The number of open positions accepting white-collar applications in November was around 295,000, up from 320,000 in October, with the last 15 days of November seeing a 12% drop in hires from the first. semester, according to the data. LinkedIn and the best company job boards created by the specialist recruitment firm Xpheno.
The 8% drop in hiring volume in November could be attributed to a combination of factors such as a steady decline in hiring actions typically seen towards the end of the year as well as a temporary knee-jerk reaction to the reappearance. infections and a spike in Covid cases in Europe and the United States, combined with volatility in commercial markets.
However, labor market experts remain optimistic even as they are aware of the possibilities of further waves of the pandemic. Companies are closely monitoring developments related to the recently reported variant of the coronavirus, Omicron, which is considered by the World Health Organization to be at high risk for outbreaks of infections around the world.
Human resources officials, economists and key company executives have said the future of India’s white collar market remains bullish as organizations chart a future roadmap amid continued optimism stemming from robust economic growth projections, increased consumption, a new round of investment in many sectors and increasing immunization coverage.
âGiven the buoyancy in hiring seen over the past two quarters, the drop in volume in November is relatively minor and may well pass as a mistake on the radar,â said Kamal Karanth, co-founder of Xpheno. “The overall positive trajectory will continue in the new year and the next fiscal year,” he added.
âLabor market sentiment remains positive despite fears of the new Omicron strain,â said Madan Sabnavis, chief economist, Care Ratings. âIn fact, with the opening of the service sector in December, hiring is expected to increase unless things change dramatically due to a more virulent wave,â he said.
Entry-level openings fell 15% and senior-level openings were down 20% in November from October figures, the data showed. The tech sector contributed 81% to active white-collar openings in November. The largest drop in active openings was recorded in the Internet business at 13%. This sector is among the more agile sectors that can quickly ramp up or slow down in short term cycles. However, experts believe that the tech job market will remain buoyant in the short term even if there is a new wave of Covid.
âThe fundamental driver for this is the urgent need for companies to upgrade their technology stock and embrace digital to increase resilience, reduce costs, instill innovation and improve their competitive position. Tech talent who can contribute to this agenda will continue to be sought after, âsaid Nitin Bhatt, Technology Sector Leader, EY-India.
Executives said organizations, while cautious and alert about any impending waves, are also better prepared to handle the disruption.
âThe second half of 2021 saw a huge upturn in hiring at all levels. Hiring trends are leading indicators of broader economic trends. This trend will continue as layoffs during Covid created huge pent-up demand. And hiring will take a long time to catch up, âsaid TN Hari, head of human resources, BigBasket.
The talent shortage in several industries will also keep the hiring funnel strong, experts said.
âRecruitment has grown by leaps and bounds – there is a demand for talent in both tech and non-tech rolesâ¦ increasing attrition adds to the need for more people. We keep a constant eye on developments related to Covid, but I don’t think it has an impact on hiring plans, âsaid Sudhir Dhar, Executive Director of Human Resources at Motilal Oswal Financial Services.