Employment

White-Collar Hiring Declines Amid Economic Uncertainty, But Some Sectors See Growth 

White-Collar Hiring Declines Amid Economic Uncertainty, But Some Sectors See Growth

The cautious attitude of recruiters and adverse macroeconomic trends have been the root causes of the decline in white-collar hiring in the US in recent months. Moreover, geopolitical factors that have implications for global trade and capital flows have also played a role in this. Besides, some industries such as e-commerce, pharmaceuticals, and the health sector have become stronger after this period. However, month-on-month demonstrates a trend in stabilization in activities.  

While others remain in decline, some have been performing exceptionally and have shown job growth. All the sectors in oil &gas, pharma, and insurance industries have upbeat results, and the oil & gas sector entirely appreciates a 9% gain in recruitment for October-November 2023. The pharma vertical grew with a 6% increase in new job offerings within the previous quarter, while the insurance sector registered a 5% rise in the same period. In 2023, we are witnessing small cities and towns doing much better than metropolitan areas when it comes to creating new white-collar jobs.  

The Tier-II, III, and IV cities have been at the forefront of job creation, especially in the white-collar areas of jobs. While all jobs will be influenced by automation, 7 million new jobs will be created by the digital age, whose digital age creation is equal to 1. 5 million in Tier 1 cities with 58 million across the country. This movement signals the evolving possibilities for non-metropolitan areas to be economically relevant. Now, if we look ahead to next month’s hiring outlook, which seems encouraging, we predict over 8-10% expansion in diverse sectors and employment natures.  

For instance, the ecommerce, manufacturing, BFSI, telecom, and technology domain startups are forecasted to become the primary areas of hiring growth. Despite the present economic storm that has disrupted white-collar hiring, there are industries showing signs of economic resilience, and the coming months look more optimistic. These budding signs suggest that the job market may be ready for a rebound.

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Nilanjana Basu
Nilanjana is a lawyer with a flair for writing. She has a certification in American Laws from Penn Law (Pennsylvania University). Along with this, she has been known to write legal articles that allow the audience to know about American laws and regulations at ease.

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