White-collar hiring down 6 per cent in 2023

economictimes.indiatimes.com:

White-collar hiring in the country declined 6% on year in 2023, pulled down by sectors such as IT services, BPO/ITeS, retail, FMCG, education, and healthcare, show data put together by online jobs platform Naukri.com exclusively for ET.

Companies in several sectors tightened their hiring funnel amid global macroeconomic headwinds and prolonged geopolitical uncertainties even as sectors that have seen business growth in the last one year, including oil & gas, power, infrastructure, energy, BFSI, travel, and real estate, recorded double-digit growth in hiring numbers, data showed.

Career-Boosting Courses for Early-Stage Professionals

GDP growth, business growth across segments, and shortage of skills will be the three main drivers that will fuel positive hiring sentiment in certain sectors in the first three months of 2024, job market experts said.

“White-collar job market will continue to be very cautious in the year ahead except in sectors that are witnessing significant business growth,” said Madan Sabnavis, chief economist at Bank of Baroda.

While the BFSI sector will hire people at all levels, FMCG companies will continue to hire but cautiously, he said. Hospitality and travel tourism will also be hiring across levels. But most of the senior level hiring will be replacements unless for niche areas and skills, he added.

Hiring activity in the IT services sector declined by 29% in 2023 compared with 2022 when hiring had increased 7% year on year, showed the Naukri.com data.

Th