohort together put out nearly 100,000 active openings in August, accounting for 37% of the total active demand (versus 66,000 in April at the start of the fiscal year) amid a simultaneous revival in consumption and growth in some of these sectors, according to data from LinkedIn and top company job boards put together by specialist staffing firm Xpheno. Yet, the total number of open white-collar job vacancies in August fell to 260,000 from 270,000 in July and down 6% from a year earlier, the data showed. The numbers matched the low count registered in February 2021.
This is because IT services industry, the biggest employment generator in the country, recorded its lowest count in 15 months (down 14%) as companies turn cautious about onboarding new talent amid rising wage cost and high inflation in key client markets. The entire tech cohort comprising services, products and GICs (global in-house centres, or captives of global companies in India) have been seeing a slowdown in hiring volume and velocity in the last six months.
