The first quarter (Q1) of 2023 saw many companies across the globe announcing layoffs amidst a continuous decline in job postings. Major players like Salesforce, Accenture, and JP Morgan Chase & Co are among the companies that have announced job cuts.
Despite this, sectors such as Retailing, Healthcare, and Technology continued to hire actively. key themes driving hiring trends being Cloud, Artificial Intelligence (AI), and Big Data, reveals the Job Analytics Database of GlobalData, a leading data and analytics company.
GlobalData’s latest report, “Global Hiring Activity – Trends & Signals Q1 2023,” reveals that the global hiring activity continued to decline in Q1 2023, as active jobs declined by 27.8%, with new job postings declining by 19.1% and closures rose 36.3% compared to postings.
North American HQ companies posted 91.4% of jobs in North America; 4% in Asia-Pacific; 3.4% in Europe; 0.6% in South & Central America and 0.6% in Middle East & Africa.
Retailing, Healthcare, and Technology continued to hire actively although active jobs declined by around 30% sequentially in Q1 2023.
Foodservice, travel & tourism, business and consumer services, and construction had higher job postings and lower closures than other industries in Q1 2023. AmRest Holdings SE, Marriott International Inc, and Black & Veatch Corp were among the top recruiters during the same period,” Sherla Sriprada, Business Fundamentals Analyst at GlobalData, said.
In terms of themes, ‘Digitalisation’, ‘AI’, and ‘Renewable Energy’ had higher job postings and lower closures during the quarter. For instance, ‘Digital Marketing Manager’ by Lego AS is a new role which will support the Global Marketing Teams in executing world class digital campaigns, primarily across social media and proximity marketing to increase awareness of LEGO Retail channels, drive footfall to store / LEGO.com and increase sales.
Another new role by ReVision Energy LLC’s ‘Director of Community Solar Farms’ looks at co-developing and implementing ReVision’s community solar strategies across Maine, New Hampshire, and Massachusetts to increase access to cost-saving solar for low-income families and other individuals and organizations with limited onsite solar potential.
“While the decline in job postings and the surge in layoffs are concerning, the key takeaway is that industries need to adapt to digital transformation and upskill their workforce to stay relevant,” Sriprada said.