White collar job openings at India Inc shrink in July
Xpheno.
The employment market in the first three months of the calendar year touched a 2-year high of 340,000 open positions at end March, shows the data curated from LinkedIn, Naukri.com, Indeed, Shine.com, among others.
The number of active openings in July is a 4% degrowth over July 2023 and a 10% degrowth over July 2021, according to the data of white collar vacancies for professionals with one year of experience and above.
However, officials at large conglomerates and top corporations attributed the drop in the number of vacancies to a lull typical during electoral activity and the continuing headwinds in the IT services sector, the biggest single contributor to the white-collar job market.
Experts said the second half of the year is likely to see a bounceback in demand driven by the budget focus on reviving employment as well as expected rise in consumer demand on the back of the upcoming festive months, normal rains and rural pickup.
«The job market has shown high elasticity in the first seven months of 2024, registering a peak and quick drop in active demand. While sustained domestic and global uncertainties have moderated the near-term demand, the outlook for a recovery and rise in hiring activity remains intact for the latter half of the fiscal,» said Anil Ethanur, co-founder, Xpheno.
«Macroeconomic parameters linked to consumption, budget deployment, healthy monsoons, festive boost and release of pent-up demand could drive out the sluggishness and trigger the recovery curve in hiring activity,» he
