White-collar job openings hit a new high in March quarter

White-collar job openings hit a new high in March quarter

India’s white-collar job market is on a sustained recovery path even at a time when companies are keeping a close watch on the emerging geopolitical developments that might have implications for organizations seeking to add staff to their rolls.
The closing quarter of FY22 recorded the highest number of open white-collar job positions in the past two years and it even exceeded the pre-pandemic monthly jobs numbers, according to data from LinkedIn and top company job boards.

There were 310,000 monthly average job openings during January-March, up from a low of average 160,000 hit during the lockdown quarter of April-June 2020 and average 225,000 jobs during April-June 2021 when India was reeling under a devastating second Covid wave, showed the data put together by specialist staffing firm Xpheno and shared exclusively with ET. The current active jobs numbers are also 26% higher than the pre-Covid monthly average vacancies of 230,000-240,000.

Top company officials and job market experts attributed this revival to the overall positive business sentiment prompted by opening of services activity, return to work from office, declining number of infections, quick removal of restrictions, and relatively strong corporate and bank balance sheets.
“The overall growth in hiring action witnessed in Q4 is an indicator of a strong growth trajectory set for the coming financial year,” said Kamal Karanth, cofounder, Xpheno. “The talent outlook of key hiring sectors in India remains positive and progressive for the year ahead. While the threat of an oil-price linked inflation and reduced enterprise spending is emerging, the geopolitical developments have not dampened the spirits of India Inc on the talent front.”

The IT services sector leads the growth with 58% rise in active openings in FY22. Other sectors also showed a pickup in hiring momentum including startups and ecommerce, BFSI, healthcare & pharma, automotive, manufacturing, retail, education, and telecom, shows Xpheno’s data. “Two years since the pandemic started, companies are definitely more confident to deal with disruptions, leading to a positive sentiment in the employment market,” said Anurag Malik, partner, people advisory services, EY India.

“There is also huge pentup demand of the last two years that is benefitting many of the sectors. Top companies in sectors such as IT/IT services have seen huge revenue increases in the last two years and that is also translating into several additional jobs being created. The amount of funding coming into the startup ecosystem is also adding to the boom. Scale-up of captives has also led to significant job creation,” he added.

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