GlobalData’s active jobs index for all sectors declined by 8.8% in November 2022, whereas job closures and postings dipped by 6% and 9%, while the job closures rate (13%) was higher than new job postings.
Sherla Sriprada, Analyst at GlobalData comments: “Companies with higher job postings post-pandemic are currently suffering the most from the economic turmoil. The job market was significantly impacted by inflation and companies that are trying to reduce costs are now mostly downsizing, laying off employees, or freezing hiring. This can be seen across all industries, where companies are closing or removing jobs that were previously available for hiring or laying off employees.”
An analysis of GlobalData’s Job Analytics Database reveals that job postings in industries such as travel & tourism (6%), power (5%), and retail (1%) increased month-on-month in November 2022. Some of the notable companies include Enterprise Holdings Inc, Dominion Energy Inc, AmRest Holdings SE, Walgreens Boots Alliance Inc, and CVS Health Corp.
Over 600 jobs were posted for newly created roles in November 2022, indicating that companies are interested in hiring employees for new roles and teams focused on innovation and business performance.
A few examples include Albemarle Corp’s ‘Director of Operational Plans and Programs’ role, which supports the development, coordination, and planning of all regional growth initiatives and integration of new assets and capabilities; Smithfield Foods Inc’s ‘VP, Technology’ role will assist in accelerating existing technology initiatives to establish a value case for technology investments and create individual business cases; DNV Group AS ‘Director of Marketing & Communications’ role is responsible for developing and executing the global marketing and communications strategy for supply chain & product assurance (SCPA).
Sriprada concludes: “Around 170 companies announced layoffs globally during November 2022. For instance, H & M Hennes & Mauritz AB has laid off 1,500 workers to cut its operating expenses, Amazon is planning to lay off hundreds of workers in India by next month and Credit Suisse Group AG laid off nearly one-third of its investment banking workforce in China.”
