White-collar job openings stay above pre-Covid levels in April
According to data collated from LinkedIn and top company job boards by specialist staffing firm Xpheno, and shared exclusively with ET, the number of active job openings in April was 305,000, up 53% from a year earlier. This is also higher than the pre-Covid monthly average vacancies of 230,000-240,000 and almost at the same level as March jobs number of 310,000.
Job market experts attributed this to an overall positive business sentiment, increase in consumption, pentup demand and greater confidence in growth prospects. “FY23 has begun on a sustained positive note on hiring action across key sectors. The year-onyear growth figure of 53% shows the extent of recovery and growth the job market has seen since previous waves of the pandemic,” said Kamal Karanthcofounder, Xpheno.
Economists and industry experts said even as companies keep an eye on rising inflation and the impact of the Ukraine-Russia war on input costs, hiring is likely to remain mostly unaffected as business sentiment continues to remain robust.
“The job market will be getting even better as companies prepare for future growth and the economy comes out of pandemic-related restrictions. Hiring activity will remain buoyant going ahead,” said Madan Sabnavis, chief economist, Bank of Baroda. “High inflation or the war in Ukraine will not affect hiring decisions,” Sabnavis said.
“Inflation is high not just in India, but it is a global phenomenon, and everyone knows that it will correct at some point of time. The war is also an external condition, and we are facing the collateral effects in terms of shortage of some commodities and rise in input cost. However, all this will not have an impact on hiring as companies do prospective planning for the next few years,” he added.
The IT services sector, which has been leading the hiring action, recorded 76% YoY growth in April. Other top sectors included global capability centers (GCC), banking, financial services and insurance (BFSI), retail, healthcare, electrical and electronics manufacturing, automotive and industrial automation.
“India as a market is very attractive from a commercial perspective. It also has one of the largest university systems with both quality and quantity of talent,” said Mohit Kapoor, global chief technology officer at consumer researcher Nielsen IQ, which is planning to hire more than 5,000 people in India.
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