White-collar hiring rises amid positive indicators
Data showed that for the first time in five months, the IT sector collective-the largest employment segment comprising tech services, products, global in-house centres of multinationals in India, as well as startups-posted a 32% m-o-m rise in open positions. However, despite the recovery in the active demand in IT, the sector closed 40% lower than the same period last year as companies remain cautious amid global headwinds
Source | economictimes.indiatimes.com | Rica Bhattacharyya, ET Bureau
India’s white-collar job market showed a significant 18% month-on-month upward movement in July, the highest monthly growth in two years, according to data from LinkedIn and top company job boards. The number of open positions closed with 272,000 in July, up from 230,000 in June, according to data put together by specialist staffing firm Xpheno.
Companies both in the technology and non-tech space put out more vacancies in July, with the non-tech cohort continuing its domination in the white-collar job market for the 10th month in a row, contributing 62% to the total openings with a volume growth of 10% month-on-month. Positive domestic economic indicators such as growth in manufacturing PMI and decline in the rate of WPI inflation along with revival in consumption and a rise in capital expenditure is leading to an improvement in hiring sentiment in the non-tech cohort, including retail, fast moving consumer goods, infrastructure, banking financial services and insurance, manufacturing, automobile and electric vehicles, hospitality, among others, said industry experts. “Domestic demand-driven outlook is rosy,” said Sachchidanand Shukla, group chief economist, Larsen & Toubro. “Urban demand-led sectors will see a lot of traction in the next 6-8 months with a revival in consumption. On the capex-led expansion demand for manpower, there could be a tendency to front load the hiring between now and October-November, while the later part of the fiscal could go into a lull once the electoral schedule is announced,” said Shukla.
