Global Hiring Trends Show Positive Growth in Q2 2024 Despite Major Layoffs
The global job market demonstrated resilience in the April-June 2024 quarter (Q2 2024), with hiring activity showing a positive year-on-year (YoY) trend.
New Delhi: The global job market demonstrated resilience in the April-June 2024 quarter (Q2 2024), with hiring activity showing a positive year-on-year (YoY) trend.
Despite layoffs by major global companies like Google, Nestle, Ford Motor, Nike, Amazon, and Walmart, job postings increased by 7.3% during the quarter, according to a report by data and analytics company GlobalData.
The demand for talent was notably high in the US and India, which led the market during this period. Key areas driving hiring included cloud computing, artificial intelligence (AI), big data, cybersecurity, and ecommerce.
Leading companies such as RTX, Cargill Inc, LVMH, JPMorgan Chase and Co, and Marriott International were among the top recruiters.
“Generative AI (GenAI) has seen a significant rise in demand for talent since April 2023,” said Sherla Sriprada, business fundamentals analyst at GlobalData.
“The US and India were hotspots in Q2 2024, with GenAI finding applications across industries for next-generation products and services.”
The report highlighted significant YoY growth in job postings within the travel and tourism, foodservice, and retailing sectors. Banking, payments, and business and consumer services also saw increased hiring compared to Q2 2023.
In India, hiring activity saw an 11% increase in July 2024 compared to the same period last year, with retail and telecom jobs leading the charge, according to a report by the talent platform foundit.
As the demand for tech-savvy talent continues to rise, the focus on skills in AI, cloud computing, and cybersecurity is expected to shape the future of global employment.
