Global hiring activity shows positive trends in April-June quarter, as India and US lead market

Despite the layoffs by major global companies like Google, Nestle, Ford Motor, Nike, Amazon and Walmart, the job market revealed a positive YoY trend in the Q2.

New Delhi:  Driven by rising demand for talent in the US and India markets, the global hiring activity showed positive trends in the April-June period (Q2 2024), with job postings increasing 7.3 per cent (year-on-year), a report showed on Monday.

Cloud, artificial intelligence (AI), big data, cybersecurity and ecommerce were trending themes in hiring, while RTX, Cargill Inc, LVMH, JPMorgan Chase and Co and Marriott International were among the top recruiters during the quarter, according to data and analytics company GlobalData.

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The job market dynamics revealed a positive YoY trend, despite layoffs by major companies like Google, Nestle, Ford Motor, Nike, Amazon and Walmart.

“Travel and tourism, foodservice, and retailing saw significant YoY growth in job postings during the quarter,” the findings showed.

According to Sherla Sriprada, business fundamentals analyst at GlobalData, companies are looking for people with experience in machine learning (ML) hardware platforms, AI solutions, smart robotics trial and AI capabilities.

“Generative AI (GenAI) has seen a significant rise in demand for talent since April 2023. The US and India were hotspots in Q2 2024. GenAI is finding applications for next generation products and services across industries,” said Sriprada.

Banking and payments and business and consumer services witnessed increased job postings, registering growth in Q2 2024 compared to Q2 2023.

The knowledge of AI platforms continued to be among the key skills sought by companies during Q2 2024.

“Q2 2024 demonstrates the global job market’s resilience, with job postings increasing despite notable layoffs. The growing demand for skills in AI, cloud computing, and cybersecurity signals a strong move towards digital transformation,” said Sriprada.

As travel and tourism and retail sectors continue to grow, the emphasis on tech-savvy talent is set to influence the future of global employment, she added.

Hiring activity in India saw an 11 per cent yearly increase in July compared to the same period last year, with retail and telecom jobs taking the lead, according to a latest report by talent platform foundit.