White-Collar Hiring Declines, Real Estate and Energy Sectors Thrive in India
In a recent study conducted by Naukri Jobspeak, it was revealed that there has been a noticeable decrease in the hiring of white-collar professionals in India in June 2023. The data indicated a 3% drop in such recruitment to 2,795 in June 2023, as compared to the same month the previous year. Additionally, a 2% decline was observed when compared to May 2023.
The report also spotlighted the IT industry, indicating a significant downturn in job creation within the sector. When compared to June 2022, the industry experienced a 31% reduction in new job creation. This trend was observed across all categories of IT companies, encompassing global technology powerhouses, large IT service providers, tech start-ups, and unicorns. The decline was not limited to certain geographical areas but was observed across both metro and non-metro cities.
Despite the general downturn in job creation, certain sectors managed to buck the trend. The real estate and energy sectors, for example, were able to counterbalance the overall decline, resulting in a relatively stable job market. The oil and gas sector, in particular, experienced a surge in job creation with a 40% increase compared to the same period last year.
Leading the charge in recruitment were roles such as exploration engineers, refinery operations managers, and health, safety, and environment specialists. These roles saw significant demand in regions like Ahmedabad, Mumbai, and Delhi NCR.
The real estate sector also demonstrated resilience with a 17% growth in job creation. Key roles that experienced increased demand included property appraisers, construction project managers, and real estate consultants. Mumbai and Chennai emerged as significant employment hubs for these roles.
Interestingly, even as many employees face uncertainty due to the decline in white-collar hiring, there is a growing trend of investing in ergonomic office furniture. Many are choosing to buy standing desks and electric height adjustable standing desks to improve their work-from-home setups. These best sit stand desks are not just trendy but also offer health benefits of electric stand up desks such as reducing back pain and improving posture.
Despite the decline in IT and white-collar jobs, some sectors like pharmaceuticals, automobiles, and hospitality reported positive growth in job creation. This suggests that while certain sectors may be experiencing a downturn, others are capitalising on changing market dynamics and are continuing to create new opportunities.
In conclusion, while the recent decline in white-collar hiring and IT jobs in India is concerning, it does not paint a complete picture of the country’s employment landscape. Certain sectors have demonstrated resilience and adaptability amidst this downturn. As employees adapt to new ways of working, products like electric height adjustable standing desks are becoming increasingly popular. This suggests that while the job market may be changing, there are still opportunities for growth and innovation.