At a bunch of companies, white-collar jobs slip into the red
India Inc isn't hiring as much as it used to.
The pace of growth in net white collar employment has almost halved in 2023-24 from five years back. An ET study of the Sensex companies-30 in total-showed such jobs grew 4.4% YoY in FY24 compared to 8.4% in FY19.
This includes permanent jobs as well as those on long- and fixed-term contracts, and third-party rolls, data collated from the annual reports showed. HR analysts pointed to the stress in tech and consumer sectors as reasons for the slowdown while India Inc executives see the slower growth affecting consumption recovery.
«The tech industry has been going through a rough patch for the past 12-15 months after the Covid period boom. Even the consumer sector has been a bit slow. All these are reflected in the employment generation trend,» said Shiv Agrawal, managing director at ABC Consultants, an executive search and talent advisory firm. He said the mix of permanent and contractual jobs in India Inc has not changed much in the last five years.
Packaged food company Parle Products' vice president Mayank Shah said job creation is the single most important factor for consumer demand generation. «There is a direct correlation and the stress in job creation in sectors like IT does have a bearing on consumption recovery,» he said.
On a standalone company basis, the data showed net employment has fallen in six companies including Infosys, SBI, HCL Technologies, Tata Motors, Titan Company and Ultratech Cement in FY24 over FY23.
In Infosys, the permanent employee
